MAP is often contacted by migrants in Australia seeking a home loan whilst on a Bridging Visa A or Bridging Visa B (BVA or BVB). The typical client is or was on a 457 visa, student visa or similar and is currently waiting on their Permanent Residency. However, it is largely irrelevant the visa the non-resident applicant was on or is waiting for.
Migrants on a Bridging Visa A or Bridging Visa B are able to arrange home loan finance for an Australian property purchase providing they can demonstrate:
1) Clean credit history in Australia free from bankruptcies and defaults,
2) Good employment history (self- employed ok),
3) 20% deposit plus costs (gifted funds are ok) if all applicants are on a Bridging Visa,
4) 5% deposit plus costs if one applicant is an Australian citizen or permanent resident: see Spouse Visa Home Loan,
5) Income sufficient to afford repayments (borrowing capacity is evident).
In some situations you may still be on your old visa as your BVA or BVB merely sits in the background until your substantive visa expires. In this case, we must base your lending on your existing substantive visa. See menu to right for a list of other visas and the lending options available.
Can I be Approved for a Home Loan on a Bridging Visa A or B?
It is true that you can be approved for a home loan on a Bridging Visa A or Bridging Visa B up to 80% if applying by yourself or with another migrant, and 95% if one applicant is an Australian citizen or permanent resident. The key to being approved is to apply with the right specialist mortgage broker who knows which banks will do what visas in different circumstances. MAP Mortgage Brokers are the Bridging Visa Home Loan Specialists.