In short: Yes, you can get a home loan in Melbourne on a temporary visa. Several lenders approve 482 Skills in Demand, 485, 491, 494 and partner visa holders, usually at up to 80% of the property value, sometimes 90–95% with lenders' mortgage insurance. You will generally need FIRB approval, and Victoria charges an extra 8% foreign purchaser duty unless an exemption applies. GNT Finance specialises in these applications.
Many of the families we help in Melbourne's north arrived in Australia within the last decade, often from Nepal, India and Sri Lanka, and are still on temporary visas when they decide to buy. Banks treat these applications inconsistently: one will approve a 482 holder at 90%, the next will decline the same file. Knowing the policy differences, the FIRB rules and the Victorian duty surcharge before you start prevents expensive mistakes.
Who we help
- Skills in Demand (subclass 482) holders, the most common case, often with a permanent residency pathway under way.
- Temporary Graduate (485) holders with full-time employment.
- Regional provisional (491 and 494) holders buying in Geelong, Ballarat, Bendigo and other eligible areas.
- Partner visa (820 or 309) holders, treated most generously by lenders and often exempt from foreign duty when buying with their Australian partner.
- Student (500) holders buying jointly with a citizen or permanent resident spouse.
- Bridging visa holders waiting on a PR decision, with a small number of lenders.
New permanent residents are treated as local borrowers and may qualify for the First Home Guarantee; see first home buyer loans and our guide for new migrants.
Three sets of rules that apply at once
Lender policy
Each lender sets its own view on visa subclass, time remaining, employment length and maximum LVR. Common thresholds: at least 12 months remaining on the visa or a lodged PR application; three to six months in the current job; and Australian-sourced income, although some lenders count foreign income at a discount.
FIRB approval
Temporary residents are "foreign persons" under federal law and need Foreign Investment Review Board approval before buying residential property. At the time of writing, a ban on foreign persons buying established dwellings runs to 30 June 2029, so most temporary residents are limited to new homes, off-the-plan properties and vacant land to build on. Exceptions include buying jointly with an Australian citizen or permanent resident spouse. The application fee is $15,600 for residential land other than an established dwelling where the price is $1 million or less, rising with price and indexed each 1 July, and applications go through the ATO. See FIRB approval for property.
Victorian foreign purchaser additional duty
Victoria adds 8% of the purchase price on top of standard land transfer duty for foreign purchasers, which includes most temporary visa holders. A foreign purchaser buying a principal place of residence jointly with a spouse or domestic partner who is an Australian citizen, permanent resident or New Zealand citizen is generally exempt. Details are on our foreign purchaser additional duty page and at the State Revenue Office. The 4% absentee owner land tax surcharge usually does not affect a visa holder living here full time.
How lender policies compare
Policies change often; this shows the general shape of the market, not any one lender's rules.
| Visa situation | Typical maximum LVR | LMI | Notes |
|---|---|---|---|
| 482 with 12+ months remaining, PAYG income | 80%, up to 90–95% with some lenders | Yes above 80% | Most lenders; strongest options with PR pathway |
| 482 buying with citizen or PR spouse | 95% | Yes above 80% | Assessed as a local application in many cases |
| 485 graduate visa | 80% with selected lenders | Yes above 80% | Job stability weighs heavily |
| 491 or 494 regional | 80–90% | Yes above 80% | Property must suit the visa's regional conditions |
| Partner visa 820 or 309 | 95% | Yes above 80% | Often no foreign duty when buying with partner |
| Student visa alone | Generally not available | – | Consider buying with a PR spouse |
Rates for visa holders at 80% LVR are typically the same as for permanent residents with the same lender; some add a margin above 80%. Ask us about the current lender panel.
The GNT Finance process for visa holders
- Visa and policy screen. We check your visa grant letter, expiry, work rights and PR status against current lender policies and tell you who will consider you and at what LVR.
- Budget including surcharges. We add FIRB fees and the 8% duty to the purchase costs so you know the true cash required.
- FIRB application. Lodged early, before you sign anything, or with a contract conditional on FIRB approval.
- Pre-approval. A full assessment by a lender that accepts your visa subclass, so you can shop with confidence. See home loan pre-approval.
- Contract review. We check the property is one FIRB allows and that the contract includes a subject to finance clause.
- Approval and settlement. Valuation, formal approval, keys.
What you will need
- Passport, visa grant notice and current VEVO check.
- Employment contract and two recent payslips; if on probation, a letter from your employer confirming ongoing employment.
- ATO income statement or last year's tax return.
- Three months of Australian bank statements showing salary and savings; overseas savings must be transferred and traceable.
- Evidence of any PR application lodged.
- FIRB approval or a lodged application.
