Backpackers exploring Australia often seek short-term financial solutions while living, working, or travelling across the country. Our lending options cater specifically to the needs of backpacker borrowers, whether they’re on a working holiday visa or undertaking casual employment.
Benefits for Backpackers
Flexible repayment structures for short stays
Access to funds without a lengthy credit history
Options for self-employed or casual income earners
Fast approvals and minimal documentation
Benefits for Mortgage Brokers
Opportunity to serve a growing segment of non-resident borrowers
Competitive commission structures
Access to niche lending products unavailable through traditional banks
Full support from our experienced credit and scenario team
Digital tools to streamline assessment and submission
Partner with Mortgage Street Today - Mortgage brokers should partner with Mortgage Street to deliver meaningful retirement lending solutions, backed by smart product design and dedicated broker support.
Features
- Visa-compatible loan products (e.g., 417, 462, student or bridging visas)
- Consideration of overseas credit history (where applicable)
- Support for income from gig economy or freelance work
- Quick digital onboarding process
- Competitive interest rates for low-risk applicants
Accepted Products
Mortgage Street accepts backpacker borrowers under the following loan products: Tolerant, Progressive, Receptive, and Liberal.
Why Choose Us?
We understand the unique challenges faced by temporary visitors. Our tailored lending solutions help backpackers manage unexpected expenses, secure temporary accommodation, or even fund transport or business tools.
Mortgage brokers should Partner with Mortgage Street to unlock new opportunities in the non-resident lending space. [Get Accredited Today] or [Speak to Our Team] for tailored product guidance.
As Australia’s premier alternative lending solution, our mission is to empower our brokers to achieve their goals
Our goal at Mortgage Street is to provide you your customers with first-class service and innovative products to help you deliver solutions to your clients who don’t fit traditional lending criteria. But if your clients don’t qualify for a bank loan, Mortgage Street can always find alternatives. With 24 mortgage options available, we can help your customers find the right fit for their unique situation.
7 reasons why you should work with Mortgage Street
Mortgage Street is committed to providing a modern, efficient service to our clients. By distributing home loans through professional Australian mortgage brokers, we can offer a convenient and streamlined digital process that allows you to apply for a loan, submit documents, and track the progress of your application from the comfort of your own home.
Mortgage Street is committed to providing a modern, efficient service to our clients. By distributing home loans through professional Australian mortgage brokers, we can offer a convenient and streamlined digital process that allows you to apply for a loan, submit documents, and track the progress of your application from the comfort of your own home.
Mortgage Street is committed to providing a modern, efficient service to our clients. By distributing home loans through professional Australian mortgage brokers, we can offer a convenient and streamlined digital process that allows you to apply for a loan, submit documents, and track the progress of your application from the comfort of your own home.
A Mortgage Street accredited mortgage broker can help you to maximise your borrowing capacity by advising on the best loan structure and providing guidance on how to strengthen your application. This can be helpful if you have a complex financial situation or are self-employed.
If you are planning to purchase an investment property, a Mortgage Street accredited mortgage broker can help you understand the tax implications of negative gearing and advise on the best home loan options to suit your goals.
A Mortgage Street accredited Mortgage brokers have access to a wide range of lenders, including those that may consider larger loan amounts. This can be especially useful if you are looking to purchase a more expensive property or undertake extensive renovations.
Many lenders require mortgage insurance for home loans with a loan-to-value ratio (LVR) of over 80%. By working with a Mortgage Street accredited mortgage broker, you may access lenders that do not require mortgage insurance up to an LVR of 85%, saving you money on your loan.
To help you find what you’re looking for, we’ve grouped our lending criteria into key categories.
Turbo charge your application for faster turnaround times
Mortgage Street focuses on what you and your customer needs.Submit a scenario now and we’ll help you every step of the way
Helpful guides & forms
- MSt 001 Customer Information Collection
- MSt 002 Payroll Authority form
- MSt 003 Loan Scenario form
- MSt 007 Applicant details verification
- MSt 011 Lo-Doc Declaration Accountants Verification
- MSt 012 Full Partial Discharge Authority
- MSt 013 Rate Review Form
- MSt 014 Gift Declaration Form
- MSt 015 Direct Debit Request
- MSt 028 Buying Your First House
- MSt 063 Bespoke broker premium
- MSt 067 Everyday transaction account
- Loan Application Documentation Checklist
- MSt 134 Request for Hardship Assistance
Don’t let your unique situation hold you back, explore the all mortgage options offered by Mortgage Street.
Good Borrowers
Specialist loan
Relocation loan
Convenient calculators
FAQ
Can backpackers on temporary visas obtain a mortgage in Australia?
Yes, backpackers on certain temporary visas can secure a mortgage in Australia. Eligibility depends on the visa subclass, employment status, and financial stability. Mortgage Street typically assess these factors to determine borrowing capacity.
How much deposit is required for temporary residents?
Temporary residents are generally required to provide a larger deposit, often between 20% to 30% of the property's value. This higher deposit compensates for the perceived increased risk by lenders.
Is approval from the Foreign Investment Review Board (FIRB) necessary?
Yes, non-residents and temporary visa holders typically need FIRB approval before purchasing property in Australia. This approval ensures compliance with regulations governing foreign property investments.
How does foreign income affect mortgage applications?
Mortgage Street may consider foreign income when assessing loan applications but often apply a 'shading' policy, discounting foreign income by a certain percentage to account for exchange rate fluctuations and perceived risks.
What should mortgage brokers consider when assisting backpackers?
Brokers should assess the client's visa type, employment stability, income (including foreign income considerations), and awareness of additional costs like FIRB fees and stamp duty surcharges to provide tailored advice.
Broker Support
Monday to Friday 9am – 5pm (Sydney time)
Frequently Asked Mortgage Product Questions
Key points
+LVR stands for the loan-to-value ratio. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and won’t change during the life of the loan as the LVR changes.
*Comparison rate: The comparison rate is based on a loan of $150,000 over the term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Loan applications, refinances and balloon amounts are subject to credit assessment.
Conditions, credit criteria, fees and charges apply. Based on Mortgage Street’s credit criteria, residential lending is not available for Non-Australian resident borrowers. Interest rates subject to change. Before making a decision, it’s best to read the terms and conditions.