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 approved by Australian lenders can help you put forward your case to borrow more than 80% LVR.
For example:
International buyers who want to buy Australian property will face further challenges, because regardless of how much deposit you have or need as an international buyer, you can only purchase certain real estate types.
This is because the specific properties that you are permitted to purchase are governed by the Foreign Investment Review Board (FIRB), the regulating body of Australian investment, so you will therefore need their permission before proceeding with any deal.
Assuming your property is FIRB approved, foreign buyers may be able to access various LVRs as follows:
Foreign citizens living in Australia will require a temporary visa in order to earn an income locally. The conditions of purchasing property when living in Australia on different temporary visas are outlined below:
This can be a tricky process to navigate, so feel free to contact us at MAP Home Loans if you have any questions. 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.
Enquire now for a free, no-obligation phone call to explore your options!
Justin & TayaWe originally thought it wasn’t possible to get a mortgage with one of us being on a 461 Visa. We contacted Map Home Loans, and was put in contact with Michael, who has been instrumental in not only getting us a mortgage with a great rate, but also providing consistent and invaluable advise throughout the entire process.
The bank gave us a few hiccups along the way, but these were swiftly dealt with by Michael. With both of us being kept in the loop throughout the process.
We have recently completed the purchase of our first home, and couldn’t be happier. Thanks so much to Michael and Map Home Loans. I know we’ll be in touch in future for any home loan adjustments, as I can’t fault the service and it has been a pleasure dealing with Michael along the way.
If you are in a similar visa situation, or you just need some mortgage/home loan advice, I would recommend Map Home Loans & Michael without a doubt. Thanks again!
Jethro and MollyWe worked with Michael and he was absolutely amazing! His communication was clear and he was prompt with his replies and calls. His guidance throughout the whole process was invaluable and we wouldn’t of been able to purchase the property without him! Thanks Michael!
Sandeep & ShartikaMichael was a absolute pleasure to deal with. This was our first time purchasing a property and living in a different state to the property being purchased was a challenge for us. From the moment we first contacted Michael he advised us clearly on what our best options are and also in detail about every collateral that we needed for the Banks. He also gave us direction for what was required from our solicitor and got everything ready for us well before settlement day. If we had any questions he was always free for a call or email and kept us informed throughout the whole process. Thanks once again Michael and I would highly recommend his services along with MAP Homeloans. Cheers
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