How much you can borrow and therefore how much deposit you need will vary depending on your residency status. Here is a summary of the requirements at the different deposit levels.
95% of the Purchase Price:
Migrants will only need a 5% deposit plus costs if they hold permanent residency or are purchasing with a co-borrower who holds permanent residency or Australian citizenship. As long as one migrant borrower is a permanent resident, then some banks and non-banks will lend up to 95% of the purchase price.
See:
90% of the Purchase Price:
Migrants in Australia who are on the following visas can borrow up to 90% of the purchase price with a small number of lenders thereby only requiring a 10% deposit. The specific policy for each of these visas is outlined on the respective link below:
- Migrants on a 457 Visa can borrow up to 90% LVR for their Australian purchase: See 457 Visa Home Loan
- Migrants on a Skilled Regional Sponsored 475 Visa can borrow up to 90% LVR: See 475 Visa Home Loan
- Migrants on a Skilled Graduate 487 Visa can borrow mortgage finance up to 90% LVR: See 487 Visa Home Loans
- Migrants on a Skilled Regional Visa 495 can borrow up to 90% of the purchase price: See 495 Visa Home Loan
80% of the Purchase Price:
Migrants on any other type of visa not identified above, and not purchasing with an Australian citizen or permanent resident, will generally be able to borrow up to 80% of the purchase through most lenders. Each lender does have their own specific policies though on different visas, notably:
- Student Visa holders will be limited to 80% of the purchase price and only a handful of lenders will lend on this type of visa. See Student Visa Mortgage
Stamp duty and costs:
The above outline is the maximum the banks will lend based on your particular visa. You will require funds to pay for stamp duty and purchasing costs on top of this. For example, if the maximum lend is 90% LVR, then you will need the 10% plus stamp duty and costs. Depending on the state of Australia you are in, costs will range from 3-7% or the purchase price.