As an expat how much can I borrow?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: As an expat how much can I borrow?

Post by Otto Dargan »

Hello Aari. Welcome to the forums.

Australians expats living overseas can typically borrow up to 90% of the property value.

When calculating the borrowing capacity of Aussie expats most lenders will:
  • Consider somewhere between 60% and 90% of your foreign income.
  • Apply Australian tax rates when assessing your income, even if you’re living in a country without tax rates.
  • Not apply negative gearing benefits for any properties that you already own in Australia.
  • Load the interest rate on your foreign loans as a buffer in the event that rates were to rise. They basically apply a higher interest rate to foreign debt as a buffer. Lenders want to be sure that if overseas rates (whichever country it may be) were to rise, you could still afford the repayments.
We specialise in Australian expat home loans.

Speak to one of our experienced mortgage brokers today by calling 1300 889 743 (+61 2 9194 1700 from outside of Australia) or fill in our free assessment form to find out how much you can borrow.

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

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: As an expat how much can I borrow?

Post by Otto Dargan »

Hi Aari,

Australian citizens living abroad will typically need to put down around 10% of the property value as a deposit plus additional costs like stamp duty, legal fees, mortgage set up costs, and Lenders Mortgage Insurance (LMI).

Please use our purchasing costs calculator to find out the total costs involved.

The deposit typically needs to be in the form of genuine savings. If you already own real estate in Australia, then you can use equity as a deposit too.

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

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: As an expat how much can I borrow?

Post by Otto Dargan »

Hi Aari,

Some lenders require you to have a Power of Attorney (POA) that meets their requirements.

If you’re overseas it’s quite handy to have a trusted family member, solicitor or friend that can sign documents on your behalf.

There are other lenders that do not require you to have a POA.

However, not having a POA can be a real hassle, couriering documents overseas back and forth, you’ll then also have to visit the Australian consulate to have them witnessed.

Speak with one of our specialist mortgage brokers by calling 1300 889 743 (+61 2 9194 1700 from outside of Australia) or by filling in our free assessment form to to find out if you qualify for a home loan.

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

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