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An Australian expat looking for a home loan

Posted: Wed Feb 06, 2019 7:48 pm
by Rushma99
Hello,

I’m an Australian citizen currently living and working in Beverly Hills as a tech analyst for a software firm for the past 5 years. I’m here for a project that is ending in a few month’s time, after which I’m planning to move back to QLD. I’ve been doing some house hunting and have found a nice place around Brisbane. I’ve also been hired for a similar post in another tech firm once I get back.

I wanted to know if I could get a home loan if I’m coming back from a different country.

Any information would be appreciated.

P.S. I earn in USD.

Re: An Australian expat looking for a home loan

Posted: Wed Feb 06, 2019 8:02 pm
by Otto Dargan
Hi Rushma,

Welcome to the forums.

Australian citizens living overseas can borrow up to 90% of the property value.

Since you earn in United State Dollars (USD), there is a good chance that we will be able to get you approved for a home loan.

Please note that you’ll still need a 10% deposit in genuine savings plus extra funds to cover property purchasing costs including stamp duty, legal fees, mortgage set up costs and Lenders Mortgage Insurance (LMI).

Please call us on +61 2 9194 1700 or complete our free assessment form and we can tell you if we can get you approved.

Cheers,
Otto

Re: An Australian expat looking for a home loan

Posted: Wed Feb 06, 2019 8:20 pm
by Rushma99
Hey,

Thanks a lot for being so cooperative. Can you also guide me through how I can prove my income? What documents do I need to present exactly?

Re: An Australian expat looking for a home loan

Posted: Wed Feb 06, 2019 8:37 pm
by Otto Dargan
Hey Rushma,

You will need to provide your most recent first payslip and a letter from your employer.

Most lenders will also require three months bank statements that show your salary being deposited into your account.

Cheers,
Otto

Re: An Australian expat looking for a home loan

Posted: Wed Feb 06, 2019 8:47 pm
by Rushma99
Hey! Thanks. One more question! As someone who has been working outside Australia for 5 years, will I have to pay a higher interest rate? And is there any way that I can borrow the full sum of the property?

Re: An Australian expat looking for a home loan

Posted: Wed Feb 06, 2019 8:52 pm
by Otto Dargan
Hey Rushma,

Unless you can’t provide evidence of your foreign income, you don’t need to worry about paying a higher interest rate.

And you can borrow up to 110% of the property value with no deposit and no Lenders Mortgage Insurance (LMI) if your parents own a property in Australia and they’re in a position to act as a guarantor for your home loan.

Cheers,
Otto

Re: An Australian expat looking for a home loan

Posted: Wed Feb 06, 2019 9:29 pm
by Rushma99
Oh! Thanks for the help. I’ll ask my parents if they are up to act as my guarantors and hopefully get back to you by the end of the week.