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Foreign Expat Owner Loans
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Intellichoice
What is An Expat Home Loan?
As an Aussie Expat, it can be a challenge to navigate financing for a home loan. The Australian property market enacted higher restrictions to minimize money laundering threats. This is why we specialize in Expat mortgage loans to make the entire process as easy as possible for our Expat home loans Australia clients. Whether you are purchasing a home for yourself or are looking to invest in residential property, we can work with you and Australian banks to arrange the necessary financing.
There are two groups of qualified applicants for mortgage loans. The first is for foreigners identified by the Foreign Investment Review Board (FIRB) to be qualified to acquire property in Australia while living abroad. The second is for Australian Expats living abroad. There are different procedures and regulations for foreign Expat owner loans, which could make the process tedious.
Don’t risk errors and lapses in meeting loan requirements. We have the expertise to evaluate your borrowing capacity calculated from your foreign income, recommend the best lenders, and manage the entire process – from communicating with your solicitor and real estate agent to the buyer’s agent.
Want to proceed with your foreign Expat owner loan smoothly?
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intellichoice
How Can I Get A Foreign Expat Owner Loan?
Foreign nationals and Australians who reside or work in another country alike can still participate in the country’s robust real estate market.
Here are among the critical regulations for home loans right now:
- The loan term spans 30 years, regardless of age upon getting the home mortgage and whether you are an Aussie Expat or a citizen residing in the country.
- There are no interest rate margins or penalties for being overseas upon the mortgage loan application. Aussie Expats will receive the same interest rates as individuals living in Australia.
- Variable-rate and fixed-rate mortgages, as well as split rate (i.e., a combination of the two), are available.
- No early repayment penalties anymore – instead, a one-off admin fee is assigned once you pay off the loan.
- Equity from existing Australian properties can be invested in other properties or renovation.
There are a few boxes that need checking for Expat mortgages. First, you need to have a currency that Australian banks accept. Tier 1 currency (e.g., USD, Euro, GBP) enables lenders to accept 80-100% of your gross income. Meanwhile, Tier 2 currency (e.g., UAE Dirham, Qatari Riyal, South Korean Won) may only consider 60-80% of your gross income.
Second, you need an income source that can service an Australian mortgage. Options include Pay As You Go (PAYG), the typical form of wages, Commissions and Bonuses, Negative Gearing, Rental Income, and others. Third, as previous credit card statements prove, you will need a healthy credit standing. Lastly, the Australian banks will have internal loan rules for foreign Expat owner loans. These stringent steps ensure that you are receiving a secure and legal loan process, whatever type of property you plan to invest in.
Curious about foreign expat owner home loan?
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Why Partner with Intellichoice?
With just a few simple eligibility requirements, our home loan program can open up the door to homeownership for you. Rather than navigating all these requirements on your own, we make it easy for qualified Aussie Expats to arrange home loans for their own living spaces or for building their investment portfolios. We understand Expats’ unique challenges in obtaining financing and have successfully helped many individuals purchase their dream homes.
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