Australian expat looking for a home loan

Any general questions you might have in regards to loans and finance.
Ryan22
Posts: 3
Joined: Thu Feb 14, 2019 7:47 pm

Australian expat looking for a home loan

Postby Ryan22 » Thu Feb 14, 2019 7:48 pm

Hello there,

I’m an Australian citizen currently living and working in Montreal, Canada as a gym instructor. I’ll have been here for exactly 5 years coming March and I’m planning on returning back to Australia as soon as my contract expires. I’m looking to purchase a property around Inglewood.

I’ve already talked with a good gym called Plus Fitness 24/7, and they’ve agreed to hire me as a full-time employee. I just wanted to know whether a returning expat like myself who are changing jobs, can get a home loan.

Any information would be appreciated. Thanks.

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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Australian expat looking for a home loan

Postby Otto Dargan » Thu Feb 14, 2019 8:16 pm

Hi Ryan,

Welcome to the forums.

Most Australian lenders consider clients who are applying for a new job home loan as high risk.

However, not all lenders think that way.

One of our lenders can accept the contract that you’ve signed with your new employers as evidence. They understand that many individuals who are seeking new jobs are in a strong financial position.

This is especially true for returning Australian expats seeking a home loan who are in the middle of getting a new job.

We have specialist mortgage brokers who can guide you through the entire process. Please call us on [b]1300 889 743 (+61 2 9194 1700 from outside of Australia)p/b].

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

Ryan22
Posts: 3
Joined: Thu Feb 14, 2019 7:47 pm

Re: Australian expat looking for a home loan

Postby Ryan22 » Thu Feb 14, 2019 8:32 pm

Thanks for helping me out. I really appreciate it. I also wanted to know if I’d need to pay a higher interest rate because of my new employment!

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Otto Dargan
Mortgage Specialist
Posts: 7243
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Australian expat looking for a home loan

Postby Otto Dargan » Fri Feb 15, 2019 4:03 am

Hey Ryan,

Great question!

Unless you can’t provide evidence of your foreign income, you don’t need to worry about having to pay 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
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Ryan22
Posts: 3
Joined: Thu Feb 14, 2019 7:47 pm

Re: Australian expat looking for a home loan

Postby Ryan22 » Fri Feb 15, 2019 8:05 pm

That’s great! Thanks. I didn’t know that. Things seem to be working out for me. Anyway, I have one last question for you. You mentioned that I need to provide evidence of my income! Can you guide me through the process? What documents do I need to present to the lenders?

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Otto Dargan
Mortgage Specialist
Posts: 7243
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Australian expat looking for a home loan

Postby Otto Dargan » Fri Feb 15, 2019 8:06 pm

Hey Ryan,

To get your loan approved, you will need to provide the most recent payslip and a letter from your employer confirming the nature of your employment.

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


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


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