Expat loans

Australian Expat Property Loans | Mortgage Broker based in Victoria.

Your Expat Property Finance Expert - Simon Bowler 

 

General key points for Expat loans

• Overseas income will be serviced based upon by exchanging overseas income to AUD and depending upon the bank the income used will be from 60% up to 90% of the gross AUD income.
• Please note; a few banks will use 100% of the AUD gross income, but this policy could change at anytime and this is based upon the banks acceptable currencies policy
• MAX LVR is 80% and CBD apartments could be as low as 60% LVR
• Loan amounts; All banks have slightly difference max borrowing capacity for Expat loans ; Range from $
• Rental income is serviced on 80% of the gross rent income
• Some lenders will charge a slightly higher interest rate versus the customer living within Australia whos on the same loan product.
• Some country currencies are not acceptable
• Most lenders do not accept Self-employed overseas income to servicing the future loan, there are few lender who will accept overseas self-employed income.
• Accepted only for Australian Residents and Permanent Residency Visa holders.
• Expats can but residential and commercial properties.
• Can we refinance existing loan or consolidate loans to a new lender, who has better interest rate, The answer is YES.

 

Evidence of Ability to Reside and Work Within a Foreign Country

Where an applicant is earning foreign income, proof of their ability to ability to reside and work within the country in which the income is being earned is required in the form of:

1. Applicant does not hold dual citizenshipwith the foreign country 

• Applicant's Australian Passport, and
• Work permit/work visa for the country of employment with a minimum of 4 months remaining on the visa

2. Applicant does hold dual citizenshipwith the foreign country

• Australian passport
• Foreign passport for the country in which the income is being earned

Lenders Translation Checklist 

To be completed in all cases. Applicant is to provide an English translation prepared by an accredited translator at their own cost. Translated documents are to be stamped with the translator’s NAATI stamp.

If you have any questions please call me on 0418 604 910 or email on simon.bowler@mortgagechoice.com.au

Links below for the various loan calculators, so you can work on different scenarios for estimated borrowing capacities; For example;  current oversea gross income change to AUD, then entre 80% of the gross income, plus your living expense, credit card limits and put in 100% of the gross rental income ( the calculator will adjust the rental income to 80%)

 Home loan calculators