MAP is often contacted by International Students on student visas living in Australia seeking a student mortgage / home loan to purchase Australian property. Often they have already approached their bank and perhaps one or two mortgage brokers and been advised that as they are on a student visa they are ineligible for a student mortgage or are required to pay a higher interest rate than would otherwise apply to an Australian citizen.
Student Mortgages are however available at normal home loan interest rates providing the following can be demonstrated;
- Clean credit history in Australia free from bankruptcies and defaults (not normally an issue for those without Australian permanent residency PR),
- One year in current job (can consider less on case by case basis),
- 20% deposit plus costs. Gifted funds from mum and dad for example are ok providing the funds are in an Australian bank account prior to full approval (not required for pre-approval),
- Income sufficient to afford repayments (borrowing capacity is evident).
In some situations one applicant will be on a fully or partly paid scholarship and their partner/spouse will be working. In this scenario we can use the income from the applicant that is working but we can not take into account income from the scholarship.
It is true that you can be approved for a student mortgage / home loan up to 80% LVR whilst on a student visa. The key is simply applying to the right lender that will approve a home loan to applicants on student visas and this is where MAP can assist. MAP specialize in assisting international students to obtain a student mortgage at normal home loan interest rates.
Contact MAP today to see if we can help you.