Moving to a new country is quite exciting. Prospects of greener pastures in lifestyle, work or just new experiences make it worthwhile. Just because one has moved to a new country, you need not cut all contacts with the mother country. In Australia, financial institutions understand that a non-resident may still be interested in acquiring a property for investment in real estate or simply for maintaining familial links.
For their reason, they provide Australian Expat home loans. Thanks to these loans, Australian citizens who live overseas continue investing in the country`s property market. The loans enable an applicant to refinance their current mortgage as long as one secures it with an Australian property. If you are looking to take advantage of this financing you should speak to an expert first. The reason for this course of action is so that the entire process can be simple and straightforward. Often, applicants find it difficult to understand lending guidelines.
Fortunately, experts in Australian Expat home loans are available. One should conduct a thorough background check to ascertain that the expert holds a licence from Australian authorities and is legitimate before settling for any particular specialist. Go through the guidelines discussed below in order to decide on the best financial broker or adviser.
Amount of Loan
The amount of credit awarded depends on your financial position. If an applicant has stable employment, an excellent credit history and high income, they can borrow between 90% and 95 % of the property`s buying price. This treatment is applicable to Australian non-residents working overseas, Australians living abroad and married to foreigners, or those currently staying in Australia but wish to relocate overseas later. For one who does not provide enough documents to establish their foreign income, their borrowing is constrained to 80% of the property`s value.
Contrary to popular belief, a non-resident does not pay higher interest rates to acquire the loan. The only instance that the interest rate can be higher is when the non-resident fails to prove their foreign income. However, a number of banks favor residents when it comes to discounts on the loans. This observation does not mean that expats cannot enjoy discounts as other financial institutions also consider them. The key is to locate those who slash interest rates for expats and residents alike. Consultation with an expert who deals specifically with expatriates will help you obtain finance.
How to Prove Income
When the question of interest rates arises, that of determining foreign income arises as well. To show foreign income, one merely needs to provide foreign tax returns and pay slips. Regardless of the language used in these documents, several financial institutions have translators to translate the details contained in them. One needs not worry about the language barrier. It should not be an obstacle to mortgage finance. Some lenders accept a letter from a borrower`s employer for a loan not more than 80 % of the total property value. This route can act as an alternative for one who works in a country where formally written payslips do not exist.
Advantages of Australian Expat Home Loans
The best part about the loans is that they are easily accessible and do not require individual approval by the Australian Government. This source of financing is reliable, trustworthy and does not attract high-interest rates for an expat. One can even get discounts at a number of financial institutions. Since we work via online platforms, you can apply for the loan within the comfort of your own home, by just uploading the necessary documents and providing required information. It is important to have a financial broker who is formally qualified, experienced and licenced in Australia and specialises in Australian Expats since the lending guidelines and application process for expats differs somewhat to that of a resident. You can have the security and peace of mind knowing that the lenders we recommend are blue chip Australian Banks and Lending Institutions.
In summary, an individual can quickly access Australian Expat home loans. The bottom line is to have an experienced and qualified Australian Expat specialist