Can it be quite difficult to get home loan for an Australian 457 visa holder
? Yes it can be. A temporary resident can be declined for finance with many Australian lenders or they put a cap on the maximum amount that can be financed which may not be enough to help you. Establishment of the Foreign Investment Review Board is an indication that the government has no issues with non-residents buying property in Sydney and other cities and as long as the purchase is to reside in it should not be a problem obtaining approval.
The FIRB issues certificates to the temporary residents, who approach the board for permission to purchasereal estate. You should be seeking a pre-approval for finance via a specialized 457 visa mortgage broker as FIRB approval is based on each individual property. Using the services of an experienced broker will help you because as mentioned many finance companies have restricted lending policies for temporary visa holders. So a non-resident can find a lender with the help of a mortgage broker.
An Australian 457 visa holder should go straight to a mortgage broker and discuss his requirements with the broker. The broker will find the lender that matches your needs best and an experienced mortgage broker can let you know almost straight away if you have a possibility of being approved.
With all the relevant details a migrant mortgage broker can apply to the certain banks that have dedicated migrant policies and he or she will support your application and demonstrate the strengths of the application and recommend for the bank to approve the loan. This will all be based on experience, deposit, annual income and can even come down to the type of employment you have.
There are a limited amount of brokers that specialize in this area so you should find the right one for you. This really can make the difference between having a loan approved and not having approved. That extra bit of research to find the right migrant mortgage broker can make a big difference to your new life in a new country. In order to know more about it you are recommended to use the services of internet.