Re: Can Indians living in another country buy a property in Australia?
Posted: Wed Dec 26, 2018 5:07 pm
Hi Ajjary, Welcome to the forum.
When a foreign citizen is working and living in a third country, then Australian lenders are very cautious towards lending for a home loan for those individuals. They basically want to ensure that the applicant’s income must match applicants nationality and where they live.
However, this is not required for Australian expats.
So, it’s better if you apply for a home loan once you receive your work permit and come here in Australia.
As a temporary resident, you have to focus on these things while applying for a home loan:
Cheers,
When a foreign citizen is working and living in a third country, then Australian lenders are very cautious towards lending for a home loan for those individuals. They basically want to ensure that the applicant’s income must match applicants nationality and where they live.
However, this is not required for Australian expats.
So, it’s better if you apply for a home loan once you receive your work permit and come here in Australia.
As a temporary resident, you have to focus on these things while applying for a home loan:
- You have to obtain approval from a government body Foreign Investment Review Board (FIRB) before starting with the purchase.
- You have to pay Foreign Purchase Additional Duty (FPAD) as a foreign citizen buying or investing in residential property in most of the states.
- You could borrow only 90% of the property value when you’re on a temporary visa. Once you get your permanent residency, you can borrow up to 95% Loan to Value Ratio (LVR).
Cheers,