Buying A Property With Foreign Income | Client Stories

A Quick Overview

Details Description
Customer Goal Buying an owner-occupied property in Australia with a foreign income.
Problem Securing a pre-approval with132 Visas and gathering all necessary documents.
Loan Amount $700,000
Security $1,100,100
LVR and Term 64% LVR (loan to value ratio), 10 years loan term
Income $346,840
Solution Finding a lender that approves 132 Visas and accepts foreign income for the purchase of owner-occupied property

The Story

There are numerous challenges in securing pre-approval for a self-employed client earning foreign income, such as the requirement of additional documents and expansive income history. Not many lenders are willing to provide pre-approvals to customers who hold a 132 (Business Talent) Visa.


The Customer

Chuck is an expat based in Vietnam and is the chairman of a company. He frequently travels between Vietnam and Australia. He holds a 132 Visa – a permanent-resident Business Talent Visa. Due to his frequent travels, he wants to buy a property in Australia for himself, his wife, and his son.


The Difficulties In Securing A Loan

The main issue for Chuck was finding a lender who accepts 132 Visas and Vietnamese dong as foreign income, while also offering a flexible credit policy for expats. Lenders are usually stringent when it comes to pre-approvals for expats, especially with a foreign income. Additional documents and expansive income statements make the process more tedious than usual.


Securing The Best Financial Package

Home Loan Experts mortgage broker Steven Chan scoured through lenders to find the perfect match for Chuck’s needs. Steven was sure that he could get the loan approved, given Chuck’s strong finances, strong serviceability position and his employment not being affected by COVID-19.

Sure enough, Steven was able to secure pre-approval for our customer. This did come with its own complications though. During the verification process, Chuck had uploaded his foreign driver’s licence and VEVO (Visa Entitlement Verification Online) document as the wrong ID type. Relying on his expertise, Steven was able to rectify this error instantly to avoid complications at a later stage.

The financial solution Steven found for Chuck was:

  • A loan of $700,000
  • Loan-to-Value Ratio (LVR): 64%
  • Interest rate: 3.58% a year
  • Loan term: 10 years

Customer Satisfied

This loan meant a great deal to Chuck and his family. Securing a loan for an owner-occupied property gave them more flexibility. They no longer needed to worry about being thousands of kilometres apart. This was the outcome Chuck wanted and our expert broker Steven was able to deliver.


Looking To Purchase An Owner-Occupied Property?

Our expert mortgage brokers know how to help expats find their dream home. Speak with a Home Loan Experts specialist mortgage broker by giving us a call on 1300 889 743 or by filling in our short online assessment form.

Why use us?

We aim to set an example by delivering what we promise: a higher level of service, better advice and better home loans.

pin_drop

Australia-wide services

We finance properties anywhere in Australia for people anywhere in the world.

monetization_on

Get incredible interest rates

Our relationships with our panel of lenders allow us to negotiate your interest rate.

thumb_up

We get tough loans approved

We can help you navigate the often complex pre-approval and application process.

favorite

Our customers love us

We receive hundreds of love letters from our customers.

Discover more reasons to use Home Loan Experts

How we find you the right solution

We get a complete understanding of where you’re at and what your ultimate goals are.
You’ll get a recommendation in just a few simple steps.

1

Complete our free assessment form or call us.

2

We assess your situation.

3

We look at all the options from our panel of lenders.

4

We will find you the most suitable home loan deals.

Testimonials for Home loan experts

Facts
about us

50+

lenders on
our panel

$4B+

lent Australia-wide
and counting

75%

of our borrowers get
approved with a major bank

95%

of our borrowers get a discount
below the bank standard variable rate