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482 TSS visa holders: lending options

Subclass 482 - the Temporary Skill Shortage (TSS) visa - is the most common employer-sponsored work visa in Australia. For 482 holders wanting to buy property in Australia, lender treatment varies significantly depending on whether the applicant is on the Short-Term stream or the Medium-Term stream.

The two 482 streams

Short-Term stream:

  • 2-year visa (renewable once, max 4 years total)
  • Occupation on Short-Term Skilled Occupation List (STSOL)
  • Does NOT lead to permanent residency through the same visa
  • Must transition to 186 or 187 for PR

Medium-Term stream:

  • 4-year visa
  • Occupation on Medium and Long-term Strategic Skills List (MLTSSL)
  • Can transition to 186 (ENS) after 3 years with same employer

Lender treatment differs by stream

Lenders treat Medium-Term stream 482 holders much more favourably because:

  • Longer visa validity
  • Pathway to PR through the same employment
  • More predictable long-term residency

Short-Term stream 482 holders are typically treated as higher-risk borrowers with tighter lending parameters.

Lender policies for 482 holders

Major banks (varied):

  • CBA: will lend to Medium-Term 482 at up to 90% LVR with genuine savings; Short-Term 482 restricted
  • Westpac: Medium-Term 482 up to 80% LVR; Short-Term more restricted
  • NAB: Medium-Term 482 up to 80% LVR; Short-Term typically declined for property lending
  • ANZ: Medium-Term 482 up to 80% LVR; Short-Term case-by-case

Second-tier:

  • Macquarie: Medium-Term 482 generally accepted; rates similar to PR
  • ING: Medium-Term 482 accepted up to 80% LVR with 1+ year in Australian role
  • Suncorp: specialist 482 policies, often more flexible

Specialist lenders:

  • Pepper, Liberty, La Trobe: will lend to both streams with higher rates (40-80 bps above standard)
  • Private banks and Asian-focused lenders: can offer competitive rates for strong income and offshore asset profiles

FIRB for 482 holders

Temporary residents, including 482 holders, are subject to FIRB for residential property:

  • Established residential property: FIRB approval required; fees scaled by property value
  • New dwelling (off-the-plan or newly built): FIRB approval required, lower fees
  • Vacant land with intent to build: FIRB approval required

FIRB typically approves temporary residents purchasing a principal place of residence, not investment. Investment purchases are increasingly restricted.

Typical 482 buyer profile

  • On Medium-Term stream, employed 1-2+ years at sponsoring employer
  • Intends to apply for 186 PR after 3 years
  • Buying first home in Australia
  • Partner also on 482 (derivative) with potentially lower income

Strategic lending approach

Before buying:

  1. Confirm 482 stream (Short or Medium)
  2. Document employment history and income consistency
  3. Accumulate deposit with genuine savings discipline
  4. Understand FIRB requirements and budget the fees
  5. Confirm your occupation is on the current relevant list (both visa and lender’s acceptable-occupation policies)

Choosing a lender:

  1. For Medium-Term stream in mainstream occupations: major bank options viable at 80% LVR
  2. For Short-Term stream or specialist occupations: consider second-tier and specialist lenders
  3. Brokers with strong 482 experience (migration-linked lending specialisation) significantly improve outcomes

Timing:

  1. Strongest lending outcomes near the 2-3 year mark of your 482, with a clear PR pathway visible
  2. Weakest outcomes in the first year of a Short-Term 482 with uncertain renewal
  3. Extremely strong once 186 nomination is approved (even before visa grant)

The serviceability reality

482 holders on $120k-$150k salaries in major cities can typically service loans of $500k-$700k under current APRA buffer rules. The genuine savings requirement (5% in savings for 3+ months) is harder for recent 482 arrivals who are still settling.

Rental assistance from employers, relocation bonuses, and housing allowances can sometimes be treated as income by supportive lenders, boosting serviceability. Check your employer’s benefit structure.

After 186 grant (PR)

Once transitioned to 186 PR:

  • Full 95% LVR access
  • FHG eligibility (if meeting first home buyer criteria)
  • FIRB no longer applies for residential purchases
  • Rates 30-50 bps better than specialist 482 products
  • Refinance to the sharpest available rate with a major bank

The loan taken during 482 should be structured for easy refinance (low exit fees, no long-term lock-in) to capture these improvements.

The common mistake

Many 482 holders buy too early in their 482 tenure, taking specialist lender loans at 6.5-7.0% rates when waiting 18-24 months would have produced major-bank options at 5.8-6.2%. The interest cost of the specialist loan over 2 years exceeds the rent they would have paid in that period.

If you can afford to rent until closer to PR, the lending math is usually better. If stability of housing is the priority (school district, family), buying on 482 at 80% LVR with a strategically-selected lender is a reasonable path.