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… Read More
It’s official: for all those considering a property investment, NSW is the place to be. Central to the strong revival in Australia’s property market has been the property investor, with the rental market thriving. Owner occupier loans in Victoria and Queensland showed pretty good growth of around 9% and 10% over the last year, and Tasmania’s home loans market grew by more than 20%. But the NSW home loan market outshone even this. Owner occupier finance grew by nearly a quarter in just twelve months. The real action, though, has been in property investment. NSW grew its home loan market for investment purposes by almost 30% in the last year. With a low interest rate environment in Australia looking set to continue for some time, and the draw of Sydney as a hub for students and businesses alike, it is perhaps unsurprising that NSW is leading the way in the property investment market. Prices set to continue to… Read More
With a sluggish economy, seemingly endless wet weather, and their penchant for Australian soaps and lager, it’s no wonder that Australia is the country of choice for British expats. In fact, the attraction of Australia as a relocation destination for British expats has hardly changed over the last thirty years. Many of these immigrants choose to live here on a permanent basis, enjoying the sporting rivalry between the motherland and their new home, and revelling in ‘owning’ the Ashes. Apart from the cultural similarities, language and financial benefits are a big draw to Australia, though many find difficulties in our property market. There are certain rules and regulations – hoops to jump through – which often cause the British expat to be declined when they apply for a home loan. How MAP can help In our experience, the British expat home loan application is most usually declined because of a technicality, and not because of a ‘real’ issue. Such… Read More
Before you commit your deposit money and a mortgage to buying your new home, there are a few ‘must ask’ questions to ask your real estate agent. Being prepared to ask these will ensure the home you buy is the home for you. How much is this home worth? Price and value are two different things. This said, price is how most of us assess the value of a home. Before you commit to paying an asking price, you should find out about the value of the property. Ask for details of recent sales in the area: prices, time on the market, and paid prices versus advertised prices. This knowledge will give you a much deeper knowledge of the current market, and help you make the right offer. What’s wrong with the property? When you see the home of your dreams, it’s easy to get carried away. Your view may be clouded by the potential you see and the vision… Read More
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.