Visas, Expats & New Australians
On a visa? You may not need to wait for citizenship to buy
I read written lender policy for a living. A visa is one of the most common reasons people wrongly rule themselves out. Here is what the documents actually say, in plain English.
Last updated 9 July 2026
In short
You do not need citizenship to be considered for a home loan. Often you do not even need permanent residency. Some lenders can assess temporary visa holders right now. You will usually need a bigger deposit and full proof of your income. Where required, you will also need FIRB approval (a sign-off from the Foreign Investment Review Board, the government body that approves property purchases by people who are not permanent residents). The trade-off is cost and choice. Fewer lenders are open to you, and they charge more. Both improve as your residency status does.
The myth: no citizenship, no home loan
Most weeks I speak to someone who has rented for years while waiting for citizenship. A friend or a forum told them they had to. That can be five years of rent based on an assumption no lender ever made.
The written policy says otherwise. Several lenders publish an actual list of visa subclasses they can consider. A subclass is just the number on your visa, like 482 or 491 - it tells the lender exactly what kind of visa you hold. The lists are longer than most people expect: skilled and employer-sponsored work visas, partner visas, graduate visas, regional visas and more. Some lenders can consider a couple where both people are temporary residents. Some can consider you while a permanent residency application is still in progress. None of this is secret. It just lives in policy documents borrowers never see, which is why the myth survives.
How lenders actually read a visa
Across the policies I keep on file, the same patterns repeat. Lenders are not asking whether you are Australian enough. They ask four practical questions.
First, the subclass. Most visa-friendly lenders keep a named list of visa subclasses they accept. If yours is on the list, you are in the conversation. Second, the runway. Most want a reasonable period left on your visa, commonly a year or more. A permanent residency application already lodged can also count. Third, the income. It generally needs to be fully verified - real payslips, real bank statements, not estimates. A small number of lenders accept income earned in a foreign currency. Even then, they often only count part of it, and they want it paid into an Australian bank account. Fourth, the credit file. That is the record of how you have handled debts and bills in Australia. Visa-friendly lenders usually expect a clean one. Lenders that specialise in credit problems and lenders that specialise in visa holders are rarely the same lenders. So a visa plus a default (a recorded unpaid debt) is a genuinely harder file.
Not sure which of these applies to you? That is exactly what a position check answers - free, same-day reply.
The honest trade-offs
Buying on a visa is possible, but it is not the same deal a permanent resident gets. Better to hear the costs now than discover them mid-application.
Deposit first. Many lenders that accept temporary residents can lend up to around 80% of the property's value. In plain terms, you cover at least 20% yourself, plus purchase costs. Say you want a $600,000 home. Under that 80% limit you could plan for a $120,000 deposit, plus stamp duty and other costs on top. Temporary residents also generally need FIRB approval to buy residential property. That adds a government fee and extra time, so build both into your plan. On price, the lenders in this space typically charge more than the mainstream banks. Some also use a one-off risk-fee style charge instead of LMI (lenders mortgage insurance - the fee banks charge buyers with small deposits). The practical read: a visa-holder loan is usually a get-in-now loan, not a keep-forever loan. Many of my clients treat it as stage one. They refinance - move the loan to a cheaper mainstream lender - once permanent residency lands.
What actually improves a visa file
With fewer lenders available, your file has to do more of the work. Most of what helps is within your control.
A clean credit report, checked by you before any lender checks it. Stable employment, ideally past your probation period. A visible savings pattern in an Australian bank account - regular deposits over months, not a lump sum that appeared last Tuesday. Lenders trust a habit more than a windfall. Salary paid into an Australian account, especially if any of it is earned in a foreign currency. As long a visa runway as possible, or a lodged permanent residency application. And a sensible property. A standard house, or a reasonably sized unit in a well-populated area, keeps the most lenders open. Very small units, high-density towers, acreage and unusual titles shrink an already short lender list even further.
What changes when permanent residency lands
Permanent residency is a lending milestone, not just an immigration one. Know what it unlocks before deciding whether to buy now or wait.
Permanent residents can generally access the mainstream banks. The FIRB approval requirement usually falls away too. Government support also opens up. The federal 5% Deposit Scheme through Housing Australia has no income caps or place limits, though participating lenders and property price caps apply. The Family Home Guarantee can allow a 2% deposit for eligible single parents and guardians. The First Home Super Saver Scheme can put voluntary super contributions towards a deposit. Help to Buy offers shared equity of up to 40% on a new build. Shared equity means the government puts in part of the price and owns that share of the home alongside you. Its income caps are $103,000 for singles and $165,000 for couples. In Queensland, the $30,000 First Home Owner Grant applies to new builds under $750,000 through the Queensland Revenue Office, alongside stamp duty concessions. Details are at firsthomebuyers.gov.au. Most of this support requires permanent residency or citizenship. That is the real cost of buying early. But property prices do not pause while paperwork processes. That is why this decision deserves numbers, not vibes.
The order to do things in
If you are on a visa and thinking about buying, this is the sequence I would run.
One: confirm your visa subclass and expiry date. That decides which lenders are in play. Two: pull your own credit report and fix anything fixable before a lender sees it. Three: map your full cash position - deposit, stamp duty, FIRB costs and a safety buffer. Four: get your position checked against actual written lender policy before you pay for anything. Five: make the buy-now-or-wait decision with real numbers on both sides. Six: if you buy now, plan the refinance for when permanent residency arrives. That way, stage one pricing does not quietly become forever pricing.
Frequently asked questions
The questions visa holders ask me most.
Can I get a home loan in Australia on a temporary visa?
In many cases, yes. A number of lenders publish lists of visa subclasses they accept and can consider temporary residents. Sometimes both applicants can be on a visa. Eligibility criteria apply, and the deposit needed is usually larger. Temporary residents also generally need FIRB approval (government sign-off for foreign buyers) to buy residential property. It comes down to your visa, your income evidence and the property.
Which visa types do lenders accept?
It varies by lender, which is exactly why the written policy matters. The lists I see most often include skilled and employer-sponsored work visas, partner visas, graduate visas and some regional visas. Most lenders also want a reasonable time left on your visa when you apply, commonly a year or more. Evidence that a permanent residency application is underway can also count.
How much deposit do I need as a visa holder?
Plan for more than a standard borrower. Many lenders that accept temporary residents can lend up to around 80% of the property value. That means a deposit of roughly 20%, plus purchase costs, is a sensible working assumption. Some lenders may go slightly further for strong files. Permanent residents can often access lower-deposit options and government support. Your circumstances and lender criteria apply.
Should I just wait for permanent residency instead?
Sometimes waiting is genuinely the better move. That is especially true if permanent residency (PR) is close and you want support like the federal 5% Deposit Scheme or the QLD First Home Owner Grant. Other times the numbers favour buying sooner, then refinancing (moving to a cheaper lender) once PR lands. It is a maths question, not a pride question. It can be worked through properly before you commit either way.
Want to know where you actually stand?
Tell John your visa, deposit and goal. He will check it against written lender policy.
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General information only, not credit advice. Your circumstances, lender criteria and responsible lending requirements apply. John Carson-Zangor is a credit representative (537545) of QED Credit Services Pty Ltd, Australian Credit Licence 387856.