A foreigner looking for a home loan

Any general questions you might have in regards to loans and finance.
Leonardo000
Posts: 4
Joined: Mon Jan 28, 2019 8:17 pm

A foreigner looking for a home loan

Postby Leonardo000 » Mon Jan 28, 2019 8:19 pm

Hello,

I’m a Japanese businessman who owns a chain of successful luxury tailoring companies all throughout the nation. I’m exploring the option of moving to Australia in about a year’s time. I wanted to know just how much I, as a non-Australian can expect to borrow for a mortgage.

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Otto Dargan
Mortgage Specialist
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Location: Sydney, Australia
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Re: A foreigner looking for a home loan

Postby Otto Dargan » Mon Jan 28, 2019 8:32 pm

Hi Leo,

Welcome to the forums.

Australian banks implement a much stricter lending policy to foreign nationals than they do for Australian citizens. As lenders consider this a high-risk area, only a handful of banks actually provide home loans.

As a general rule, you may be able to borrow up to 70% of the purchase price. Bear in mind, higher interest rates apply to foreign purchases.

Given that you have a high net worth and you make your earnings in Japanese Yen (considered a primary currency), it's possible to get cheaper interest rates but you'll have to come up with a 25% deposit.

If you're a Japanese citizen and you're looking to get an Australian mortgage, please call us on +61 2 9194 1700 or complete our free assessment form and one of our brokers will contact you to further discuss your options.


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

Leonardo000
Posts: 4
Joined: Mon Jan 28, 2019 8:17 pm

Re: A foreigner looking for a home loan

Postby Leonardo000 » Mon Jan 28, 2019 8:32 pm

Hey,

That’s great. I was actually expecting much lower rates. Thanks for the info. And yes, I do earn in Japanese Yen. So things are looking pretty hopeful. I’ve actually been doing some research and I’m particularly interested in finding a place in Adelaide.

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Otto Dargan
Mortgage Specialist
Posts: 7162
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: A foreigner looking for a home loan

Postby Otto Dargan » Mon Jan 28, 2019 8:49 pm

Hey Leo,


Buying a property in Adelaide could be a problem for foreign borrowers.

Since there are only a handful of lenders that offer mortgages to foreign nationals, their list of acceptable property locations changes pretty often.

The lenders that can help prefer metro or Category A properties located in the following states:


- Melbourne, Victoria (VIC)
- Sydney, New South Wales (NSW)
- Brisbane, Queensland (QLD)

In saying that, you may stay still qualify for a mortgage - it just means your borrowing may be restricted.

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

Leonardo000
Posts: 4
Joined: Mon Jan 28, 2019 8:17 pm

Re: A foreigner looking for a home loan

Postby Leonardo000 » Mon Jan 28, 2019 9:04 pm

Hmm! Thanks for the info. You just saved me from running into a brick wall. Anyway, I have one last question for you. Say that I have all the necessary documents with me, how does the application process actually work? What is the first step that I can take?

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Otto Dargan
Mortgage Specialist
Posts: 7162
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: A foreigner looking for a home loan

Postby Otto Dargan » Mon Jan 28, 2019 9:20 pm

Hey Leo,


We’re glad you asked. We are specialists when it comes to getting foreign investor loans approved.

If you send us all the necessary documents, we can find out for sure if you’re eligible for a mortgage.

If your situation is fairly straightforward, we generally won't charge you a dollar for our services.

So call us on1300 889 743 (+61 2 9194 1700 from outside of Australia) or simply fill in our [ur;=https://www.homeloanexperts.com.au/free-quotehttps://www.homeloanexperts.com.au/free-quote/]free assessment form[/url] and we can help you apply for a loan with an Australian bank.


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

Leonardo000
Posts: 4
Joined: Mon Jan 28, 2019 8:17 pm

Re: A foreigner looking for a home loan

Postby Leonardo000 » Mon Jan 28, 2019 9:22 pm

Wow! Thank you for all the help. I really appreciate it. Let me just discuss this with my partner and I will call you right away.


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