Temporary Skills Shortage (TSS) Visa Home Loans
✅The 457 Visa is being abolished for the TSS working visa (482 visa).
✅A government initiative to slow foreign investment in Australian property.
Borrowing capacity
Getting home loan approval on a TSS Visa all depends on what stream you're working under.
✅Short Term (STSOL) 1-2 years: borrow up to 80% of purchasing value.
✅Medium Term (MLTSSL) 4 year: borrow up to 90% of purchasing value in some cases.
✅Married to an Australian Citizen or Permanent Resident: borrow up to 95% of purchasing value.
✅Doctor: medical professionals may get waived LMI and interest rate discounts.
Am I entitled to the First Home Buyers Grant?
✅No.
✅Exemptions exist if you are joint buying with an Australian Citizen or Permanent Resident.
Why do I need Mortgage Broker Revesby?
✅It's still a complicated process and hard to navigate.
✅Many lenders do not accept TSS or 482 Visa holders.
✅You may need advice around the occupations allowed with different lenders.
✅No fee service. So why would you do all the work yourself?
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How can I increase my chances of approval?
✅You have stable employment in a sought after profession.
✅Your savings are in Australian Dollars.
✅Must have at least 12 months on your TSS (482 Visa).
What deposit will I need?
✅In most cases you will need a 20% deposit
✅Purchasing costs - which are roughly 5-8% of property purchase costs including LMI.
✅In some cases, such as doctors, you can have as little as 10% deposit.
Stamp Duty Surcharge for TSS Visa Holders
TSS Visa attracts the stamp duty "surcharge." This is a payment on top of the Australian stamp duty for the state you wish to buy.
✅It is roughly 3-7% of land value depending on the state you live in.
✅As an example: Jane is on a 482 visa. She bought a townhouse in Bankstown for $800,000. The stamp duty was around $31,000, but the surcharge pushed it to over $60,000.
✅Not applicable for purchases in the Northern Territory or Tasmania.
✅Not applicable if jointly buying with an Australian Citizen or Permanent Resident.
Do I need Foreign Investment Review Board approval?
You will need FIRB approval if:
✅Your Permanent Residency is a long way off.
✅Cannot buy an Existing Dwelling as an investment property.
✅Must sell property within 3 months if it stops being your primary residence.
✅Approval costs $5,000 up to $1,000,000 property purchase or $10,000 over $1,000,000.
Are there exemptions to FIRB approval?
✅If buying with an Australian Citizen or Permanent Resisdent & the citizen is the primary earner.
✅If you put the property in the sole name of the Australian citizen.
Don't go it alone
Getting a home loan approval under the TSS Visa is a complicated process. Mortgage Broker Revesby will do all the research and paperwork for you. We do not charge a fee. So why would you take on the stress yourself?
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