What the 494 asks of the holder
Home Affairs describes the Skilled Employer Sponsored Regional (Provisional) visa as one that lets you live, work and study only in a designated regional area for five years. Its regional migration page puts Sydney, Melbourne and Brisbane in a "Major Cities" group that gets no regional incentives, and lists Perth, Adelaide, the Gold Coast and other cities as "Cities and Major Regional Centres".
The visa starts from an employer's sponsorship, so the employer, the nominated occupation and the work location are visa matters, not lending matters. The pages reviewed do not set out the detailed work conditions, so use your own grant letter and VEVO result rather than a summary.
Home Affairs lists the 494 and the 491 as the skilled regional provisional visas that give a pathway to permanent residence, and one broker says 191 eligibility may arise after at least three years on an eligible regional provisional visa. Home Affairs' 191 page sets the current requirements, including the income and visa-condition tests, so check it.
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How a lender reads the sponsor link
One broker says the lender checks the sponsorship, the visa term, income and repayments, and tells applicants to confirm policy before lodging because a credit enquiry can appear on a credit report whether or not the loan is approved. A second broker, in a page updated in September 2026, says lenders may look at remaining visa term, employment stability and the pathway to permanent residency, and that no Australia-wide minimum applies.
What happens to an application or a loan if the nomination ends or the employer changes is a question for the lender, and it is better asked before you apply.
Deposit and cash: a worked example
Take a $520,000 new home bought in your own name, using two points from the broker's range and the 2026-27 application fee of $15,600 for a new dwelling priced from $75,000 to $1 million.
| Item | At 80% LVR | At 70% LVR |
|---|---|---|
| Loan | $416,000 | $364,000 |
| Deposit towards the price | $104,000 | $156,000 |
| Foreign investment application fee | $15,600 | $15,600 |
| Deposit plus application fee | $119,600 | $171,600 |
Stamp duty, state foreign buyer surcharges, legal costs and mortgage insurance are extra and differ by state. See the temporary visa page for the state table and costs of buying for the usual list.
What you can buy on a 494
A temporary resident is a foreign person. From 1 April 2025 to 30 June 2029 the policy is that foreign persons are generally banned from buying established dwellings, and the ATO says that includes temporary residents buying a home to live in. Temporary residents may still apply for approval to buy new dwellings or vacant land.
Treasury's residential real estate page lists joint tenants buying with an Australian citizen or permanent resident spouse as not needing to apply. It names joint tenants only, so ask a solicitor about any other title structure. The regional condition sits on the visa holder, so it is about where you live, work and study. The pages reviewed do not address property owned in other places, so a registered migration agent is the person to ask.
Waiting for the 191
One broker says three years on an eligible regional provisional visa is an eligibility milestone for the 191, not a grant date. Treasury's guidance says permanent visa holders do not need foreign investment approval for residential property, which is the main reason people compare buying now with waiting. See home loans while waiting for permanent residency.
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Frequently asked questions
Do I need a 20% deposit on a 494?
Not by any single rule. The broker's three examples allow loans of 70%, 80% and 95% of the value, which means deposits of 30%, 20% and 5% before costs. Which one applies depends on the lender, the product and your application, so ask each lender for its current policy.
Can I buy outside the regional area?
The visa condition covers where you live, work and study. The pages reviewed do not say how property you own elsewhere is treated, so ask a registered migration agent. A lender separately decides which locations it accepts as security.
What if I change employers on a 494?
A 494 starts from employer sponsorship, so whether a change is possible is a migration question for a registered migration agent. For the loan, tell the lender about any change in employer before and after you apply, because income and visa conditions both matter.
Is the Gold Coast a regional area for the 494?
Home Affairs' regional migration page lists the Gold Coast and the Sunshine Coast among its "Cities and Major Regional Centres", and puts Sydney, Melbourne and Brisbane in a separate "Major Cities" group. It also publishes a list of eligible regional areas, which is the place to check an exact address.
Sources
- Skilled Employer Sponsored Regional (Provisional) visa (subclass 494), Department of Home Affairs
- Skilled Employer Sponsored Regional (Provisional) visa, Employer Sponsored stream, Department of Home Affairs
- Regional Provisional stream, Permanent Residence (Skilled Regional) visa (subclass 191), Department of Home Affairs
- Regional migration, Department of Home Affairs
- Regional visas, Department of Home Affairs
- Eligible regional areas, Department of Home Affairs
- Residential real estate, Foreign investment in Australia (Treasury)
- Guidance Note 6: Residential land (v5, 1 July 2026), Treasury
- Guidance Note 2: Key concepts (v5, 12 December 2025), Treasury
- Schedule of Fees (v8, 1 July 2026), Treasury
- Foreign person definition and the ban on established dwellings, Australian Taxation Office
- 494 visa home loans, Hunter Galloway (broker page, lender examples checked 7 October 2026)
- Temporary resident home loan, Home Loan Experts (broker page, updated 18 September 2026)
Checked 7 October 2026.
Expat Finance is an independent guide. It is not a lender, mortgage broker or credit provider, it does not hold an Australian credit licence, and it does not give credit, legal, tax or migration advice. It is not affiliated with any bank, the ATO or the Foreign Investment Review Board. General information only, not legal, tax, migration or financial advice.