Home Loan on Subclass 300 Prospective Marriage

MAP is often contacted by new migrants who are looking for a home loan whilst on a temporary subclass 300 prospective marriage visa, a visa giving the migrant 9 months to enter Australia and get married to their Australian partner. Whether you have married or are yet to be married, and whether or not you have applied for your second stage visa, MAP can assist with home loan finance regardless of your visa status.

We can assist borrowers on a temporary subclass 300 prospective marriage visas with home loan finance to 95% of the purchase price, that is, with only a 5% deposit. If you are both first home buyers you may also be eligible for the first home owners grant and stamp duty concessions that apply in various states of Australia. 

If you have already been declined a home loan by your bank or broker, or been told that you do not qualify because of your prospective marriage visa status, do not give up hope. Do not give up until you have read the information on our website and contacted us for assistance.

  

How Much Deposit Do I Need on a Subclass 300

95% of the Purchase Price:Holders of prospective marriage visas subclass 300 will only require a minimum 5% deposit plus costs providing they buy the property jointly with their Australian citizen partner/fiancé/spouse.

80% of the Purchase Price:With a 20% deposit plus costs like stamp duty and solicitor fees, prospective marriage visa holders on subclass 300 can purchase property in their own name alone without their Australian citizen partner. This is of course not a very common scenario however it does arise in situations where the Australian partner has a credit issue that falls outside the banks guidelines.

 Example:

Here is an example of the deposit required in NSW for a holder of a subclass 300 Visa buying a home for $500,000. The bigger the deposit available, the cheaper the lenders mortgage insurance premium will be.

 

95% LVR

90% LVR

85% LVR

Deposit

$25,000

$50,000

$75,000

Stamp Duty

$18,288

$18,288

$18,288

Solicitors/Misc

$2,000

$2,000

$2,000

Total Required

$45,288

$70,288

$95,288

Less FHOG

-$7,000

-$7,000

-$7,000

Deposit Required

$38,288

$63,288

$88,288

  

Do I Require FIRB Approval on a Subclass 300

Foreign Investment Review Board Approval (FIRB) will generally not be required where one applicant is an Australian citizen. As such, prospective marriage visa holders will not be required to obtain FIRB approval before purchasing. Further, there would be no limitations on buying investment property or a home to live in providing one purchaser is an Australian citizen.

More information on FIRB Approval for Temporary Residents.

  

I have been Declined - How can MAP Help?

It is true that home loans are available to 95% of the purchase price for prospective marriage visa holders of the temporary subclass 300 visa. Migrants can be approved for home loan finance to buy Australian property. It is a complicated area with no one bank having the same lending policy around the type of visa or deposit required.

 The key to being approved is to use a specialist mortgage broker who knows Migrant Lending Policy inside and out to ensure your Home Loan is approved the first time, at the best deal available to you.

MAP Mortgage Brokers are the prospective marriage visa Home Loan Specialists and we will guide you through step by step. Contact MAP today to see if we can help you.

 

  

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