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How Can Someone From The Philippines Buy A Home In Australia

Anyone who wishes to live in Australia must have the proper visa to do so. If you are living in the Philippines, you may be able to live in the country if you are a skilled worker. Those who have the type of skills that Australia's government is looking for can ask for a Temporary Work Visa. 

How To Apply For This Visa

The easiest way to apply for a worker visa is to go online and apply through the Australian immigration website. To make the process go faster for you, it may be a good idea to hire a migration agent or immigration lawyer who can get you the necessary paperwork to get started. Your lawyer or agent will also be able to inform you how likely it is that your visa will be accepted.

Getting A Home When You Enter The Country

As soon as you have been granted your visa, you may be eligible to apply for a home loan in Australia. Non resident mortgages are somewhat harder to get compared to the requirements that naturalized citizens have to get a mortgage. Generally, you will be able to get a loan for up to 80 percent of the home's value assuming that your credit history and income are sufficient. If you know someone in the country or are going to get married to an Australian citizen, the amount you can borrow goes up to as much as 95 percent.

How To Get 457 Visa Mortgages

Those who are in the country on a worker visa can expect the same rules regarding their mortgage as any other non-resident. This means that you will need at least a 20 percent down payment if you do not have ties to the country in any way. The only exception to the 457 visa home loans rule is if you are in specialized fields such as medicine. In these cases, some of the requirements may be waived or modified to get you a home as soon as possible.

Will This Impact The Other Terms Of My Mortgage?

The only factors that will determine your interest rate are your down payment, credit score and income. In fact, skilled professionals may be eligible for lower interest rates than those who are currently living in Australia. This could make it easier for you to relocate on a permanent basis or buy an investment property in the country. 

What Else Do I Need To Know About Buying Property In Australia?

Many lenders in Australia do not charge fees to process or approve your mortgage. This can save you hundreds of thousands of dollars compared to what you would spend on a mortgage in the Philippines. If you are a skilled worker looking to work in a foreign country, this makes Australia the best choice for you.

There are a lot of steps that you need to take if you are entering the country from the Philippines. However, it is easy as well as significantly less expensive to get a loan from an Australian bank if you have ties to the country and are a skilled professional looking for work on the continent.


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