- If buying with a citizen or PR partner, their standard documents.
Worked example: a 482 couple buying new in Craigieburn
Bikash holds a 482 visa with three years remaining and earns $105,000; his wife Anita is on a dependent 482 visa earning $62,000. They buy a brand-new townhouse in Craigieburn for $620,000 with a 20% deposit to avoid LMI.
| Item | Amount |
|---|---|
| Purchase price | $620,000 |
| Deposit (20%) | $124,000 |
| Loan | $496,000 at 80% LVR |
| Standard land transfer duty | $32,270 |
| Foreign purchaser additional duty (8%) | $49,600 |
| FIRB application fee | $15,600 |
| Conveyancing and registration fees | about $3,500 |
| Cash required, including the FIRB fee | about $225,000 |
For illustration, at 6.00% p.a. over 30 years, repayments on $496,000 are about $2,974 a month. Compare the same purchase after permanent residency: no foreign duty, potentially the First Home Guarantee at 5% deposit with no LMI, and the $10,000 First Home Owner Grant on a new home. Cash required would fall to roughly $40,000. For some clients, waiting a year for PR is the better decision; for others, buying now at a price they can afford is worth the surcharge. We run both scenarios with the upfront costs calculator and the stamp duty calculator.
Costs beyond a standard home loan
- Foreign purchaser additional duty: 8% of the price in Victoria, unless exempt.
- FIRB application fee: $15,600 for residential land other than an established dwelling priced at $1 million or less, $31,300 to $2 million and $62,600 to $3 million under the 2026–27 schedule; indexed each 1 July; non-refundable even if the purchase falls through.
- LMI if borrowing above 80%, sometimes at a higher premium for visa holders.
- Standard costs: conveyancing, registration and lender fees.
- Our service: no cost to you for our home-loan service in most cases.
Pitfalls to avoid
- Signing a contract for an established house. Under the current ban, FIRB will not approve it for most temporary residents.
- Applying to your bank first. A decline on your credit file makes the next application harder.
- Assuming foreign duty is unavoidable. Buying your home jointly with a citizen or PR partner usually removes it.
- Ignoring visa expiry. Refinancing later with three months left on the visa is much harder than buying with 18 months left.
Why a broker matters more for visa holders
This is one of the few areas of lending where the answer depends on which door you knock on. GNT Finance keeps a current map of which lenders accept which visas, at what LVR, and how they treat probation, foreign income and pending PR applications. Gorakh Timilsina, himself Nepali-Australian, assessed applications like these as a senior credit officer before founding GNT Finance, and consultations are available in Nepali as well as English. Read our full guide to buying property as a temporary resident, and if you would prefer to work in Nepali, see our Nepali mortgage broker page.
Frequently asked questions
Can I get a home loan on a 482 visa?
Yes. Many lenders approve Skills in Demand (482) visa holders, most commonly at 80% of the property value, and some at 90–95% with lenders' mortgage insurance. Typical conditions are at least 12 months remaining on the visa or a lodged PR application, stable Australian employment, and a deposit from your own savings. You will also need FIRB approval and should budget for Victoria's 8% foreign purchaser duty.
Do temporary residents pay stamp duty surcharges in Victoria?
Usually, yes. Victoria's foreign purchaser additional duty of 8% applies to most temporary visa holders on top of standard duty: $49,600 extra on a $620,000 purchase. The main exemption is a foreign purchaser buying their principal place of residence jointly with a spouse or domestic partner who is an Australian citizen, permanent resident or New Zealand citizen.
Can a visa holder buy an established house in Melbourne?
At the time of writing, generally not. A federal ban on foreign persons, including temporary residents, buying established dwellings runs to 30 June 2029, with limited exceptions such as buying with an Australian citizen or PR spouse. New homes, off-the-plan properties and vacant land to build on remain available with FIRB approval, which is why house-and-land packages in Melbourne's north suit visa holders.
Will my overseas income or savings count?
Savings held overseas can be used once transferred to an Australian account with a clear paper trail; some lenders want the funds here for three months. Overseas income is accepted by a smaller group of lenders, usually discounted by 20% or more at a conservative exchange rate. Australian PAYG income is always the strongest basis for an application.
Should I wait for permanent residency before buying?
It depends on timing and price. PR removes the 8% foreign duty and FIRB fees, opens the First Home Guarantee and the First Home Owner Grant, and widens your lender choice. If PR is likely within a year, waiting often saves $50,000 or more. If PR is years away and you have found a home you can afford, buying now can still be right. We model both.
Talk to GNT Finance
Send us your visa details and payslips and we will tell you within a day which lenders will approve you, at what LVR, and what the purchase will really cost including duty and FIRB. Book a free consultation or call 0426 403 703.
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.