Last Updated: 30th September, 2022

Why Do Lenders Favour Australian Expats In Dubai?

You’re still an Australian citizen even when you work in Dubai.

Some lenders will use United Arab Emirates (UAE) 0% tax rates, rather than Australian tax rates, which can greatly improve your borrowing power.

How much can I borrow?

  • Borrow up to 90% of the property value as an Australian citizen or permanent resident (PR) living in Dubai.
  • 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.
  • If you’re earning UAE Dirham but can’t provide sufficient documents to prove your foreign income, then you may be limited to borrowing up to 80% of the property value.

Our mortgage brokers specialise in Australian expat home loans.

Speak with one of our specialist mortgage brokers by calling us on 1300 889 743 (+61 2 9194 1700 if you’re overseas) or by completing our free online assessment form.

Dubai 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.

How Will The Bank Assess My Foreign Income?

Australian expats in Dubai won’t generally be paying income tax so providing tax returns is out of the question.

Instead, you’ll need to provide banks with your two most recent payslips and a copy of your employment contract.

Some lenders may simply accept a letter from your employer if you’re borrowing less than 80% LVR.

Not all lenders will accept 100% of your foreign income but we know a few lenders which accept 100% of your AED income.

My Financial Documents Are In Arabic

Most lenders won’t accept your financial documents unless they are written in English. So, you’ll need an interpreter’s certificate.

An interpreter’s certificate is an official and certified translation of the original financial document.

You can go to the Australian Consulate in Dubai to get an interpreter’s certificate.

You have the option to provide a copy of these documents to us once we complete the initial assessment.

Getting Approval As An Australian Living Abroad

Even if you have a good income and can prove it, some banks may not approve your mortgage. Banks don’t commonly deal with the United Arab Emirates Dirham (AED).

If you earn an income in a currency other than AED and it’s not on the Foreign Currency Mortgages page, you can still qualify. However, you may have to meet additional requirements such as being restricted to borrowing a maximum of 80% LVR.

Please keep in mind that Australian lending policy changes on a regular basis, particularly when it comes to which currencies will be accepted.

That’s why it’s best to speak with our expat mortgage brokers by calling us on 1300 889 743 (+61 2 9194 1700 if you’re overseas) or completing our free online assessment form.

Deposit and genuine savings requirement

Standard lending policy dictate that you need a deposit of at least 5% of the property price that you’ve saved yourself over a period of 3-6 months.

This is known as “genuine savings”, although there are other ways to meet this requirement. So, check out our genuine savings page for more information.

On top of the 5% genuine savings, you’ll need another 5% to cover additional costs such as stamp duty, legal fees and Lenders Mortgage Insurance (LMI).

Luckily, this component doesn’t need to be genuine savings and can come from a lump sum or investment income.

So, in reality, you need closer to a 10% deposit, which amounts to $70,000 for a $700,000 property, as a minimum.

What if I don’t have a deposit?

No-deposit home loan options are available if you don’t have a deposit. For example, you can use a guarantor and avoid a deposit altogether.

You can also access equity from a property that you already own in Australia.

If you have a deposit but don’t meet genuine savings requirements, there are no genuine savings solutions as well.

What If I’m Self-Employed?

If you’re self employed, you may not be able to provide your full financial statements.

Instead, you’ll need to provide tax returns and Business Activity Statements (BAS). Note that the tax returns must be for the last two years and BAS must be for the past 12 months.

One of our lenders accepts recent 6 months personal or business bank transactions

If you can’t provide these documents, there are low-doc mortgage solutions for Australians in Dubai.

Mortgages for Australians in Dubai FAQs

Apply for a home loan in Australia from Dubai!

You can call us on 1300 889 743 (+61 2 9194 1700 if you’re overseas) to discuss your situation and loan needs with one of our mortgage brokers. You can also complete our free online assessment form, and one of us will contact you instead.