457 visa holders are eligible for a home loan in Australia. However, the amount that they can borrow depends on their situation, employment history, and their marital status. Moreover, people who are in Australia on a work visa can borrow 80% with select banks who are happy to work with foreign citizens living in Australia.
Your borrowing amount depends on the below:
- 80% of the property value can be borrowed by most foreign citizens living in Australia
- 90% of the property value can be borrowed as a special exception to standard lending guidelines
- There are special loan packages available for medical professionals
- If you are married to an Australian permanent resident or citizen, then you may be eligible to borrow up to 95% of the property value.
- You have at least a year remaining on your visa.
- Most of your savings are already in Australia.
- You have a stable job in a sought after profession.
Also, note that as a 457 visa holder you would first need to get Foreign Investment Review Board (FIRB) approval. The FIRB is the regulatory body which examines whether your investment in the particular property is beneficial to the Australian economy or not.
Cheers,
Otto