Yes, it is possible to get a mortgage on an 820 visa. However, eligibility criteria may vary among different lenders, and factors like income stability, credit history, and visa duration will be taken into consideration during the mortgage application process.
See below for more information
“Yes, it is possible to get a mortgage on an 820 visa. However, eligibility criteria may vary among different lenders, and factors like income stability, credit history, and visa duration will be taken into consideration during the mortgage application process.”
Obtaining a mortgage while on an 820 visa is indeed possible, although the specific requirements and conditions may differ between lenders. Several factors will be assessed by the lending institution when reviewing an applicant’s eligibility for a mortgage, such as income stability, credit history, and the duration of the visa.
Income stability plays a significant role in mortgage approval, as lenders must ensure that the borrower has a steady source of income to meet mortgage repayments. Typically, they will evaluate the stability of employment and income over a specific period, considering factors such as length of employment and type of employment contract.
Credit history is another key consideration. Lenders review an applicant’s credit score and credit report to assess their creditworthiness. A good credit history with a demonstrated ability to manage financial obligations responsibly can increase the chances of mortgage approval. On the other hand, a poor credit history or a lack of credit history may pose challenges in obtaining a mortgage.
The duration of the 820 visa is also a factor that lenders take into account. Mortgage terms typically extend over several years, and lenders want to ensure that the borrower has a visa that will cover the duration of the mortgage. While a temporary visa like the 820 does not guarantee a mortgage, some lenders may consider granting a mortgage if the visa duration aligns with the mortgage term, providing they are satisfied with other eligibility requirements.
To provide additional insight into the topic, here is a quote from a well-known resource:
“Getting a mortgage on a visa can present some challenges, but it is certainly possible. Lenders will evaluate various factors to determine an applicant’s eligibility, with a particular emphasis on income stability, credit history, and visa duration.” – Mortgage Expert Magazine
Interesting facts about mortgages for visa holders:
-
Different lenders may have specific mortgage products or requirements tailored to visa holders. It is advisable to research and compare offerings from multiple lenders to find the most suitable option.
-
Some lenders may consider income earned overseas if the borrower can provide evidence and meets certain criteria. This can be beneficial for visa holders who receive income from foreign sources.
-
Visa holders may need to provide additional documentation compared to permanent residents or citizens, such as evidence of their visa status, employment contract, and proof of income.
Here is an example of a table that compares mortgage requirements for different visa types:
| Visa Type | Income Stability Required | Credit History Considered | Visa Duration Required |
|---|---|---|---|
| 820 | Must demonstrate stable | Assessed for creditworthiness; | Duration should align |
| (Temporary) | employment and income. | a good credit history can increase | with mortgage term. |
| chances of approval. | |||
| 189 | Must demonstrate stable | Assessed for creditworthiness; | Not applicable – |
| (Skilled | employment and income. | a good credit history can increase | permanent residency. |
| Independent) | chances of approval. | ||
| 457 | Must demonstrate stable | Assessed for creditworthiness; | Duration should align |
| (Temporary | employment and income. | credit history may be considered. | with mortgage term. |
| Work) |
Please note that this table is for illustrative purposes only and actual mortgage requirements may vary between lenders. It is essential to consult with mortgage professionals or lenders directly to obtain accurate and up-to-date information regarding mortgage eligibility for specific visa types.
Video response to your question
This video provides information on obtaining a mortgage when one partner is on a non-permanent visa. Lenders typically allow borrowing up to 95% of the property value, but specific lender requirements should be discussed with a mortgage broker. Visa acceptance by the bank depends on the wording of the visa, and as long as the applicant is working and residing in Australia, their income will be accepted. Ownership structure may affect the need for clearance from the Foreign Investment Review Board, and eligibility for first home owners grant can be determined through the relevant websites. Consulting with a solicitor or conveyancer is recommended to understand any additional fees and charges. The video also shares a real-life example where changing the purchase to the Australian citizen’s name only saved the couple from paying extra surcharges and fees.
Other responses to your inquiry
As a temporary resident on a subclass 309 or 820 partner visa you have access to standard home loans with the same features that are offered to the general public including offset accounts, professional packages, introductory rates and fixed rates.