In short: Yes, you can get a home loan on a 482 (Skills in Demand) or 491 (Skilled Work Regional) visa. A smaller group of lenders will lend to temporary residents, usually with a larger deposit, and you will generally need FIRB approval and pay Victoria's 8% foreign purchaser additional duty unless you buy with an Australian citizen or permanent resident partner. It is very doable with the right preparation.
A large share of the families we help in Melbourne's north arrived on a temporary skilled visa, bought a home before their permanent residency came through, and are glad they did not wait. The process has more steps than a standard application, and the costs are higher, but the path is well worn. This post lays it out.
Can temporary visa holders buy property in Australia?
Temporary residents can buy, subject to federal foreign investment rules. At the time of writing, federal rules restrict foreign persons, which includes most temporary visa holders, from purchasing established dwellings until 30 June 2029 — the 2026–27 Budget extended the original 31 March 2027 end date — with limited exceptions. New dwellings, off-the-plan properties and house-and-land packages remain available with FIRB approval. Confirm the current position on the FIRB approval page and with the Foreign Investment Review Board before you sign anything.
If you are buying jointly with a spouse who is an Australian citizen or permanent resident, different rules apply and the outcome is often much simpler. Tell your broker your partner's status at the first conversation.
How lenders view 482 and 491 visas
| Factor | 482 visa | 491 visa |
|---|---|---|
| Visa nature | Employer-sponsored, temporary | Regional skilled, temporary, pathway to PR via 191 |
| Lender appetite | Moderate; a subset of lenders | Moderate; some lenders prefer it because of the PR pathway |
| Typical maximum LVR | Lower than for citizens; lender-dependent | Lower than for citizens; lender-dependent |
| Time remaining on visa | Lenders like at least 12 months remaining | Lenders like at least 12 months remaining |
| Employment | Usually needs to be with the sponsoring employer, past probation | Stable PAYG or self-employed income in the regional area |
Lenders want confidence that you will still be in Australia and earning for the life of the loan. A long remaining visa term, a PR application in progress, an Australian citizen or permanent resident co-borrower, and a bigger deposit all help.
What the deposit needs to look like
Most temporary residents should plan for a 20% deposit plus costs. Some lenders go higher on the loan-to-value ratio for strong applicants, but assuming 20% keeps you safe. Funds from overseas are acceptable but must be traceable: bank statements from the origin account, remittance receipts, and evidence of any exchange conversion. Gifted funds need a gift letter. Our guide to buying property as a temporary resident covers this in detail.
The extra costs to budget for in Victoria
The purchase costs are where visa holders get caught. For illustration, a new $650,000 townhouse in Wollert bought by a single 482 visa holder:
| Cost item | Amount |
|---|---|
| Deposit (20%) | $130,000 |
| Land transfer duty (general rate) | $2,870 + 6% × $520,000 = $34,070 |
| Foreign purchaser additional duty (8%) | $52,000 |
| FIRB application fee | Set by the federal government; check current fee |
| Conveyancing, inspections, lender fees | A few thousand dollars |
That 8% surcharge on top of ordinary duty is the single biggest difference between a temporary resident and a permanent resident buying the same home. Read our foreign purchaser additional duty page for the exemptions, including some that apply when you buy your principal home jointly with an Australian spouse. Use the upfront costs calculator to model your own purchase.
Grants and schemes
- First Home Guarantee: requires Australian citizenship or permanent residency, so not available to 482 or 491 holders on their own.
- First Home Owner Grant ($10,000, new home up to $750,000): at least one applicant must be an Australian citizen or permanent resident.
- Victorian first home buyer duty exemption and concession: at least one purchaser generally needs to be a citizen or permanent resident.
If your partner is a permanent resident, some of these open up for the joint purchase. If not, they become available on your next property after your own PR is granted.
Step-by-step: applying on a 482 or 491 visa
- Gather your visa evidence. Visa grant notice, passport, and VEVO check showing conditions and expiry.
- Prove your income. Two recent payslips, the latest PAYG summary or tax return, and three months of bank statements. Self-employed applicants need business financials.
- Document your deposit. Australian and overseas statements, remittance receipts, gift letters.
- Get a pre-approval from a visa-friendly lender. This is where a broker matters. Applying to the wrong lender wastes weeks and leaves a credit enquiry on your file.
- Apply for FIRB approval. Do this before you sign or make the contract conditional on approval. Timeframes vary.
- Buy and settle. Your conveyancer will handle the foreign purchaser duty return with the State Revenue Office.
Ways to improve your chances
- Buy with a citizen or permanent resident partner. Widens the lender panel and can reduce or remove the foreign purchaser duty on your home.
- Lodge your PR application before the loan application. Lenders treat a pending 191 or 186 application as a positive.
- Keep your credit file clean. Pay every bill on time, avoid buy-now-pay-later, and do not apply for multiple loans at once.
- Choose a new property if established homes are off the table. House-and-land in Mickleham, Kalkallo or Donnybrook, or an off-the-plan townhouse, often suits visa holders well, and the First Home Owner Grant may follow once you have PR for a future purchase.
Read home loans for new migrants for the wider picture on building a financial footprint in Australia.
Frequently asked questions
Can I get a home loan on a 482 visa with a 10% deposit?
A few lenders consider lower deposits for strong 482 applicants, particularly with an Australian citizen or permanent resident co-borrower, but you should not count on it. Plan for 20% plus costs, including the 8% foreign purchaser duty in Victoria. Lenders mortgage insurance is also harder to obtain for temporary residents at high loan-to-value ratios.
Do 491 visa holders pay foreign purchaser additional duty in Victoria?
Generally yes. The 491 is a temporary visa, so its holders are treated as foreign purchasers for Victorian duty purposes and pay the additional 8% on top of ordinary land transfer duty, unless an exemption applies. Once you hold permanent residency (for example through the 191 visa) the surcharge no longer applies to future purchases.
Do I need FIRB approval to buy a home on a temporary visa?
In most cases, yes. Temporary residents generally need Foreign Investment Review Board approval before buying residential property, and a fee applies. Exemptions exist, including for some purchases made jointly with an Australian citizen or permanent resident spouse. Apply before you commit to a contract, or make the contract conditional on FIRB approval.
Will my loan change when I get permanent residency?
Your existing loan continues unchanged. Once you are a permanent resident you may be able to refinance to a wider range of lenders, potentially at a lower rate or higher loan-to-value ratio, and you become eligible for schemes such as the First Home Guarantee on a future purchase if you meet the other rules.
Talk to GNT Finance
GNT Finance has helped many 482 and 491 visa holders across Melbourne's north buy their first Australian home, and we can explain the process in English, Nepali or Hindi. We know which lenders say yes and how to present your file. Book a free consultation or call Gorakh Timilsina on 0426 403 703.
This page is general information only and not legal, tax or financial advice. Laws change — confirm current rules with the State Revenue Office, the ATO or a licensed professional.
Written by Gorakh Timilsina
Founder, CEO & Senior Mortgage Consultant at GNT Finance. Gorakh started as a broker assistant, spent years as a senior credit officer assessing loan applications, and now helps Melbourne families get the right loan approved. English, Nepali and Hindi spoken.