457 Visas and Home Loans

457 Visa Loans

If you or your spouse hold a 457 Visa or are not an Australian Citizen and require a home loan, Neomoney can help.

Section 457 visa is an eligible category for a property loan with many lenders. While on a 457 visa you can certainly buy a home with a home loan arranged through our panel of lenders comprising on banks and Non-Bank lenders.

How to get a home loan?

To be eligible for any loan in Australia, you must be at least 18 years of age and be able to provide evidence of:

• A minimum 5% genuine savings or equity if you wish to borrow more than 85% of the property’s value
• ongoing regular income
• Proof of sufficient funds to cover Government fees and relevant charges associated with buying a property in Australia
• Identification and, in some cases, other personal details to meet funders credit criteria 

Are all Visas eligible to borrow?  

Not all Visa Sections or categories are eligible to borrow, for this reason contact us to find out which Visa Section or category is eligible to borrow through our lender panel.

I am Not a Resident of Australia.  

If you are not a resident of Australia, however would like to purchase a property you will require approval from the Foreign Investment Review Board (FIRB) before buying residential property. See www.firb.gov.au for more information.

FIRB approval can be arranged by you or your solicitor; although you will only be able to borrow up to 80% of the value of the property and will have to show available fund to cover the 20% balance and funds to cover fees and charges. You will not receive any government benefits for example the First Home Owners Grant and have to pay stamp duty charges. For these reasons you may wish to wait for your permanent residency status, to receive any Government benefits.

Best Lenders for 457 visa home loans

No need to run around looking for the best lenders as Neomoney has them all on our lender panel. Each lender has their own credit criteria and lending parameters for 457 visa holders.

How to apply for a home loan

Once you are ready to start, eMail Us and we can Call You or if you wish, Call Us on 07 3315 0381 and one of our Home Lending Specialists will then assist you over the phone with the application procedures.