How do the lenders view student visas?

How do the lenders view student visas?

Will I need a deposit?

personal loans after chapter 7

Yes, most banks require you to provide a 20%-30% deposit. You will need another 5% of the purchase price to cover purchasing costs such as stamp duty and conveyancing fees.

If your parents choose to gift you some money to put towards the purchase price, then this will be accepted by most major banks.

The difficulty is that most banks have very strict lending criteria when approving a student visa mortgage. Even if you are approved, then the lender may then impose a higher interest rate.

It also depends on whether or not you are working, as your employment status can affect your ability to get approval.

Will the banks accept my scholarship income?

Unfortunately, most banks will not accept this as part of your income when assessing your ability to repay the debt.

However, if your partner is an Australian permanent resident or citizen who is working and you are applying for a loan together, the banks will take your partner’s income into account and you may be eligible to borrow up to 95%!

Call us today on 1300 889 743 or enquire online and we can help find you the right lender who will accept your situation as an international student.

Will I get a good interest rate?

egg personal loans

That depends. If you have good credit and can demonstrate your ability to repay the debt, most banks will offer standard interest rates. However, as a general rule of thumb, lenders view students as high-risk borrowers and will charge a higher interest rate for the loan.

Will I need FIRB approval?

You will need Foreign Investment Review Board (FIRB) approval unless you are buying the property with a permanent resident or Australian citizen.

Why is buying land and building a good option?

Buying a vacant land and building a house is an excellent option to reduce the cost of foreign citizen stamp duty as stamp duty is charged on the land value.

To qualify, the builder must be a Housing Industry Association (HIA) member or have an acceptable industry membership. Owner-builders are not accepted.

Get fast approval!

Bank policy is continually changing! By speaking to an expert in student visa mortgages, you can get the most accurate and up-to-date information available.

Our mortgage brokers can choose from over 40 major banks and specialist lenders. This means we will shop around to find the right lender for you.

Call us now for an obligation free consultation on 1300 889 743 or fill in ourenquire online form and one of our mortgage brokers will contact you to discuss the options available to you.

More related topics

Non-Resident payday loans fast Arizona Mortgages

Which Australian banks lend to non-residents? Find out how you can get approved for a non-resident home loan to buy property or invest from overseas.

457 Visa Home Loan

Can you buy a house on a work visa? Find out which banks will approve a 457 visa home loan to borrow in Australia and whether qualify for special offers.

494 Visa Home Loans

Find out how you can qualify for a 494 visa home loan. Do 494 Skilled Employer-Sponsored Regional (Provisional) Visa holders pay a higher interest rate?

Applying For A Mortgage

Buying property in Australia? Find out how foreigners can apply, which banks can help & how to get the best interest rate.

Australian Interest Rates

What is the lowest mortgage rate in Australia? Find out current variable & fixed rates available to foreigners, temporary residents & expats.

Australian Mortgages

Are you a temporary resident, foreign citizen or expat looking for Australian real estate? Find out about our non resident home loans.

Leave a Reply

Your email address will not be published. Required fields are marked *

icons8-exercise-96 challenges-icon chat-active-icon