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 bank or mortgage company may apply those rules differently, too.
1) A mortgage broker knows his market
The first thing you’ll find when using a mortgage broker is that they are in constant touch with the market place. He knows the latest rates, which banks or other lenders to approach, and has a deep seated knowledge of the 457 visa mortgage rules. That’s going to save you time, effort, and money.
2) Finding the right lender
Because your mortgage broker is so close to the mortgage lenders, including many you will never have heard of, they will be able to source the best product for you from the best lender for you.
3) Get accepted quicker
With the knowledge of the mortgage market, the mortgage specialist also understands how you will best fit the chosen lender’s criteria. They will be able to advice on how to match the requirements of the lender, and that means faster acceptance and less time wasted on paying rent.
4) Your credit rating won’t be affected
If you approach a lender directly, one of the first things they will do is run you through a credit checking process. That immediately flags up as you having requested a loan, and if the lender rejects you that then puts a negative mark against your credit rating. Because a mortgage broker works across the entire spectrum of lenders, you’ll be able to avoid that negative rating.
5) Extra help
A good mortgage broker will also offer the extra help you need. They will realise that the home buying process here in Australia is alien to you. Buying a home is one of the most stressful, yet rewarding, things you will ever do. By helping you with step-by-step guidance, recommending conveyancing lawyers and providing FIRB guidance, you’ll be better placed to benefit most from your new home.
How MAP Home Loans help you
Using MAP Home Loans, you’ll benefit from Craig Vaughan’s position as one of Australia’s top 100 mortgage brokers, meaning you’ll have unrivalled access to Australia’s lenders.
With his finger on the pulse of the Australian expat, non-resident and temporary resident mortgage market, Craig and his team of specialist staff will find you the best deal possible, allowing you to borrow the highest amount you can at the lowest rate available.
Enquire now for a free, no-obligation phone call to explore your options.