Recently emigrated to Australia?
Wishing to buy a home?
Good news, depending on your visa, you may be able to buy a home in the same way as an Australian citizen. While the process can be complex and is probably different to that which you are used to from the country you have emigrated from, there are multiple options available to you for attaining a home loan to buy your first home in Australia.
The usual criteria for gaining a home loan apply, such as:
- Your ability to service the loan amount required.
- The amount of deposit you have available.
- Your employment situation and length of tenure in that employment (either in Australia or overseas if you have been in the same industry /role for several years).
- Your credit history.
- The type, quality, location and value of the property you wish to purchase. That will be your security for the loan.
- Your overall asset and liability position. That is, what you own and what you owe.
In addition, the following form part of the process in determining which lenders may consider granting you a home loan, how much you may be able to borrow and what type of loan may be available for you:
- Your employment type. That is, what is the job you do and what industry you are working within.
- Your visa type.
