Requirements when buying a property on a 491 Visa

Baxter & Mason Property Buyers Agent Sunshine Coast was recently asked if it is possible to buy a property if the client is on a ‘491 Visa’ (pathway to permanent resident) in Queensland. The short answer is that it is possible but the following requirements must be met:

1. Eligibility for a home loan - You must meet the eligibility criteria for obtaining a home loan from a lender in Australia.

2. Foreign Investment Review Board (FIRB) approval - If you are a non-resident, non-Australian citizen, you will need to obtain FIRB approval to buy property in Australia.

3. Proof of income - You must have a stable income source in Queensland to demonstrate your ability to repay the home loan.

4. A valid visa - You must have a valid 491 visa and demonstrate that you have a pathway to permanent residency.

5. Sufficient funds - You must have sufficient funds to cover the deposit and purchase costs associated with buying a home in Queensland.

6. Legal assistance - It is recommended to seek legal advice to help you understand the legal and financial requirements of buying property in Queensland.

If you are on a 491 Visa and are looking to buy a property, we encourage you to book in an obligation free discovery call and see how we can assist in your purchasing process.