Oak Laurel | Mortgage brokers
Non-residents, do you want to talk to a mortgage professional about getting your home loan approved? We can help.
Non-resident home loans – Australian mortgages for non-residents
- Australian citizens or Australian permanent residents living overseas; or
- Citizens of foreign countries that are not permanent residents in Australia.
However, before purchasing any property in Australian, foreigners must have approval from the Foreign Investment Review Board (FIRB). You may not be able to purchase certain types of property. For example you may only be able to purchase new property not established or used property.
See the guide for foreigners buying property in Australia.
Note that that commencing 1 Dec 2015 there is a $5,000 application fee when applying to the Foreign Investment Review Board to purchase residential property costing less than $1 million and $10,000 for properties greater than $1 million and each million after.
You may only be able to get a non-resident home loan from certain lenders depending on if you are:
- a New Zealand citizen;
- type of property you can purchase (new, existing)
- lenders that will approve your mortgage application;
- types of mortgage you can get (investment property loan); and
- conditions of the investment loan.
If you are a foreign citizen living overseas you may be able to borrow up to
80% 60% of the property value from some lenders. NOTE: the non-resident lending environment has changed, currently the maximum loan to value ratio is 60% for foreign non-residents.
If you are on a temporary 457 visa you can still borrow up to 90% of the property value.
If you are a non-resident buying with your partner that is a permanent resident or Australian citizen you may be able to borrow up to 95% of the property value. This may depend on where the majority of income comes from.
You will also need to pay for the closing costs. These are Stamp duty, conveyancing fees, home insurance and some other fees and taxes. Stamp duty varies between States and Territories. The cost of conveyancing will depend on who you use and how much they charge. These closing costs can costs between 3-5% of the property value.
If you are borrowing with a permanent resident or Australian citizen or you are on a 457 visa and you want to borrow more than 80% of the property value in addition to the closing costs (3-5% of the property value) you will also need to pay for lenders mortgage insurance which adds additional cost (0.5 to 5%) depending on the size of the loan and the loan to value ratio.
This means that if you are not constantly analysing and reviewing what is available on the market you are unlikely to be able to find the most suitable loan products for you. Some of the best options may be for lenders that you did not know existed.
When dealing with the amounts of money involved in something like the purchase of a property, seemingly small differences can amount to thousands of dollars over the life of the loan. This is where a finance professional (mortgage broker) at Oak Laurel can assist.
Oak Laurel know the lenders that offer property loans to non-residents, their lending criteria and which ones have the best rates and loan packages. Contact us for a free consultation. We have non-resident specialist mortgage brokers ready to help you.
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Are you on a non-resident and need help with your Australian home loan?
Contact a finance professional to discuss your needs.
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Oak Laurel will strive to get your home loan approved. An Oak Laurel mortgage broker will make getting your home loan a stress free process!
Oak Laurel will get you a great result! Be confident that you are in good hands.
We will provide expert advice so you can be sure that you are getting the right loan.
Range of lenders
Oak Laurel have access to a wide range of loans and lenders. We have relationships with the lenders that offer great home loan packages for non-residents.
Our Panel of Lenders
Our mortgage brokers have access to a large panel of lenders, this means that we can offer you a wide selection of home loans.
Please note: some of our mortgage brokers may not offer products from all of the listed lenders.
Oak Laurel Mortgage Brokers – Home loans made easy!