While the primary purpose of a migrant mortgage is to help you buy a home, there are additional benefits. In particular, if you are trying to extend your visa or are applying to bring over a fiance or other family members, home ownership may help. Here's a look at how:
1. Owning a home shows residential commitment to Australia.
When you use a migrant mortgage to buy a home, you further the process of establishing yourself in Australia. If you are working with immigration officials, it always help to look as stable as possible, and home ownership helps to paint the picture of stability.
2. Owning a home shows you can provide for your family.
If your family members are applying for visas to immigrate to Australia, they may need to use as a sponsor throughout the process. Of course, there are a number of traits immigration officials look for in a sponsor and certain requirements they have, but if you can show your ability to take care of your family, that helps the process.
For example, to be approved for a partner visa, you must be willing to support your partner during their first two years in Australia. If you have purchased a home with a migrant mortgage, it shows that you have a steady income and are likely to be able to handle that responsibility.
3. A migrant mortgage can help build your credit history.
As you repay your migrant mortgage on a timely basis, you create a positive credit history for yourself. Australian bankers look at this history when deciding whether or not to approve you for other loans, and having a positive credit history may eventually help you get low interest car loans, business loans or other types of credit opportunities.
As you attempt to welcome your new family into the country or as your family grows with your new spouse, these borrowing opportunities may help you access the success you need.
4. A migrant mortgage is an investment.
Finally, when you buy a home with a migrant mortgage, the home is an investment. In many cases, when you buy a home, it ultimately appreciates in value. In 2014, homes in Australia's largest cities, in fact, increased in value by close to 7 percent. In a single year, that is a nice return on investment.
By getting approved for a migrant mortgage, you start the ladder of home ownership, potentially building wealth which can ultimately help you and your family as you live in Australia. To learn more, talk to a migrant mortgage broker.