3 Things Everyone Knows About TOP QUALITY RESIDENCES That You Don’t

Just because you are a non resident of Australia will 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 right advice the process doesn’t need to be that difficult.

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

A non resident can be split 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.

Every 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 residing in Australia without a permanent resident visa:

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

Temporary residents could be approved around 95% if purchasing having an Australian citizen, NZ citizen or 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 Home Loan:

Australian citizens living abroad can be approved home loan finance even though not resident in Australia. The maximum LVR is 95% therefore a 5% deposit plus costs is necessary. However, 95% LVR is very 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 fall under 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 by 80% LVR thereby requiring a 20% deposit plus costs.

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

Normal lending policy applies with respect to income, stability of employment, asset position and clear credit score. The only real difference is LVR limitations with non residents being necessary to abide by an LVR of 80% for some lenders. As above though, 90% and also 95% can be acquired for non residents providing the application form is lodged to the right bank with favourable non resident policy.

Ki Residences Singapore Craig Vaughan is really a Non Resident MORTGAGE LOAN expert. His company MAP HOME LOANS specialises in mortgage loans for Australian citizens living abroad and temporary residents surviving in Australia. If your house loan has declined or you have already been told a maximum LVR of 80% applies, contact MAP to see should they can assist you apply for a mortgage.

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