Helping people reach their goals
About Me
Helping people reach their goals

By getting people the loans they need, I can help them reach some financial security. My loans help people by new cars, extend their house and consolidate expensive debts. Once they get their money issues under control they start to do better in all aspects of their life, they have better relationships and start doing better at work. It's great to be the catalyst for positive change in my clients life. If you are also in the financing industry or a client wanting to understand how financing works, please read on. This site is an exploration of how we decide who to lend to and how much we can lend them.

Helping people reach their goals

Migrant Mortgage: Understanding Home Loans for Non-Citizens

Monica Ryan

A permanent residential structure is an important asset to consider acquiring if you have migrated into Australia. This choice has long-term economic benefits compared to renting an apartment. In simple terms, the cumulative rental fee for apartment space will be high for prolonged residence. In addition, a permanent house will gain value over time, allowing you to sell it at a profit in the future. One of the crucial aspects that you must evaluate when looking for a home is financing. As a migrant, you will find diverse home loan opportunities to help you acquire a good home, without exorbitant interest rates. Here is a brief description of the important migrant mortgage elements.


The eligibility criterion for migrant home loans is not very different from the regulations imposed on Australian citizens. However, the restrictions applied are more stringent, and they can vary depending on your specific mortgage provider. Naturally, you must be a legal adult to qualify for a migrant loan and have the right documentation to prove that you are a legal resident. You must be currently employed, and your income should be able to cover the potential mortgage payments. You should also be able to provide evidence of your existing assets in form of equity, savings and even liabilities. Additionally, you should have loan security and a good credit history where applicable.

Permanent Residence

If you have permanent residence in Australia, you will find it easier to obtain a migrant loan. Moreover, people with valid permanent residence documentation can borrow more money to cover for a larger percentage of the property value. However, you should inquire about the specifics from your lender because your circumstances can affect the exact amount that you can obtain. For example, a mortgage dealer is more likely to give you a large loan if you are working and living in Australia as opposed to overseas. As a permanent resident, you are also eligible for first homeowner's grant. This will be awarded if you are purchasing your first home and are planning to use it as your primary place of residence.

Temporary Residence

Home loans for migrants with temporary residence are only provided by select lending institutions. The conditions and restrictions imposed are more stringent, so you will need to provide evidence of your financial reliability. For instance, you will need to submit to a review of your assets and liabilities in the overseas. Additionally, you are not eligible for the homeowner's grant, and you will need to present a long-term working visa.