If you are on a 482 Skills in Demand visa and dreaming of a first home, a variable rate loan is one of the first choices you will face. It is a loan where your interest rate can move up or down over time, so your repayments can change too. Before you pick a loan, though, you need to know what you are allowed to buy, because that shapes everything else.
Can a 482 Visa Holder Buy a First Home in Australia?
A 482 visa holder is treated as a temporary resident, and temporary residents are generally banned from buying established homes while the ban is in place. The ban started on 1 April 2025 and has been extended to 30 June 2029. Foreign investment approval is still needed for any residential land, but new dwellings and vacant residential land can generally be approved, with conditions attached.
In practice, that means many 482 buyers look at a brand-new home, an off-the-plan unit or vacant land with a build. Conditions normally include finishing the dwelling within four years of approval for vacant land. Our Buying as a Temporary Visa Holder page explains this in more detail, and a licensed specialist can confirm your own position before you sign anything.
What Is a Variable Rate Home Loan?
A variable rate home loan has an interest rate that your lender can change over the life of the loan. If the rate falls, your repayments usually fall. If it rises, they usually rise as well.
The main trade-off is certainty. You can't lock in a repayment the way you can with a fixed rate, so your budget needs some breathing room. The upside is flexibility. Variable loans often let you make extra repayments, and many come with an offset account or a redraw facility, though features and fees differ between lenders. If you are weighing it up against a locked rate, our Fixed Rate Expiry page shows what happens when a fixed period ends.
How Do Offset and Redraw Work on a Variable Loan?
An offset account is a transaction account linked to your loan, and the money in it reduces the balance your interest is charged on. A redraw facility lets you pull back extra repayments you have already made into the loan.
Both can cut the interest you pay while keeping your cash reachable. The trade-off is cost and discipline. Some loans with an offset account carry a higher rate or an annual package fee, and money sitting in redraw can be harder to get at than money in an offset account, depending on the lender. Ask about both before you compare loans.
Example: Testing Repayments Before You Commit
Consider a buyer on a 482 visa who wants to buy a new apartment. Their worry is that a variable rate could rise after they sign. Their broker runs the repayment at the illustrative rate of 6.75% p.a., then tests it again at a higher rate to see if the budget still holds.
As an illustration, a $500,000 loan over 30 years at 6.75% p.a. works out to about $3,243 a month in principal and interest. At 7.75% p.a. over the same term, it is about $3,582 a month. That is roughly $339 more each month. These rates are examples only and not a forecast.
The buyer decides the higher figure is still manageable and chooses a variable loan with an offset account, accepting that the repayment may move. They also keep a cash buffer outside the loan. The outcome is a purchase made with the numbers tested, not hoped for. Our Borrowing Capacity page is a good place to start with your own figures, and you can use a repayment calculator to run your own versions.
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Book a chat with a Finance & Mortgage Broker at Diamond Lending Solutions today.
Which Government First Home Schemes Can a 482 Visa Holder Use?
Most federal first home schemes are not open to 482 visa holders. The 5% Deposit Scheme needs applicants to be Australian citizens or permanent residents, and Help to Buy needs applicants to be Australian citizens. Neither is open to temporary visa holders.
That can feel discouraging, so it is worth knowing what is different when you buy. Many lenders will ask for a larger deposit from temporary residents, and a lower deposit may mean paying lenders mortgage insurance (LMI), which is a one-off cost that protects the lender, not you. Lender policies vary a lot, so a broker can check who accepts 482 applicants.
What About State Grants and Stamp Duty Concessions?
State grants and concessions depend on where you buy and on your residency status, and many exclude temporary residents. For example, in New South Wales the first home owner grant is not available to temporary residents. From 1 August 2026 in Queensland, temporary residents are generally not eligible for the first home concessions and pay standard transfer duty plus 8% additional foreign acquirer duty.
Several states also add a surcharge for foreign buyers, including temporary residents. In New South Wales it is 9% of dutiable value, in Victoria 8%, and in Western Australia 7%. These rules change, so check the current position for your state with a licensed specialist before you choose a property.
Why Your Loan Application Looks Different on a Temporary Visa
Lenders look closely at how long your visa has left, your employer and your savings when you apply for a home loan. Each lender has its own policy for temporary visa holders, and some will not lend to them at all.
Expect to show your visa details, your income history and genuine savings for the deposit and extra costs such as duty and legal fees. Getting pre-approval first tells you what a lender is willing to lend before you start looking at properties. It is not a promise of final approval, and it usually expires after a set period, so timing matters. If you are building rather than buying, our Construction Loans page covers how those loans are drawn down in stages.
Is a Variable Rate Right for Your Situation?
A variable rate suits buyers who want flexibility and have room in their budget if repayments rise. It may suit you less if you need a fixed repayment figure for a tight budget.
Your visa timeline matters too. If your plans might change, ask any lender about fees for selling or switching loans. Talking it through with someone who knows both lending and visa rules can save a lot of worry. Tax rules for temporary residents can also be different, so speak with your accountant about your own situation.
We know this process can feel like a lot when you are far from home and building a life here. Call one of our team or book an appointment at a time that works for you, and we will walk through your options at your pace. You can also read about our First Home Buyers support, or book an appointment online.
