Last Updated: 15th September, 2022

Why Do Banks Favour Australian Expats From Canada?

Canada enjoys a robust economy with a rising property market and one of the safest banking systems in the world, an industry that shares many similarities with Australia.

As such, Canadian dollars (CAD) are considered as acceptable currency by most Australian lenders when it comes to assessing an expat mortgage application.

You’re still an Australian citizen even if you’re living in Canada!

How Much Can I Borrow?

  • Australian citizens and permanent resident (PR) visa holders living in Canada may be able to borrow up to 90% of the property value.
  • Self-employed borrowers may be able to borrow up to 80% of the property value with one of our lenders and we have at least one that will use 90% of your net income rather than gross income.

We can help you borrow up to the maximum amount based on your situation!

Call 1300 889 743 (+61 2 9194 1700 from outside of Australia) or complete our easy free assessment form today.

What Benefits Do I Get As An Aussie Expat In Canada?

  • You can get the same interest rates as an Australian citizen.
  • Some lenders will use the tax rate of Canada, as opposed to Australian tax rates, which can greatly improve your borrowing power.
  • Loans are available for purchase, refinance, investment property or to buy a house and land package.
  • You can buy a new property, an existing property or vacant land.

Australian foreign income mortgage calculator

Discover if the bank will accept your foreign income.

Disclaimer: This calculator has several assumptions and simplifications and so should be used as a guide only. Please seek independent financial advice and consider your own circumstances before making any decisions related to home loans.

What Are Some Things I Need To Consider?

  • If you’re a dual citizenship holder or you’re married to a Canadian citizen, some lenders may treat you as a foreignerso choosing the right lender is essential to maximising your borrowing power.
  • If you’re earning Candadian Dollars but you can’t provide sufficient documents to prove your foreign income, such as recent payslips, or tax returns, then you may be limited to borrowing up to 80% of the property value.
  • A Power Of Attorney (POA) in the name of a solicitor or family member is required by some banks.

Get the same interest rates as Australians back home!

Even though you’re technically a non-resident, to lenders in Australia you’re still a citizen.

That means you can actually get the same interest rates as Australians living and working back home!

Discounts are another story completely: some lenders simply don’t offer the same reduced interest rates. Despite this, we have strong relationships with almost 40 lenders and are often in a position to negotiate reduced rates on your behalf.

Am I Restricted To Only Buying A New Property?

As an Australian citizen living overseas, you’re actually permitted to buy a new property, an existing property or vacant land. You can even buy a commercial property!

Call us on 1300 889 743 (+61 2 9194 1700 from outside of Australia) or complete our online enquiry form to discuss your situation with one of our specialist mortgage brokers.

Aussie Expats In Canada – FAQs

What If I’m Applying With My Partner Who’s Not Australian?

If you are married or in a de facto relationship with a foreign citizen, there are three ways a lender can assess your application: