Fascinating TOP QUALITY RESIDENCES Tactics That Can Help Your Business Grow

Just because you certainly are a non resident of Australia does not mean you cannot purchase property in Australian and arrange mortgage finance for that purchase. Whilst mortgage approval criteria for non residents is stricter than for permanent residents/citizens, with the proper advice the process does not need to be that difficult.

Exactly what is a non resident for the purpose of this article?

A non resident can be divided into three broad categories;

1) Temporary resident currently residing in Australia without a permanent resident visa,

2) Australian Citizen living overseas (Australian Expat), or

3) Foreign Citizen living overseas.

Each one of these categories calls on completely separate policies, rules and procedures from both a legislative perspective and a banking perspective. Each category is dealt in turn below.

1) Temporary residents currently surviving in Australia with out a permanent resident visa:

Temporary residents of Australia could be approved home loan finance for his or her purchase. Whilst some lenders will not lend to temporary residents there are many that will and therefore the key to getting approved is applying with the right bank!

Temporary residents could be approved up to 95% if purchasing with an Australian citizen, NZ citizen or perhaps a permanent resident. If however all applicants are non residents then a maximum LVR of 80% applies and a 20% deposit plus costs like stamp duty and legals is required.

2) Australian Citizens Living Overseas MORTGAGE LOAN:

Australian citizens living abroad can even be approved home loan finance even though not resident in Australia. The utmost LVR is 95% therefore a 5% deposit plus costs is necessary. However, 95% LVR is quite difficult to obtain with the banks being more comfortable at the 90% LVR mark requiring a 10% deposit plus costs.

Please be aware that Australian Permanent Residents living overseas are not treated like Australian Citizens living overseas and are categorized as category 3 below UNLESS purchasing having an Australian Citizen.

3) Foreign Citizens Living Overseas Mortgage:

Foreign citizens living abroad (including Australian permanent residents living overseas) are limited to 80% LVR thereby requiring a 20% deposit plus costs.

What is required to get a home loan approved as a Non Resident?

Normal lending policy applies regarding income, stability of employment, asset position and clear credit history. Ki Residences Sunset Way The only difference is LVR limitations with non residents being necessary to stick to an LVR of 80% for some lenders. As above though, 90% and even 95% can be acquired for non residents providing the application form is lodged to the right bank with favourable non resident policy.

Craig Vaughan is really a Non Resident Home Loan expert. His company MAP Mortgage Brokers specialises in mortgage loans for Australian citizens living abroad along with temporary residents living in Australia. If your house loan has declined or you have already been told that a maximum LVR of 80% applies, contact MAP to see should they can assist you obtain a mortgage.


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