Written by LTE Loans » Updated on: May 21st, 2025
Buying a home in Australia is a big dream for many, and that dream can still become a reality for temporary residents living in Melbourne. Whether you're here on a skilled work visa, a student visa, or another temporary residency, you may wonder: Can I get a home loan in Melbourne?
The short answer is yes, but there are a few extra steps involved, and eligibility depends on your visa, financial circumstances, and the lender's policies.
In this guide, we'll explain how temporary residents can apply for home loans in Melbourne, what to expect during the process, and why working with experienced home loan brokers in Melbourne is a smart move.
Can Temporary Residents Apply for a Home Loan?
Yes, many temporary residents in Melbourne are eligible for home loans. However, lenders do take a more cautious approach when dealing with non-citizens. You may need to meet additional criteria, provide more documentation, and be prepared for a larger deposit.
The good news is that securing a home loan as a temporary resident is possible with the right help and careful planning.
Common Visas That May Be Eligible
Lenders consider certain visa holders as eligible for home loans, particularly if you're on one of the following:
Temporary Skill Shortage visa (subclass 482)
Student visa (subclass 500)
Partner or spouse visa (subclass 820/309)
Temporary Graduate visa (subclass 485)
That said, visa status isn't the only factor. Your income, job stability, savings, and length of stay in Australia also matter.
Speaking with a local mortgage broker in Melbourne is the best way to understand which lenders will work with your visa type and financial profile.
How Much Can You Borrow?
As a temporary resident, lenders may limit how much you can borrow. Most banks will lend up to 80% of the property's value, meaning you'll need a 20% deposit.
However, sometimes, lenders might request an even higher deposit (up to 30%) to offset risk. The size of your deposit also determines whether you'll need to pay Lenders Mortgage Insurance (LMI).
Your borrowing capacity will also depend on:
Your visa type and remaining duration
Your income and employment status
Any existing debts or financial commitments
An experienced finance broker in Melbourne can clearly show how much you can realistically borrow and which lenders will likely approve your application.
Foreign Investment Review Board (FIRB) Approval
One critical factor for non-residents and temporary visa holders is FIRB approval. If you're not an Australian citizen or permanent resident, you may need permission from the Foreign Investment Review Board to buy property.
FIRB approval is required before purchasing residential real estate.
There may be an application fee based on the property value.
Approval typically applies to newly built or off-the-plan homes, not existing dwellings.
Your mortgage broker can help guide you through the FIRB process and ensure all paperwork is correctly submitted.
Documents You'll Need to Apply
Lenders require temporary residents to provide additional documents to prove visa status, income, and financial stability. Typically, you'll need:
Passport and visa documents
Proof of income (e.g., payslips, employment contracts)
Bank statements
FIRB approval (if required)
Savings history and proof of deposit
A home loan broker in Melbourne will help you prepare everything correctly and avoid delays or rejections.
Why It's Crucial to Work With a Broker
Applying for a home loan as a temporary resident can be tricky—but that's where home loan brokers in Melbourne come in. Here's how a broker can help:
Tailored guidance: A broker will assess your situation and explain exactly what you can and can't do based on your visa and income.
Access to the right lenders: Not all banks lend to temporary residents. A broker knows which lenders are open to your profile—and which ones to avoid.
Save time and money: Rather than applying to multiple lenders and getting rejected, a local mortgage broker in Melbourne will match you with the best option the first time.
Handle the paperwork: From FIRB forms to lender applications, your broker will help keep everything organised and stress-free.
How the Process Works
Here's a basic outline of what to expect when applying for a home loan as a temporary resident in Melbourne:
Initial consultation with a broker – Discuss your visa, financials, and goals.
Loan pre-approval – Your broker submits your application to suitable lenders.
Find a property – Once pre-approved, you can confidently make an offer.
Formal approval & FIRB clearance – Upon property selection, FIRB approval is submitted (if needed).
Settlement – Final paperwork is signed, and you officially become a homeowner.
Is It Worth It?
Absolutely. Owning property in Melbourne is not only a great lifestyle move but also a solid long-term investment. While getting a mortgage as a temporary resident may take a few more steps, the reward is often worthwhile.
With Melbourne's property market showing steady long-term growth, buying now—even as a temporary resident—could put you in a strong position for the future.
Final Thoughts
If you're a temporary resident in Melbourne dreaming of owning your place, don't let visa status hold you back. Homeownership is still possible—you need the right advice and support.
That's where home loan brokers in Melbourne come in. At LTE Loans, our expert brokers specialise in helping temporary residents navigate the Australian home loan market. As your local mortgage broker in Melbourne, we'll guide you through every step—from FIRB applications to lender negotiations—to make your dream a reality.
Contact our trusted finance broker Melbourne team today for a no-obligation consultation. Let's help you take that next step toward owning your Melbourne home.
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