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Australian Expat in Singapore looking for a home loan

Posted: Tue Mar 26, 2019 4:18 pm
by Marv82
Hello HLE,

I was wondering if you could help me out with this. So I am an Australian citizen who moved to Singapore for my studies almost 5 years back. I have since completed my studies and am currently working as an IT specialist at a large E-commerce firm. I have been thinking of returning home to settle down to raise a family.

I have been looking around lately and have found a nice little property in Melbourne. I just wanted to know if I could get an Australian home loan if I’m currently living and working in Singapore!

Re: Australian Expat in Singapore looking for a home loan

Posted: Tue Mar 26, 2019 4:45 pm
by Otto Dargan
Hi Marv,

Welcome to the forums.

Most Australian lenders provide home loans for Australian Expats in Singapore. As a matter of fact, you might even be provided with the same services as a native resident. This means that you are eligible for the same interest rates and offers as every other native citizen.

If you earn in Singapore dollars (SGD) you may be able to borrow up to 90% of the property value. You will need to provide your two most recent payslips and foreign tax returns as proof of your income.

However, if you can’t provide sufficient documents to prove your foreign income, then you may be limited to borrowing up to 80% of the property value.

Our mortgage brokers are specialists in getting Australian expat mortgages approved. You can discuss your situation and home loan needs with one of our experts by calling our overseas number +61 2 9194 1700 or filling in our free online assessment form.

Cheers,
Otto

Re: Australian Expat in Singapore looking for a home loan

Posted: Tue Mar 26, 2019 5:15 pm
by Marv82
Hey,
That’s great. Can you also tell me whether I need a large deposit?

Re: Australian Expat in Singapore looking for a home loan

Posted: Tue Mar 26, 2019 5:49 pm
by Otto Dargan
Hey Marv,

Most Australian lenders require non- resident borrowers to provide at least 5% deposit in genuine savings in addition to enough funds to pay for additional settlement fees like stamp duty and the solicitor charges.

Luckily, we know a few lenders who offer no genuine savings solutions.

Cheers,
Otto

Re: Australian Expat in Singapore looking for a home loan

Posted: Tue Mar 26, 2019 5:52 pm
by Marv82
Oh! Great! Thanks for the information. I just went through the link. The guarantor home loan looks promising but I don't really want to bother my parents with anything. Besides, I believe that I have my finances in order to be able to cover most of the associated costs. I just wanted to ask you that since this is the first time I’m purchasing a property, am I eligible for a first home owners grant?

Re: Australian Expat in Singapore looking for a home loan

Posted: Tue Mar 26, 2019 6:57 pm
by Otto Dargan
Hey Marv,

Yes, Australian expats in Singapore are eligible for the FHOG.

To be eligible for the First Home Owners Grant (FHOG):
You’ll need to be buying property in Australia for the first time.
You’ll need to move into the property for a minimum continuous period of six months within one year after the purchase.

Please note that the first home owners grant amount will vary depending on which state you are in, if you are buying a new or established home and the purchase price of the property that you are buying.

Our first home owner calculator can help estimate your grant amount.

Please call us on 1300 889 743 or enquire online and we can help you through the process.

Cheers,
Otto

Re: Australian Expat in Singapore looking for a home loan

Posted: Tue Mar 26, 2019 7:26 pm
by Marv82
Oh! Great. Thanks. Will try it out and reach out to you first thing tomorrow.