Moving to a new country comes with enough to think about without the added complexity of navigating an unfamiliar mortgage system. This guide covers some of the key things new migrants to Australia often ask about when considering a home loan.
Visa status and eligibility
Your ability to obtain a home loan in Australia can depend on your visa category and residency status. Some lenders will consider applications from permanent residents, and in some cases certain temporary visa holders, though policies vary significantly between lenders. It's important to check what applies to your specific visa type rather than assume a blanket rule.
Building a financial footprint in Australia
Because Australian lenders generally can't access overseas credit history, establishing local financial history — such as an Australian bank account, employment history, and if applicable, a local credit card used responsibly — can help support a future mortgage application.
Documents lenders commonly ask for
- Valid identification, including visa documentation where relevant
- Proof of income (payslips, employment contracts, or tax returns)
- Australian bank statements showing savings history
- Details of any existing debts or financial commitments
Deposit expectations
Some lenders may require a larger deposit from certain visa categories, reflecting a different risk assessment compared to citizens or permanent residents. This varies by lender and individual circumstances, so it's worth clarifying deposit expectations early rather than assuming standard terms apply.
Getting guidance early
Because eligibility criteria for migrants vary so much between lenders, and can change over time, speaking with a broker before you start house hunting can help you understand realistically what's available to you and avoid wasted time on properties or lenders that aren't a fit for your visa status.
[BUSINESS CONFIRMATION REQUIRED: confirm which languages VIP Finance can support during the full mortgage application process — see the language pages for related guidance — and any visa categories the business has direct experience assisting with, so this guide can reference them specifically rather than in general terms.]
VIP Finance operates as a Credit Representative (Number 565614) and holds ABN 59 323 956 021.
The information on this page is general in nature and doesn’t take into account your personal financial situation or objectives. It isn’t personal financial advice, and you should consider whether it’s appropriate for your circumstances before acting on it. Loan approval is always subject to the lender’s own credit assessment criteria.
