The ABC of buying Australian property as an expat or non-resident When you’re not living in the country (expat) or you’re being paid in a currency other than Australian dollars, it can prove slightly more challenging to buy property in Australia. Living abroad or being a temporary resident when purchasing property in Australia has a whole host of challenges, none of which are insurmountable. The trick is to know of them in advance to help you with your planning and to ensure that you have the right people on your team to make it happen. Follow our guidance to make sure you secure your loan. Top tips for expats buying property in Australia a. Get your paperwork in order This tip isn’t only for expats or non-residents; it’s for anyone who intends to apply for a loan. Most lenders want to see at least three months’ worth of savings, payslips and credit card statements. However, to give yourself the best… 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
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
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.
Lenders Mortgage Insurance: What is it and why did they decline my non-resident home loan? This article explains what Lenders Mortgage Insurance (‘LMI’) is. The article then provides information on when a home loan can be approved greater than 80% LVR (ie, with LMI approval). What is Lenders Mortgage Insurance? Lenders mortgage insurance is insurance that protects the bank in the event of buyer default. The easiest way to explain it is to compare it to a person insuring their car. In the event of an accident or theft the insurance company will pay out the car owner to either fix the car or buy a new car. LMI is similar in that it pays out the bank should the borrower default on the mortgage and the bank makes a loss. Are all home loans mortgage insured? No. As a generally rule only loans that are greater than 80% LVR (‘Loan to Value Ratio) are mortgage insured. A borrower with… Read More
What is a migration agent? A migration agent is someone that can advise on immigration matters, assist with the preparation and lodgment of an application and deal directly with the Department of Immigration and Citizenship on your behalf. Must a migration agent be registered? A migration agent operating in Australia must be registered with the Office of the Migration Agents Registration Authority (MARA). You can search the Register of Migration Agents on the MARA website www.mara.gov.au. Why use a registered migration agent? You would never turn up to court (generally) without a good lawyer who knows the law and can put your best case forward to the judge and jury using their skills, experience and knowledge. Essentially the same principle applies in migration cases. Migration agents know the complexities and criteria of the law applicable when presenting an immigration application and know the best way to present your case to the department of immigration in the best possible light. Unlike… Read More