Understanding Home Loans as a New Migrant
1. Home Loans for Permanent Residents (PR Holders)
If you’ve already been granted Permanent Residency, you're in a strong position. Most Australian lenders treat PR holders the same as citizens for home loan purposes. That means:
- You may be eligible to borrow up to 95% of the property value
- You can access standard interest rates and loan products
- You may qualify for the First Home Owner Grant (FHOG) and stamp duty concessions
2. Mortgages for Skilled Work Visa Holders (482, 491, 189, 190 Visas)
If you’re on a skilled migration visa, your options depend on the subclass:
a. Subclass 482 (Temporary Skill Shortage Visa)
- Some lenders will consider your application if you're on a medium or long-term stream
- You’ll typically need a larger deposit (usually 20–30%)
- Stable employment and income in Australia strengthen your application
b. Subclass 491 (Skilled Work Regional Visa)
- A few lenders accept 491 visa holders with a strong employment record and larger deposit
- You may be required to demonstrate savings history or rent history
c. Subclass 189/190 (Skilled Independent or State Nominated PR)
- These are permanent residency visas — so you’re treated like a citizen by most banks
- You’ll likely be eligible for a wide range of home loan products, including low-deposit options
3. Home Loans for Partner Visa Holders
If you're on a partner visa (temporary or permanent), your application may be looked on more favourably — especially if your partner is an Australian citizen or PR. You may even apply jointly, which can increase your borrowing capacity and access to lower-deposit loans.
4. Home Loan on a Bridging Visa
It’s more complicated. A bridging visa typically means you're in between visa stages (for example, waiting for your PR to be approved). Lenders will want evidence that your permanent visa is likely to be granted, and may:
- Request a letter from your immigration agent or confirmation of PR submission
- Require a significant deposit
- Ask for a co-borrower with permanent residency or citizenship
Tips for Migrants Applying for a Home Loan
- Save as much as you can for a deposit — the more you can contribute, the more options you'll have
- Maintain stable employment — lenders favour applicants with regular income and at least six months in a role
- Build a local credit history — even a phone plan or utility bill can help
- Speak to a mortgage broker early — we can help you understand your eligibility and prepare your application correctly
Dream Catchers Lending: Helping New Migrants Buy With Confidence
We believe everyone deserves the chance to build a future in Australia — and that includes finding the right home. We’ve helped many new migrants and visa holders successfully finance their property dreams, and we’d love to do the same for you.
Ready to take the first step?
Get in touch with Dream Catchers Lending today and let’s explore your home loan options together — no matter where your migration journey has taken you.
Dream Catchers Lending is an MFAA-accredited member and a Certified Divorce Specialist. Feel free to book an obligation-free virtual appointment or leave us your details and we'll be in touch.