What you need to know!

Foreigners or non-residents desiring to purchase investment property in Australia may need approval from the Foreign Investment Review Board (FIRB). Government policies aims to channel foreign investment into new properties thereby creating jobs in construction. Therefore foreign investors are mainly limited to these types of investment property:

  • new buildings
  • vacant land: constructions planned to be completed within four years
  • established dwellings: with plans to demolish and replace with more properties
  • owner occupy for temporary residents

Can you get a home loan or investment loan?

There are many different type of home loan available for different types of borrowers, whether you are a citizen of New Zealand, a foreign citizen working in Australia or a foreign citizen living overseas.

  • Australian citizens living overseas
  • Australian permanent residents (PR)
  • New Zealand citizens
  • Foreign citizens living overseas
  • Foreign citizens living in Australia on a working visa
  • Foreign citizens living in Australia on a temporary visa
  • Foreign citizens living in Australia on a spouse visa
  • Foreign citizens living in Australia on a student visa

How much can I borrow?

Most people buying real estate in Australia are able to borrow 80% of the property value.

In some cases it is possible to borrow up to a maximum of 95%. However, this depends on where you are living, if you are an Australian citizen or not, as well as the terms of your current visa.

To find out if you could be eligible to borrow over 80% LVR, speak to our specialist mortgage brokers on 1300 588 978

What are the features of non-resident mortages?

The great news is that some Australian banks now offer the same home loan features and interest rates for non-residents as they do for normal borrowers.

  • Minimum loan size: $100,000
  • Maximum loan size: Varies depending on your location
  • Maximum LVR: Varies depending on your situation
  • Interest only: 15 years maximum
  • Fixed rates: 12 years maximum (15 years for Australian Citizens)
  • Loan term: 30 years maximum
  • Professional package discounts: Available
  • Construction home loans: Available
  • Extra repayments: Available
  • Redraw: Available
  • 100% offset: Available
  • Internet banking: Available
  • Phone banking: Available, however may not work for international calls

Although the features vary depending on the lender, our mortgage brokers can usually find you a suitable loan that has flexible policies for non-resident borrowers and meets your requirements.

speak to our specialist mortgage brokers on 1300 588 978

How do the banks view foreign investors?

Lending policy for non-resident home loans differs from bank to bank.

As a general rule, the banks take one of three different views on applications from non-residents:

  • Declined outright: These lenders either believe foreign citizens or overseas borrowers are a high risk, or their systems are not set up to be able to deal with customers that reside outside of Australia.
  • Lending restrictions apply: These lenders will accept Australian expats, temporary residents of Australia and foreign investors however, they may restrict the amount that you can borrow or require additional supporting documents.
  • Special lending parameters: A select few lenders actively pursue this market! They have special credit teams to assess applications from non-residents, and have 24-hour call centres to handle calls from overseas customers. They often have no restrictions for Australian citizens living abroad, and have flexible lending policies for temporary residents, particularly 457 visa, 309/310 visa and TSS visa holders.

Which lender should I choose?

It is critical that you apply with the right bank! Our mortgage brokers specialise in lending to new migrants, Australians living overseas and foreign investors.

We can assess your application and submit it with a lender that will approve it the first time round.

speak to our specialist mortgage brokers on 1300 588 978

Invest in Australian property!

With a booming economy and affordable locations, many foreign investors are buying properties in Australia.

If you’re looking to buy a house in Australia from overseas, you may wish to speak to our mortgage brokers.

We can advise you of your prospects of obtaining finance and help you apply with the right lender.

When you finally buy your investment property, you may wish to enlist the services of a real estate agent who will help you find suitable tenants for your house.

Also, check out the Foreign Investment Review Board (FIRB) page to find out if you need Government approval to purchase the property in Australia.

speak to our specialist mortgage brokers on 1300 588 978

Why choose us?

More Australians use a mortgage broker to obtain their home loan than any other method.

Unlike most other Australian mortgage brokers, we at Home Loan Experts, are specialists in non-resident lending.

We can quickly find you the best mortgage from one of the major lenders that we are accredited with.

More reasons to contact us:

  • Most of our services are FREE.
  • We are accredited with over 40 major banks and non-conforming lenders.
  • Our mortgage brokers are experts at non-resident home loans.
  • As members of MFAA and AFCA, we uphold the highest ethical industry standards.

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