Australian Expat Home Loan Options…
Buying a property in Australia as an Australian citizen living overseas (‘Australian Expat’) is never easy. But securing your home loan has never been easier than it is now, thanks to MAP Mortgage Brokers. Our experienced mortgage brokers specialise in securing home loans for Australian citizens living and working abroad to 95% LVR at standard home loan interest rates.
The team at MAP Mortgage Brokers are specialists in the provision of home loans for Australian expats. We regularly secure loans with an LVR of up to 95% against quality properties, and have the knowledge, connections and experience to make your overseas home buying process easier.
Maximum Lending Ratios for Australian Expat Home Loans
Australian Citizens living abroad (Expats) seeking a home loan are often told by financial institutions that they have to adhere to an 80% LVR on property purchases, chewing up valuable capital and reducing the deductible benefits of negative gearing that are available to some expat home owners*. But in our experience, that is simply not the case. We have recently placed expat home loans for Australians citizens living in a wide array of foreign countries (including Singapore; Dubai, UAE; London, UK; Hong Kong and Shanghai, China) at an LVR of over 80%.
The following table provides a high level summary of our maximum lending ratios:
Borrower Type
Max Home Loan Lending
Australian citizen/s living and working abroad paid in a foreign currency
95% + LMI
Australian citizen working overseas but earning/paid in AUD
95% + LMI
Australian citizen and foreign spouse living and working abroad
95% + LMI
Australian permanent resident living and working overseas
90% + LMI
Foreign National/s living and working abroad
80%
Why use a Specialist Non-Resident Mortgage Broker?
Bank policy on home loans for non residents is a minefield with competing lenders applying vastly different credit policies and home lending criteria. This difference in lending criteria can result in one bank approving the home loan while others will decline the application, reduce the loan amount or require a larger deposit from the borrower. For example, some lenders will:
- Only lend to expats currently residing in a country that has an Australian Consulate,
- Only lend to Australian citizens abroad that are earning a particular currency,
- Not lend to non-residents at all,
- Apply Australian taxation to expat income for servicing purposes and discount for currency fluctuations.
This is where MAP Mortgage Brokers can help. MAP understands the complex non-resident lending policies and requirements for all the Australian banks and non bank lenders to ensure that your home loan is approved the first time and at the best available interest rate.
Don’t risk a decline (or another decline) on your credit file. We do not charge you for our services so give us a call or enquire online for obligation assessment.
Want More Details? Watch This Video By Craig Vaughan:
This is a short presentation by Craig Vaughan of MAP Home Loans on financing options for Australian property available to Australian citizens living overseas earning foreign income. The presentation covers off on bank policy as well as some practical examples, with a specific focus on the deposit required.
Case Study: Busy Expat Living in Singapore Approved with Only a 10% Deposit – 1 Year Later Had Increased Equity by $100,000
Daniel Rosa: Singapore
Situation
- Daniel was a busy expat living and working in Singapore earning SGD
- Had just started a new job and was on probation at the time
- Had sufficient funds for 20% deposit however only wanted to use 10% for this purchase (due to poor exchange rate at the time)
Key Results after Approaching MAP
- Approved at 90% LVR despite the probation and despite the currency being earned
- 1 year after purchase and after the completion of renovations, we arranged for a valuation to be done. This conservative bank valuation confirmed an increase in equity of over $100,000
- Daniel now plans to use this equity to purchase another investment property
As a busy expat living in Asia for many years, I know how important it is to rely on contracting professional services focused on their game and who go the ‘extra mile’.
Craig Vaughan from MAP is an experienced and connected mortgage broker. He listened to my requirements, supported my preferred criteria’s and communicated clearly with my solicitor.
Within a few months I became the owner of my first property in the Northern Territory – a strong growth corridor in Australia.
Let Craig help you find the best finance for your next property purchase. I highly recommend his services!
– Daniel
