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What Everyone Ought To Know About TOP QUALITY RESIDENCES

Just because you are a non resident of Australia will 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 proper 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 divided 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 residing in Australia with out a permanent resident visa:

Temporary residents of Australia can be approved home loan finance for their purchase. Whilst some lenders will not lend to temporary residents there are lots of that will and then the key to getting approved is applying with the right bank!

Ki Residences Sunset Way Temporary residents can be approved around 95% if purchasing having an Australian citizen, NZ citizen or perhaps 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 required.

2) Australian Citizens Living Overseas MORTGAGE LOAN:

Australian citizens living abroad can be approved home loan finance even though not resident in Australia. The maximum LVR is 95% therefore a 5% deposit plus costs is required. However, 95% LVR is very difficult to get with the banks being convenient 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 yourself a mortgage 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 abide by an LVR of 80% for some 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 MORTGAGE LOAN expert. His company MAP Mortgage Brokers specialises in home loans for Australian citizens living abroad and also temporary residents living in Australia. If your house loan has declined or you have already been told that a maximum LVR of 80% applies, contact MAP to see if they can assist you obtain a mortgage.