Expatriate and Foreign National Purchasers; Understanding Why Intellichoice Digs Deeper into providing Mortgages for You
Expatriates and Foreign Nationals purchasing investment property in Australia need to be very thorough when considering a purchase and the mortgage needed to complete. Many areas need addressing to avoid being caught out with an undervalued property which can lead to financial loss. Watch this video to understand some of the key issues facing Expats taking our Mortgages for Australian property purchases. Get in touch if you think you would benefit from further insights on this topic.
Video Transcript
The first step in inquiring about a loan, I guess is to wonder the purpose of which property you’re looking to buy. Is that a property that you’ll eventually want to live in yourself. If you’re looking at units, what those units comply with some of the lenders criteria. Whether they are sitting their valuation, the ongoing cost to those. Yeah, I know that sounds like it’s a long way from actually getting a loan. But it turns which lender you’re worth, how they’re structuring their valuations at the time. Have they had other developments in the area go bad and that affects your valuation?
Valuations are important of course because ultimately that affects how wealthy you are, the wealth you are going to make out of a property. So there were cases in some areas of Australia and some of the capital cities where properties were overpriced that was sold through groups that had Philly exorbitant commissions. The valuers don’t take these commissions into account when they work at the valuation of a property. So therefore what you thought you were paying and receiving, where it could be in some cases a hundred thousand dollars less, once all agents fees charge commissions taken out, is that a decision that you would have taken had you known that to start with.
Now, unless your dealing with lenders and financiers and brokers who understand this, then you’re risking some of your hard-earned money on going after something that perhaps you shouldn’t have, and not that we can provide specific advice around that but we can give examples to people on things that should be for when they’re looking at their contracts.
