Most overseas buyers who are looking to buy real estate in Australia – whether as an Aussie expat, a temporary resident or a foreign citizen – need to save a minimum 20% deposit to purchase property in Australia.
Of course, there are exceptions to every rule, so while a 20% deposit is preferred by most lenders, there are certain financiers in the market who will accept smaller deposits and higher LVRs, depending on the strength of your application.
At MAP Home Loans, we work with these lenders every day to make sure we can source the best value loans on behalf of our customers. We also negotiate hard to try and secure you the best possible rates and conditions. If your situation falls into one of the ‘exception’ category listed below, you may be in luck.
For Australian expats wanting to buy Australian property, a strong employment history, current stable job, clean credit history and earning a currency that is approved by Australian lenders can help you put forward your case to borrow more than 80% LVR.
For example:
International buyers who want to buy Australian property will face further challenges, because regardless of how much deposit you have or need as an international buyer, you can only purchase certain real estate types.
This is because the specific properties that you are permitted to purchase are governed by the Foreign Investment Review Board (FIRB), the regulating body of Australian investment, so you will therefore need their permission before proceeding with any deal.
Assuming your property is FIRB approved, foreign buyers may be able to access various LVRs as follows:
Foreign citizens living in Australia will require a temporary visa in order to earn an income locally. The conditions of purchasing property when living in Australia on different temporary visas are outlined below:
This can be a tricky process to navigate, so feel free to contact us at MAP Home Loans if you have any questions. You’ll benefit from Craig Vaughan’s position as one of Australia’s top 100 mortgage brokers, meaning you’ll have unrivalled access to Australia’s lenders.
Enquire now for a free, no-obligation phone call to explore your options!
Kobus&WillemienJustin assisted us in buying our first house, in Australia, 10years ago. He just did it again with our second house. Same old story again… Always helpful, always available, always friendly. We didn’t had any stress, he just sorted it and came up with the best results to suit us. What a pleasure to work with. Thanks Justin, you just made it so easy.
Brendan ConquestWe have been working with Justin for almost 10 years and he has always made the process easy and time efficient. Justin’s help to get things over the line is stress free and uncomplicated, he always handles everything with such care and compassion.
We are extremely grateful for Justin’s services and would highly recommend him and the MAP home Loans team to anyone in need of help, advice or guidance with their home loans.
Thank you, Justin!
Timothy RussMy Wife and I worked with Justin to purchase our first home and we couldn’t be happier with the help we received to make our dream a reality. Justin had answer’s to every question and made it very easy to understand how it all works. I highly recommend using Map home loans to take the stress out of buying a house.
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