Building home loan for Australian expats
Are you an Australian citizen living overseas? If you want to build a home in Australia you will probably need a building home loan that is specifically tailored to being an expat. Here are the answers to some questions commonly asked by Australian non-residents when they are looking for the right building home loan.
Will I have to pay higher interest rates?
No, you will not be penalised with higher interest rates than Australian residents. The home loan you obtain will be the same as any standard bank mortgage and subject to the same interest rate options as everyone else. You may even be able to find a loan with substantially lower rates than the standard variable.
Will I need to seek FIRB approval for my building home loan?
As you are an Australian citizen you will not need to obtain approval from the Australian Foreign Investment Review Board before your application can be finalised. This is the case even if your partner is not an Australian citizen.
Am I eligible for a mortgage with extra features?
The building home loan that you are offered will be no different from the standard building home loans provided to Australian residents and will come with the same options for additional features.
What amount will I be able to borrow?
As a minimum you should be able to borrow 80% of the total land plus construction price.
What do I do if I want to borrow more than 80%?
If you want to borrow more than 80% of the total price of the land and/or build, give us a call and see how we can help. Although as an Australian expatriate you may have been previously advised that 80% is the maximum, our associations with certain mortgage providers mean that we may be able to help you borrow up to 95% even if you are living overseas and even if you want to build.
Contact MAP for Expat Building Loans
Finding a building home loan for Australia expats doesn’t have to be a headache. Contact us and find out how we can help you find and apply for the right home loan with the minimum of fuss.