494 Visa Home Loans: Buying on the Regional Sponsored Visa

Yes — a 494 visa holder can buy property in Australia, with conditions. Until 30 June 2029 you are limited to new dwellings, off-the-plan purchases or vacant land, FIRB approval is required, and lenders will read your purchase location against your regional visa conditions.

What you can buy on a 494 visa

The federal ban on temporary residents purchasing established dwellings applies from 1 April 2025 to 30 June 2029, and 494 holders are within it. That leaves new dwellings, off-the-plan apartments and townhouses, or vacant land you commit to building on — each still requiring FIRB approval before you sign.

Like the 491, the 494 carries a regional condition: you are sponsored to work in a designated regional area, and lenders review where you are buying against that. A home in the region where your sponsoring employer operates supports the file; a purchase somewhere inconsistent with your visa conditions invites questions from the lender and deserves migration advice first.

The exception is a joint purchase, as joint tenants, with a spouse or de facto partner who is an Australian citizen, permanent resident or eligible New Zealand citizen — no FIRB approval, and established homes back on the table. See our guide to mixed-visa couples buying property.

What lenders will offer

The 494 hands you two useful cards. It is employer-sponsored, which some lenders read as employment stability — the same quiet advantage 482 holders enjoy. And it runs for five years, giving lenders a longer visa runway than most temporary visas offer.

Typical lending sits around 80% of the property value, so plan for a 20% deposit plus purchase costs, with some lenders considering more for strong files. Income evidence is standard PAYG — payslips and your employment contract with the sponsoring regional employer — and time remaining on the visa strengthens the application.

Typical maximum LVR: Around 80% of the property value with most lenders that accept 494 applicants; sponsored employment and visa runway help the strongest files push higher.

As at July 2026. Lender policies change without notice and every application is assessed case-by-case.

The costs

Buying in your own name as a temporary resident brings the FIRB application fee — indicatively around $15,100 for a purchase up to $1 million (confirm the current fee at firb.gov.au) — and, in Queensland, Additional Foreign Acquirer Duty (AFAD) of 8% on the foreign buyer’s share of the purchase, on top of standard transfer duty.

Run your own numbers with the foreign buyer duty calculator, and see our guide to FIRB approval for home buyers for the application process itself.

The PR horizon

The 494 leads to permanent residence through the subclass 191 visa after three years of holding the visa, living and working in a designated regional area and meeting the minimum income requirements. Three years is a predictable runway, which makes the buy-now-versus-wait calculation unusually concrete on this visa.

Permanent residence changes everything at once: the FIRB requirement disappears, AFAD disappears, established homes come back into reach, and 5% deposit schemes open up to eligible buyers.