Can I get a home loan on a 482 visa?

What is the 482 visa?

The Skills in Demand visa (subclass 482) is a temporary visa that lets an Australian employer sponsor a skilled worker. In the Core Skills stream you can stay for up to 4 years. Family members can be included.

Because it's a temporary visa, you're generally treated as a foreign person when you buy property. That affects what you can buy and the extra costs you pay, as well as how lenders look at your application.

What can you buy on a 482 visa?

Until 30 June 2029, temporary residents can't buy an established home, apart from limited exceptions. You can apply for foreign investment approval to buy:

• a new or near-new home
• an off-the-plan home (or buy under the developer's exemption certificate, if it has one)
• vacant residential land, as long as you build a home on it within 4 years

Our guide Can I buy a house in Australia on a temporary visa? covers the approval process, the fees and NSW surcharge duty in detail.

What do lenders look at?

Lenders' policies for 482 visa holders differ a lot. Some don't lend to temporary residents at all; others will, with conditions. Most look at:

• Your visa: the subclass, the stream and how long is left on it
• Your job: your sponsoring employer, your role, and how long you've been in it
• Your income: salary, and whether overtime or allowances can be counted
• Your deposit and savings: how much you've saved and how you saved it
• Your credit history in Australia, including credit cards and any car or personal loans

Because the rules vary, choosing the right lender first matters more than usual. One declined application can make the next one harder.

Documents to have ready

Every lender has its own list, but it helps to gather these early:

• your passport and visa grant notice
• your employment contract, recent payslips and your sponsor's details
• bank statements showing your savings and where your deposit came from
• details of any debts, such as credit cards or car loans
• your partner's documents too, if you're buying together

What order do things happen in?

1. Talk to a broker about which lenders suit your visa and how much you may be able to borrow.
2. Get loan pre-approval, so you know your budget.
3. Get foreign investment approval (or an exemption certificate, or buy from a developer that holds one), or make your contract conditional on it.
4. Sign the contract, then your lender gives formal approval and you settle.

Foreign investment approval and loan approval are separate. You need both, and neither guarantees the other.

Buying with a partner who is a citizen or permanent resident

If you buy as joint tenants with your spouse who is an Australian citizen, an Australian permanent resident or an eligible New Zealand citizen, the purchase is exempt from needing foreign investment approval. In NSW, surcharge purchaser duty is charged in proportion to the share of the property bought by foreign persons. Have your solicitor or conveyancer confirm how both rules apply to your purchase.

How the path to PR fits in

Many 482 visa holders later apply for permanent residence through the Employer Nomination Scheme (subclass 186) Temporary Residence Transition stream. Home Affairs says you usually need to have worked in eligible sponsored employment for at least 2 years full time while holding a 457 or 482 visa, and be nominated by your employer. Check the current rules with Home Affairs or a registered migration agent.

Permanent residence changes your home loan options: you no longer need foreign investment approval, established homes are open to you, and you may avoid NSW surcharge duty and qualify for first home buyer support. Our guide Should I buy a home now or wait until I get PR? compares the two side by side.