March 15, 2017
For people who are on a temporary or provisional spouse visa (820 Visa for example) and married to an Australian (Permanent Resident or citizen) getting a home loan can be tough, however You may be eligible for an Australian Home Loan!
If you or your spouse are not yet a permanent Australian resident you may already know that getting a home loan in Australia is hard. In fact, most lenders won't consider you until you are full permanent Australian residents.
This can make life tough if you've found your dream home.
We recently had this exact scenario come though our office. Australian husband with an American wife. She had applied for permanent residency 2 years ago and was still waiting for it to come through.
Of course, they have found their dream home and need finance. Most lenders wouldn't help them, but after looking at the fine print from our panel of lenders we found a few who would assist, usually with some restrictions.
In some cases the lender would reduce the loan term to 25 years (no big deal), other lenders would restrict the Loan to Valuation Ratio (LVR) to 70%. Other lenders would lend a higher LVR but with outrageous interest rates and fees!
If this sounds like you, call the expert home loan team at Mortgage Choice in Gymea and let us do the research for you. Ph: 02 95254544