US citizen with Australian non-resident wife

Any general questions you might have in regards to loans and finance.
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dsimonds
Posts: 1
Joined: Tue Feb 09, 2010 5:09 am

US citizen with Australian non-resident wife

Post by dsimonds »

Hello, my wife is Australian, but currently we live in the US, so she is not an Australian resident. I am American. We both have jobs in the US.

We would like to buy a property in Australia to rent out. What are the requirements? Are there any legal parts of the process that are more difficult or restrictive? in addition, is it easier to have the place just in her name? or possible?

Also, what about getting a loan? we would like to get one from within Australia, so that the loan is in Oz $ and the rent is coming in in OZ $. what restrictions, etc, who do we go to to get one and would we be looking at a higher interest rate than Australian Residents? Looks like they probably want a higher deposit, 20%? Also, just in her name, in both, or with me as a guarantor?

Thanks for any info, and web links to anything specific would be great too!
Cheers!
dylan

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Otto Dargan
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: US citizen with Australian non-resident wife

Post by Otto Dargan »

Hi Dylan,

Your situation should be no problem. You should be able to borrow up to 90% of the property value if you buy in both names. It should be quite simple buying in one name or two so you can choose whichever way you prefer. As an American Citizen married to an Australian Citizen living overseas you are seen as a low risk borrower.

Ideally you should aim to borrow 80% of the property value if you can as this will save you from paying lenders mortgage insurance.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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