If you’re living and working in Australia on a 482 (Temporary Skill Shortage) visa, you might assume that owning your own home is out of reach until you secure permanent residency. The good news is that’s not the case. While the path looks a little different from that of a citizen or permanent resident, it’s a well-travelled one — and with the right preparation, buying a home while on a 482 visa is entirely achievable.

Here’s what you need to know.

1. Not Every Bank Will Say Yes — But Several Will

The first thing to understand is that home lending to temporary visa holders isn’t universal across the banking sector. Some lenders simply don’t offer mortgage to 482 visa holders at all, whilst those that do, would have a tailored credit policy for such lending to 482 visa.

This is where working with a mortgage broker who understands non-resident and temporary-visa lending really pays off. They’ll know which lenders are currently open to 482 applicants, what documentation each one expects, and how to present your application in the best possible light. The right lender is out there — you just need to know where to look.

2. Expect to Save a Bigger Deposit

Because temporary residents are considered a slightly higher risk from a lending perspective, most banks will ask for a larger deposit than they would from an Australian citizen or permanent resident. As a general guide, expect to need around 20% of the property’s value. Generally Lender’s Mortgage Insurance are not available for lending to 482 visa holders.

Though this might be a stretch to your finances and savings, the avenue to secure a mortgage and stop paying rent is available.

3. FIRB Approval Is a Required Step — And It Applies to New Homes

As a 482 visa holder, you’re classified as a “foreign person” under Australian foreign investment law, which means you’ll need approval from the Foreign Investment Review Board (FIRB) before you can purchase residential property.

It’s worth being clear-eyed about the current rules: temporary residents are generally restricted to purchasing new dwellings, off-the-plan properties, or vacant land for new construction — established (existing) homes are off the table for most foreign and temporary-resident buyers under current government policy.

The FIRB process involves a formal application and fee (which scales with the property’s value), and approval timeframes typically run from several weeks to a couple of months — so it’s important to build this into your purchase timeline from the outset.

The Takeaway

Buying a home on a 482 visa is a genuinely realistic goal. It simply requires a bit more planning: aligning yourself with a lender who welcomes temporary visa holders, budgeting for a larger deposit, and factoring FIRB approval and new-dwelling requirements into your search from day one.

With the right guidance — from an experienced mortgage broker — many 482 visa holders successfully make the move from renting to owning. It takes a little extra preparation, but the path is clear, and the outcome is well within reach.

This article is general in nature and doesn’t constitute financial, legal, or migration advice. Lending policies and FIRB rules can change and vary between individual circumstances and from time to time. Let’s have a chat to find what work best for you in your circumstances.