The Untapped Gold Mine Of TOP QUALITY RESIDENCES That Virtually No One Knows About

Just because you 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 right advice the process doesn’t need to be that difficult.

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 subsequently below.

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

Temporary residents of Australia can be approved home loan finance for their purchase. Whilst some lenders won’t lend to temporary residents there are many that will and then 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 necessary.

2) Australian Citizens Living Overseas MORTGAGE LOAN:

Australian citizens living abroad can be approved home loan finance even though not resident in Australia. Ki Residences Sunset Way The utmost LVR is 95% therefore a 5% deposit plus costs is required. 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 note that Australian Permanent Residents living overseas aren’t treated like Australian Citizens living overseas and fall under category 3 below UNLESS purchasing with 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 with respect to income, stability of employment, asset position and clear credit history. The only difference is LVR limitations with non residents being required to adhere to an LVR of 80% for most lenders. As above though, 90% and also 95% is available for non residents providing the application is lodged to the proper bank with favourable non resident policy.

Craig Vaughan is really a Non Resident Home Loan expert. His company MAP HOME LOANS specialises in mortgage loans for Australian citizens living abroad as well as temporary residents living in Australia. If your house loan has declined or you have been told that a maximum LVR of 80% applies, contact MAP to see if they can assist you apply for a mortgage.