Home Loans For Australian Expats In Canada

How much can I borrow?

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

  • Australian citizens and permanent resident (PR) visa holders living in Canada may be able to borrow up to 90% of the property value.
  • 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.
  • 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.
  • Loans available for purchase, refinance, investment property or to buy a house and land package.
  • If you’re a dual citizenship holder or you’re married to a Canadaian 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.

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.

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.

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.

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.

Are you restricted to 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.

How do I prove my income in Canada?

Most lenders will assess your income as if you were residing in Australia so, generally speaking, expats will just need to provide their:

The best part is that since these financial statements are in English, it’ll make the lender’s job a lot easier meaning a higher chance of approval and quicker turnaround times.

Does it matter how long I’ve lived overseas?

No matter whether you’ve lived in Canada for a year, 5 years or 10 years, we can assess your mortgage needs as if you were still living in Australia.

Be careful of Australian tax law

It’s essential you speak to your accountant before you make the decision to buy or invest in property in Australia.

Generally speaking, if you’ve lived in Canada for more than 2 years, the Australian Taxation Office (ATO) will class you as a non-resident for tax purposes.

The ATO uses very particular tests to work out whether you’re an Australian citizen or non-resident so it’s essential you speak to the tax office and your accountant.

For Australians living in Canada classed as non-residents, your Australian-sourced income and capital gains on Australian property are taxable in Australia.

What about negative gearing?

Since you’re earning income in Canada and not paying tax in Australia, the loss you sustain from your property back home has nothing to offset against.

An important thing to remember though is that these losses can add up while you’re overseas. If you eventually do return home from Canada, you can negatively gear these losses and once again offset your Australian income come tax time.

Tax law changes on a regular basis so please check with your accountant and both the ATO and the Canada Revenue Agency (Agence du revenu du Canada).

Disclaimer: The above information is to be taken as general tax information only and does not constitute financial advice. Australian and international tax law is subject to change so you should speak to a financial professional before making any financial decision including the purchasing of property in Australia.

Do I need FIRB approval to buy property?

Foreign Investment Review Board (FIRB) approval isn’t required, even if you’re buying with a spouse who is not an Australian citizen or you’re a permanent resident instead of an Australian citizen living overseas.

What about the foreigner stamp duty surcharge?

In the past few years, several Australian states and territories introduced a stamp duty surcharge for foreigners buying real estate Down Under.

The surcharge doesn’t apply to Australian expats in Canada but there are exceptions to this rule where you can get caught out.

For example, Australian permanent residents can actually be hit with the surcharge because they’re not technically Australian citizens.

Another example is if you’re buying the property with a Canadian citizen or another foreign national.

Because they have an interest in the property, certain states will take this into account and apply the surcharge.

Not all states apply the same rules, and regulations around this continue to develop, so we recommend that you refer to the foreigner stamp duty page to stay informed.

Are there self-employed solutions available?

Many skilled Australians migrate to Canada to take up contract work. Some even start their own businesses as a self-employed worker simply for the experience of making a living in a foreign country.

If you’re in this situation, we understand that it can be difficult to provide up-to-date financials on your income and expenses to the bank. Don’t worry!

We’re experts in finding low doc and even no doc home loan solutions for Australian expats living in Canada.

Simply fill in this easy assessment form, tell us about your situation and one of our mortgage brokers will come back to you with some solutions.

Why do Australians move to Canada?

Despite the fact that the minimum wage is lower in Canada than it is in Australia, the cost of living is also lower – much lower.

Australia and Canada also have many similarities since they are both former British colonies, not to mention the benefits Australians can reap from the double taxation treaty that’s in place.

Many young professional Australians travel to Canada via the so-called International Experience Canada visa (IEC). The visa allows Australians to travel and work in Canada for up to 24 months as a special arrangement between the two nations.

More than 35,000 Australians are currently living and working in Canada and this number is growing.

Apply for an Australian expat mortgage today!

We’re experts in getting Australian expats living in Canada approved for a mortgage in Australia.

Most of the time our services are free!

Please call 1300 889 743 (+61 2 9194 1700 from outside of Australia) or complete our free assessment form to speak with one of our experienced mortgage brokers.

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