Can we refinance once my partner gets permanent residency?

Potentially. PR opens up almost every lender, so it's a good time to review. Whether to switch depends on the saving after costs.

Why are lenders limited when my partner is on a temporary visa?

Lenders have different rules on temporary residents. Some only lend jointly with a citizen or PR, some limit visa types, and some don't lend to temporary residents at all.

Do all lenders accept permanent residents?

Pretty much. Permanent residents are generally assessed on the same criteria as citizens.

What happens when we review the loan after PR?

We get a new valuation, check your loan balance against it and compare your loan with what's available. If the switch saves enough to justify it, we move.

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Straight Answers · Refinancing

Once my partner gets permanent residency, can we refinance to a cheaper lender?

Bayley Clarke · Mortgage broker on the road · Last checked 11 November 2026 · 2 min read

The short answer

Potentially. While your partner is on a temporary visa, even with you as a citizen, we can be a bit restricted in which lenders will approve the loan. Once permanent residency comes through, your options open right up, because pretty much every lender treats a permanent resident like anyone else.

So the plan is to go with a lender that supports your situation now. Then when PR lands, we get a new valuation, see where your loan sits and review what's available. If the juice is worth the squeeze, we switch.

The 90 second version, filmed from the driver's seat. The rest of this page is the detail underneath it.

Why a temporary visa narrows the field

Lenders each have their own rules on temporary residents. Some will only lend to a temporary resident jointly with a citizen or permanent resident partner, some only accept certain visa types, and some won't lend to temporary residents at all. Lenders mortgage insurance can also be harder to get for a borrower who isn't a permanent resident, which matters if your deposit is under 20%.

So on day one, the job is finding a lender that will say yes to your situation as it is. That might not be the cheapest loan on the market. It's the one that gets you in.

What changes once PR comes through

Permanent residents are assessed on normal criteria at pretty much every lender. The visa stops being a filter, and the full market is back on the table: sharper rates, more features, more lenders competing for you.

That's the point to review. We get a fresh valuation, see where your loan balance is against the value, and compare what you're on against what's now available. If we can find a lender that's a better fit and the saving justifies the switch after any costs, we move you. If not, you stay put and you know you're not missing out.

The honest bit: loans aren't set and forget

A home loan isn't something you sign once and leave for 30 years. Your situation changes, and PR is a big one. Part of how I look after clients ongoing is spotting those moments and checking whether there's a better deal, so more of the money stays in your account and less goes to the bank.

Let me know when the PR grant comes through and we'll run the numbers then.

Partner's PR coming through soon?

A 30 minute call. We look at your current loan, what opens up with PR, and whether switching would actually save you money.

Book a 30 minute call Call 0437 189 939

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Next question

Repricing versus refinancing: which one should I do first?

Reprice first. It's asking your bank for a discount and it costs nothing.