With people coming to Australia to work on the Government 457 visas so comes the demand for housing. 457 visa workers who want to buy their own property and finance a proportion of the purchase cost have created a problem for some lenders and an opportunity for others. For lenders that do not understand the risk and rewards and how to assess and manage the risk of lending to 457 visa holders they have just refused to assess application from 457 visa holders.
Other lenders have embraced the lending to non-residents, particularly 457 visa holders and can provide home loans to them. However, it is not all smooth sailing for 457 visa holders. The lenders that do lend to 457 visa holders have specific criteria for assessing and approving home loans to 457 visa holders. Here is a video about 457 visa mortgages.
more information can be found at:
Mortgage broker Canberra blog 