Australian Real Estate Investment For Expatriates

Non-resident Australian nationals (expatriates) living overseas who wish to apply for a mortgage to purchase Australian property or refinance an ongoing mortgage secured by Australian property. Thousands of Australian citizens who have moved overseas continue to invest in the Australian property market. Some people have family ties to a particular location, while others simply want to invest in a country with a growing economy and good infrastructure. An Australian expat can rent her 80% of the property value. If you do not have sufficient documentation to prove your income abroad, your borrowing may be limited to 80% of the property value. If you are in a good financial situation and have a well-paying, stable job, you may be able to get a loan for 90 to 95 percent of the purchase price. This applies to non-residents of Australia, Australian expatriates living overseas who are married to a foreigner, or people currently living in Australia or New Zealand and planning to move overseas at a later date. Australian expat loans charge higher interest rates unless you can prove your overseas income. Some banks may not offer the same discounts as Australian residents. However, it is often possible to successfully negotiate a significant discount below the BSV (Bank Standard Variable) rate.

Most non-residents seeking a mortgage must have sufficient funds to make a 5% down payment and pay stamp duty and other costs. This deposit usually needs to be in the form of real savings, or it may not be accepted by the lender. If you have a large deposit in Australia or already own property, you may not need to prove your actual savings. If your pay stub or foreign tax return is in English, you can present these as proof of income. Some financial institutions have dedicated nonresident departments with staff who understand the most common languages. If your document requires translation, it's usually not a problem. Property Investment Australia financiers may accept a letter from your employer as proof of income if you do not borrow more than 80% of the property value. This simplifies the verification process if you work in a country that typically does not issue formal written payslips. Choose your lender carefully! The main problem faced by most expatriates in Australia is that loan approval requirements are very difficult to meet. Some banks require you to see original pay stubs, tax returns, and other documents before approving a loan. If you choose a financial institution that does not have a loan processing system designed to handle international addresses and phone numbers, you may experience significant delays. Many lenders will not approve loans for more than 80% of the property value. Some financial institutions may require you to sign a formal loan offer at your nearest Australian consulate.

A good financier will pave the way for you, and you can own your dream property in your home country.

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