What is an Immigrant Mortgage / immigrant home loan?
An immigrant mortgage is a mortgage or home loan for an immigrant to Australia to purchase property in Australia. If you have recently moved to Australia or will be migrating to Australia in the near future you may be able to get an Australian immigrant mortgage.
Can I get a Immigrant Mortgage / immigrant home loan?
Immigrants to Australia may be eligible for a immigrant mortgage.
The lenders that will approve migrant mortgages and the amount you can borrow will depend on your residency and visa status and your financial situation.
The property that you are purchasing must be in Australia.
More information on mortgages for different residence and visas can be found here: Non-resident loans for Australian property.
What home loans are available for new migrants?
Not all lenders will approve immigrant home loans for non-residents. Some lenders provide specialist home loans to non-residents. However, you must also meet the standard lending criteria. Australian lenders each have their own lending criteria. This means that even with the lenders offering specialist non-resident home loans you may be declined with one lender but approved with another.
Can I get good home loan deal if I am a migrant?
There are a range of different home loans available with different interest rates, fees and features. The best home loan for you will depend on your situation. However, there are some very good immigrant home loans are available to temporary residents. Contact us if you would like to get a immigrant home loan that has cheap interest rates.
What lending criteria do I need to meet?
Australian lenders each have their own lending criteria and niches. This means that home loan approvals and the amount you can borrow from the different lenders can be quite different.
The type of visa that you hold, the conditions of your visa, and the implications your visa has on your ability to remain in Australia will impact on your ability to obtain a home loan.
Furthermore, in addition to your visa situation, when applying for a immigrant mortgage, lenders consider four main things when getting your loan approved:
Your capacity to repay the loan, also referred to as serviceability. This considers you current income, the repayments to your requested home loan any other liabilities you may have and your living expenses. Lenders will often assess your capacity to repay the loan in the future if the interest rates increase.
The collateral you contribute to the deal. This is value of the assets that you offer as security for your loan. Security is what the bank can repossess (take) and sell if you fail to make your loan repayments. This is usually the property you are purchasing.
Your financial character. This includes: your employment stability (length in current job or industry and the type of industry you work). Your credit history, did you make your previous loan repayments? Have you been rejected for a loan? Etc…
The capital you contribute to the deal and your general financial position (assets and liabilities; income and expenses). Lenders have a maximum proportion (known as Loan to Value Ratio or LVR) of the property value that they will lend to you. Above 80% LVR most lenders will require that you pay for Lenders Mortgage Insurance.
What if you have bad credit overseas?
Most Australian lenders are unable to check your overseas credit history / credit file. However, you may be asked to provide the details of all your overseas liabilities.
What if I have not got a credit history in Australia, can I get an immigrant home loan?
Generally, a history of making credit/loan repayments (credit history) is not required when applying for a home loan. However, past failures to make payments on home loan, credit card, personal loan or other bills and debts in Australia can damage your credit score! Application rejections and / or too many applications in a short time will also damage your credit score with many lenders. It is best to make all your payments on time all of the time to avoid having problems obtaining credit.
Why use a mortgage broker from Oak Laurel to assist you get an immigrant mortgage / immigrant home loan?
The Australian lenders and home loan market is very different from overseas. Dealing with Australian lenders can be very frustrating, not just for immigrants but anyone. We know the lenders policies and procedures and can place you with the correct lender for you. We will guide you through the whole process and make your experience pleasant and rewarding.
A mortgage broker from Oak Laurel can help you to get an immigrant home loan approved with a good interest rate, fee and feature package.
Do you charge for your service?
No, for most home loans we do not charge you. We are paid by the lender to introduce and write the loan. The loans will not cost any more than going to a lender but could be even cheaper as we analyse across the different lenders and negotiate for you to get a good interest rate.
If we would need to charge we will tell you upfront before we do anything. It is rare that we will charge and this is usually due to the loan being very small or very complex like some business loans.
Apply for a immigrant home loan now!
After reading the information above, if you have think that you are eligible for an immigrant home loan contact us to apply!
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