Mortgage required for overseas investment buyer

Any general questions you might have in regards to loans and finance.
Paul Barkley
Posts: 2
Joined: Tue Mar 23, 2010 3:25 pm

Mortgage required for overseas investment buyer

Postby Paul Barkley » Tue Mar 23, 2010 3:43 pm

I am 63,my wife 53,looking to purchase off plan in Melbourne. We have found a property in Croydon due for completion end Sept. this year and have obtained FIRB approval. Our preferred lender HSBC have after a 2 month wait, turned us down (1) no credit record in Australia (hardly surprising as we don't live there and have no bank account as yet) (2) main source of income is a pension from the Hong Kong Government. We have paid a 5% deposit on the off plan property as we feel confident that someone out there will give us a mortgage. Property is A$440000,and we have a Sterling !00K as deposit and are looking for A$260K for an interest only loan for 25 years. We have two paid up properties in South Africa where we live (one in process of being rented out) and a property in the UK generating Stg 15K rental p.a. Annual income is apprx Stg 55K annually and we have Stg 300K invrested in a UK petrol station which has only been in operation for 18 months and did not make an operational profit in the first year of trading. Do you think we can get a mortgage with an Australian lender and if so how can we take the process forward? Many thanks.

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7728
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Mortgage required for overseas investment buyer

Postby Otto Dargan » Tue Mar 23, 2010 3:50 pm

Hi Paul,

As a foreign citizen living outside of Australia you can still apply for a non-resident investment loan. Indicatively if the rent income in Australia (from the new property), pension and overseas rent income are enough to service the debt then you should qualify for a loan of up to 80% of the property value. Note that as your situation is very complex we would really need to see the full details of your situation to be sure.

Loans for off the plan properties can only be arranged up to 3 months prior to settlement. If we arrange a loan now it will expire before settlement anyway.

Thanks
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Paul Barkley
Posts: 2
Joined: Tue Mar 23, 2010 3:25 pm

Re: Mortgage required for overseas investment buyer

Postby Paul Barkley » Fri Mar 26, 2010 9:23 pm

Hi Otto,

We realise that funding would be subject to valuation of the completed property in Sept. We require approval in principle and would like to know how we can move the process forward?

Regards
Paul

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7728
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Mortgage required for overseas investment buyer

Postby Otto Dargan » Sat Mar 27, 2010 9:20 pm

Usually in these situations we would obtain all of your info and then give you a credit opinion rather than sending an application to a lender. The approval expires anyway during that time. If you would like to speak to our non-resident specialist then please call us on +61 2 8668 4038 during business hours Sydney time or enquire online and one of our brokers will call you back at a time convenient to you.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts


Return to “Home Loan Forum”

Who is online

Users browsing this forum: No registered users and 2 guests