Re: What are the main challenges faced by Australian expats when applying for a mortgage?
Posted: Mon May 13, 2019 4:38 pm
Hello Reagan. Welcome to the forums.
Here are some points you need to consider as an Australian citizen living overseas when applying for a mortgage:
Give us a call on 1300 889 743 (+61 2 9194 1700 from outside of Australia) or fill in our free assessment form and one of our specialist mortgage brokers will help you get approved for an expat home loan.
Cheers,
Here are some points you need to consider as an Australian citizen living overseas when applying for a mortgage:
- Australian citizens living abroad can borrow up to 90% of the property value.
- Some lenders will use the tax rate of the country you reside in, as opposed to Australian tax rates, which can improve your borrowing power. Other lenders use Australian tax rates when assessing your income, and that can limit your borrowing power.
- Not all your income is considered by some lenders to allow for possible exchange rate movements. Generally, lenders will use somewhere between 60% to 90% of your foreign income.
- Foreign business income is not considered by many lenders here.
- A Power Of Attorney (POA) in the name of the solicitor or family member is required by some banks.
- Singaporean Dollar is one of the preferred foreign currencies of Australian lenders along with the USD, GBP, EUR, CAD, HKD, JPY, CHF, NZD and CNY.
- No negative gearing benefits.
- Loaded repayments on your foreign loans.
Give us a call on 1300 889 743 (+61 2 9194 1700 from outside of Australia) or fill in our free assessment form and one of our specialist mortgage brokers will help you get approved for an expat home loan.
Cheers,