When living and working in Australia on a non-resident visa (perhaps a 457 Visa), it’s likely that you would prefer to buy your own home to benefit from the investment potential of one of the most vibrant property markets in the world. You may have visited a few banks already to check out mortgage possibilities. If so, it’s probable that you’ve been turned away with the advice that you need a deposit of 20% or more. Don’t despair! The mortgage market in Australia is huge; it just takes a little bit of navigating to find your way around it, and this is where using a mortgage broker specialising in helping buyers on non-resident visas comes into its own. 5 reasons to use a mortgage broker specialist It’s understandable that non-permanent residents will be treated differently to natural Australians when it comes to borrowing hundreds of thousands of dollars. So there are different rules for 457 visa holders, and each… Read More
Thanks again for all your help, I strongly doubt I’d have achieved everything so quickly (or at all) without your expert guidance. You’ve been invaluable throughout the whole process and I’ll be happily recommending you to all.
Credit Defaults, Spouse Visa and Probation Period – Home Loan Approved! We help many clients, in situations where perhaps they do not have a 20% deposit or have been declined by other banks or brokers. One example of this came in October 2012 where we were contacted by Ben and Carmen from Queensland for a spouse visa home loan to purchase their first home in Australia. Ben and Carmen had already been to their own bank and a couple of mortgage brokers and were advised that due to; Carmens 820 spouse visa, Bens default on his credit file ($10,000 personal loan), and/or Carmen being on probation, they could not be approved. Having all but given up, in one last desperate attempt they contacted MAP and 8 days later we had their spouse visa home loan formally approved at standard interest rates (better than the bank that had declined them!). “we are very thankful for all your help and support. We will… Read More
No, you won’t go to jail for paying your Telstra bill late. But, there is an Act currently before parliament that if implemented would overhaul the current credit reporting regime and potentially improve (or hurt) the chances of obtaining home loan approval. What is Credit Reporting? Credit reporting is merely information held by an independent third party about the credit worthiness or otherwise of a potential borrower/user. This credit reporting information is contained in your credit file which all applicants will have if you have a home loan, credit card, mobile phone or any other sort of credit or lease. This “Credit File” is maintained by a company called Veda Advantage and you can get access to your credit file at any time by going to www.mycreditfile.com.au for a small fee. What is in your Credit File? Your credit file contains some of your personal information such as full name, date of birth, drivers licence number and current address. Importantly… Read More
Over the past few months MAP has had a number of clients on unpaid maternity leave who have been declined home loan finance from their broker or bank. Their bank or broker has advised them that they need to return to work first before they will consider lending to them. This is indeed the case with most lenders however MAP has access to a number that are far more flexible and common sense when it comes to maternity leave. If you need both incomes to afford the home loan, then all we need to do is; 1) Obtain a letter from wife/partners employer confirming exact start date they will return to work and what income they will return on, 2) Be able to provide evidence of how you will afford repayments on the home loan during this time. Ie, there will be a time where you are still only on one income and the bank has lent you the money.… Read More
Migrants currently waiting a decision from DIAC on their substantive visa application or permanent residency, will most likely be on a Bridging Visa A or B. These applicants can arrange home loan finance in certain circumstances up to 95% and in most cases up to 80%. More information on Bridging Visa A Home Loans here.
MAP Mortgage Brokers has teamed up with Oxforex to assist our their clients bring funds from overseas to Australia. Sending money can be expensive if you are using the major banks. Thankfully, by using a great service called OzForex you can transfer money faster and for a lot less. Their fee is only AUD15.00 and their exchange rates are much better than banks and other providers. Best of all you can do it anytime you like online or by phone – they are open 24-hours a day, business days! By using OzForex you will enjoy; No receiving bank fees in most countries Extremely competitive foreign exchange rates across 50 currencies Online access 24/7 Access to a dedicated Dealer by phone 24-hours a day, 5 days a week Complete exchange rate transparency No transaction fees for amounts over AUD10,000 Risk management tools through Limit Orders and Forward Exchange Contracts Exchange rate alerts via email Access to our highly regarded daily and weekly “Market… Read More
Coming to Australia – Taxation issues for Non Residents Thanks for visiting Australia – and chipping in Resident or not? | Being a non-resident | Tax file numbers | Double tax agreements| Medicare | Superannuation If you are lucky enough to enjoy a visit to Australia and earn some money while you’re here, good for you. The only thing is, being on vacation Down Under doesn’t automatically translate into a tax holiday as well. And, for the new arrival, the Australian tax system may seem a little bewildering. However, by using the links provided below, you should be able to ensure you’re ticking all the correct tax boxes. If you’ve arrived from overseas and want to work here, you need to check that you have the right permissions to do so – one way is to check what type of visa you have. Another way is to contact the Department of Immigration and Citizenship (DIAC) which will also tell you what type of visa you need to get for working. DIAC is open… Read More
This is a copy of an article from the Taxpayers Association of Australia: http://www.taxpayersassociation.com.au/tax-deductions/living-away-from-home-allowance.html The government realised long ago that sometimes getting a job, and then keeping it, can be a difficult task for some people. And if it’s hard to find work in your local area, at times the realistic option is to move to another location if a job is available there. The living away from home allowance (LAFHA) can at least make the task a little easier. It is classified as a fringe benefit that is given to compensate for the additional expenses that crop up from having to live somewhere other than your own home in order to be gainfully employed (although the term ‘additional expenses’ does not include expenses that you will be able to claim as tax deductions anyway). The Tax Office defines ‘living away from home’ by you having a ‘usual place of residence’ that you would have continued to live in but for the fact… Read More
Home Loans for Doctors and other medical practitioners are now available to 90% LVR WITHOUT the requirement to pay lenders mortgage insurance. Lenders mortgage insurance can cost many many thousands of dollars depending on the purchase price so this a great news for those that are in one of the professions highlighted below. How Much Deposit Do I Need to Qualify for the No LMI Policy? Eligible doctors of medicine will require a 10% deposit plus costs like stamp duty and legals. The first home owners grant can be used as part of this deposit. What Professions are Eligible for the LMI Waiver? Anesthetist Cardio Thoracic Surgeon Cardiologist Clinical Pharmacologist Cosmetic Surgeon Dentist Dermatologist Ear and Throat Surgeon Emergency Surgeon Endocrinologist Gastro Intestinal Surgeon (Upper/Lower) Gastroenterologist General Practitioner General Surgeon Gynaecologist Haematologist Hepatologist Immunologist Nephrologist Neuro Surgeon Neurologist Obstetrician Oncologist Opthalmologist Optometrist Oral and Maxillofacial Surgeon Orthopaedic Surgeon Otolaryngologist Paediatric Surgeon (Neonatal/Perinatal) Pathologist Plastic Surgeon Psychiatrist Radiologist Reconstructive Surgeon Respiratory/Thoracic… Read More