1 The bank/s you contact directly do not cater for expat home loans: Credit policy amongst the lenders varies substantially with some banks requiring as much as a 40% deposit. If you go directly to the banks not only are you spending your time in doing the research that MAP would do for free, the outcome is you may have to provide more funds upfront for your home loan than would normally be necessary.
2 The broker you contact is inexperienced and does not understand expat home loan policy and the practical issues surrounding buying a home when living overseas. Simple things like identification whilst living overseas and the witnessing of mortgage documentation when living in a foreign country. The result of using an inexperienced broker is either having your loan declined, delayed, having to input more funds to complete or a combination of all of the above.
3 Application is submitted to a lender where lender policy reduces income used to determine borrowing capacity: Bank policy for expat home loans when working out income for serviceability purposes varies widely. Some lenders will for example discount your income by up to 20% and/or apply Australian tax to your income. Outcome is your borrowing capacity is severely reduced meaning you cannot buy the property you wanted affecting rental returns and capital growth.
4 Underestimate purchase costs and loan funds available – This is not expat specific but there are many horror stories out there where inexperienced banks or brokers have underestimated the funds required to complete purchase. This can result in having to input more of your own capital or having to rescind the contract forfeiting your deposit.
5 Select a product based on lowest interest rate: Interest rate is always important but it is not the only factor to consider when choosing a lender. You need to consider fees and charges that may be payable.
6 Refinance without considering all the costs resulting in any benefit that was to be obtained by refinancing is negated by the fees incurred in doing so.
DaniellaWorking with Michael was an absolute delight.
I was a first home buyer and couldn’t think going anywhere else. Highly recommend to go through MAP home loans.He was quick to respond to all my queries, managed to get the loan approved under a strict timeline and I was very impressed. Michael also followed up with me once I settled, I truly appreciate all his hard work to make this happen.
Adnan SharafatI am very thankful to Michael for my primary property construction loan. I approached many mortgage agents for the loan amount as desired, but they could not process because of my overseas profile.
I am an Australian PR holder, based in Dubai and after reading online reviews of MAP loans, I approached to Michael where he completed my construction loan process very confidently even, I did not feel that I am living in different time zone as he was always available for my queries.
Michael also helped for my investment property loan, and again he did awesome job and completed the loan approval process in less than a month. I would like to strongly recommend him for the home loan services with no hidden cost and surprises.
All the best Michael in your future success 😊
PeterMy wife is on a 820 visa and Michael helped us get a home loan. He was a great with communication and answered all of my questions. Recommended if you have if you have issue surrounding temporary visas or you just want a great mortgage broker.
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