Can i get a loan as a foreigner

Any general questions you might have in regards to loans and finance.
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ayowande
Posts: 1
Joined: Mon Sep 14, 2009 2:59 am

Can i get a loan as a foreigner

Post by ayowande »

I am a Nigerian investor and i live in my country. I have encountered some difficulties getting mortgage from some countries while i have succedded with others.

I 'd like to know if it is possible to get a mortgage in Austbalia. Either a low deposit or 100% mortgage. Thank you. Ayowande

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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: Can i get a loan as a foreigner

Post by Otto Dargan »

Hi Ayowande,

Yes it is possible for you to get a loan however as a foreign citizen (not an Australian) living overseas you can only borrow a maximum of 80% of the property value. Therefore you will need approximately 20% of the purchase price to cover your deposit and in addition to that around 4% - 5% to cover costs such a stamp duty (government fees) and legal costs.

Please note that Australia has very strict identification requirements, anti money laundering and counter terrorism financing laws which can make it difficult for investors who invest in Australia without ever visiting the country. As long as you have sufficient identification to the satisfaction of our lenders there are rarely any problems.
Otto Dargan
Mortgage Broker
P | 1300 889 743
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