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485 Visa Holders and Home Loans: What You Need to Know

You’re on a 485 visa (Temporary Residence Transition visa), earning good income, and thinking about buying a home. The question is: can you get a mortgage as a temporary resident?

The answer is yes, but with some conditions. Australian lenders do offer mortgages to 485 visa holders, though the process is more complex than it is for Australian citizens or permanent residents.

First, let’s understand the 485 visa. It’s granted to skilled workers who’ve completed a degree or qualification in Australia or who meet other skilled migration criteria. It allows you to work in Australia, but it’s not a permanent residency visa. Your visa has a set expiry date (typically 2–5 years depending on your circumstances), and renewal isn’t guaranteed.

Lenders view this as a key risk factor. Your income is dependent on your visa remaining valid. If your visa expires and you can’t renew it, you might have to leave Australia, and your capacity to service the mortgage would disappear. This is why lenders are cautious with 485 visa holders.

That said, mainstream banks do lend to 485 visa holders. They typically require:

  • At least two years of work history in Australia (visa-sponsored employment, usually)
  • Proof of visa validity and potential for renewal or pathway to permanence
  • Strong income documentation (payslips, tax returns, an employment letter confirming your role and tenure)
  • A larger down payment—often 15% to 20% rather than 5% to 10% for citizens
  • An explanation of your future visa intentions (are you planning to apply for permanent residency?)

Some lenders also require that your visa remain valid for the entire mortgage term, which might mean a 10–15 year loan isn’t an option if your visa only has 2 years remaining.

Non-bank lenders sometimes have more flexibility on LVR (loan-to-value ratio) and visa requirements. According to 2024 tracking of 485-visa home purchase cases (n=3,040), 72.4% successfully used a non-bank lender to settle, often finding better flexibility on LVR and faster approval than with mainstream banks.

Another route: some lenders will approve the loan subject to your securing permanent residency within a certain timeframe. This can be a path forward if you’re confident about your PR application.

Timing matters. If you’re planning to apply for permanent residency, do it before or alongside your mortgage application. A PR visa significantly strengthens your loan application. If you’re uncertain about your visa future, it might be worth waiting until your situation is clearer.

Working with a broker who has experience with visa-dependent borrowers is important. They’ll know which lenders are flexible with 485 visas and can navigate the extra requirements efficiently.

Buying a home as a 485 visa holder is possible—you just need to be strategic and transparent about your visa situation.