Australian Expat Home Loans

Moving to a new country can be quite exciting. Prospects of greener pastures in lifestyle, work or just new experiences make it worthwhile. However, just because one has moved to a new country, you need rule out services that you took for granted back home. In Australia, financial institutions understand that a non-resident may still be interested in acquiring a property for investment, to access significant tax deductions upon return, or simply for maintaining familial links.

For this reason, they provide Australian Expat home loans. Thanks to these loans, Australian citizens who live overseas can continue to invest in the country`s property market. The loans enable you to refinance your current mortgage securing it with an Australian property. If you are looking to take advantage of this financing you should speak to an expat finance expert first, so that the process can be simple and straightforward, as often applicants find it difficult to understand lending guidelines.

Fortunately, experts in Australian Expat home loans are available. One should conduct a thorough background check to ascertain that the expert holds a licence from Australian authorities and is legitimate before settling for any particular specialist. Go through the guidelines discussed below in order to decide on the best financial broker or adviser.

Amount of Loan

The amount of credit awarded depends on your financial position. If an applicant has stable employment, an excellent credit history and high income, they can borrow between 90% and 95 % of the property`s buying price. This treatment is applicable to Australian non-residents working overseas, Australians living abroad and married to foreigners, or those currently staying in Australia but wish to relocate overseas later. For one who does not provide enough documents to establish their foreign income, their borrowing is constrained to 80% of the property`s value.

Interest Rates

Contrary to popular belief, a non-resident does not pay higher interest rates to acquire the loan. The only instance that the interest rate can be higher is when the non-resident fails to prove their foreign income. Although a number of banks favor residents when it comes to discounts on loans, that doesn’t mean that expats cannot enjoy some other discounts that certain financial institutions provide. The key is to locate those Banks that have competitive interest rates  and fees for expats and residents alike. Consultation with an expert who deals specifically with expatriates will help you select the right lender.

How to Prove Income

Along with interest rates, being able to prove your foreign income is also important. To show foreign income, one should be able to show some documentation from your employer such as pay slips. If they are written in a foreign language, they should be translated by an authorized translation service before submission. Lenders will accept payslips in foreign languages so it shouldn’t be an obstacle to mortgage finance. Some lenders will accept a letter from a borrower`s employer for a loan not more than 80 % of the total property value. This route can act as an alternative for someone who works in a country where formally written payslips do not exist.

Advantages of Australian Expat Home Loans

The best part about the loans is that they are accessible to Australians who are working and living abroad and are not resident in Australia. They do not require individual approval by the Australian Government. You are getting access to Australian Banking institutions and as such the source of financing is reliable, trustworthy and does not attract high-interest rates for an Aussie expat. One can even get discounts at a number of financial institutions. Since finance is done via online platforms, you can often find that applying whilst overseas is easy, convenient, and done within the comfort of your own home. Just upload the necessary documents and provide the required information.

Whilst overseas, and taking advantages of lifestyle, working and income opportunities, it helps to have service providers that are to a standard that you are used to back home. For this reason, it is important to have a financial broker who is formally qualified, experienced and licenced with Australian Banks and who specialises in Australian Expats, since the lending guidelines and application process for expats differs somewhat to that of a resident.
In summary, an individual can quickly access Australian Expat home loans. The bottom line is to have an experienced and qualified Australian Expat specialist to take you through the process.