Australian expat in the US inquiring about a mortgage

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Australian expat in the US inquiring about a mortgage

Post by Otto Dargan »

Hi penalcolony and welcome to the forums.

Even though you’re an Australian expat living in the US, you’ll be treated just like a normal Australian resident and this means that as long as you’re able to meet standard lending requirements, you may be able to borrow up to:
  • 80% of the property value - If you’re unable to provide acceptable documents that can prove your foreign income then you may not be able to borrow more than 80% of the property value.
  • 90% of the property value - If you can prove that you’re in a strong financial position then a select few lenders may be able to lend you up to 90% of the property value or more in some cases.
  • 95% of the property value - If you can prove that you’re in a strong financial position, you have a high income and stable employment then some lenders may lend you up to 95% of the property value. You’re eligible to borrow at this amount even if you have dual citizenship or you’re married to a foreign citizen.
Since most lenders will assess your income as if you were residing in Australia, you may prove your foreign income through: Also note that Australian lenders offer the same interest rates to Australian expats as borrowers residing currently in Australia.

Some lenders may not offer you the same interest discounts but you may be able to negotiate a discount that’s way below the Bank Standard Variable (BSV) rate. However, if you can’t prove your foreign income then you won’t be able to get a lower interest rate.

Cheers,
Otto
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: Australian expat in the US inquiring about a mortgage

Post by Otto Dargan »

Hi penalcolony,

As stated earlier, Australian expats are treated like Australian residents and so you’re allowed to buy a commercial property provided that you can meet all other lending requirements.

However, please note that Australian banks and lenders each have their own risk profiles and maximum loan amounts with a commercial property loan so you may only be able to borrow up to:
  • 80% of the property value for a loan amount of up to $1 million.
  • 75% of the property value for a loan amount of up to $2 million.
  • 70% of the property value for a loan amount of up to $5 million.
If you want to take out a commercial loan for an amount of $5 million to $50 million then your loan application will be considered on a case by case basis.

The amount that you can borrow will also depend on the the type of loan that you get and the nature of your security property. If you’re using a residential property as security then you may be able to borrow up to 100% of its value. If you’re taking out a lease doc, low doc or a no doc loan, or you have a specialised security property, you’ll need to have a larger deposit.

You can learn more about all of this by looking through our website. If you want to discuss things directly with one of our credit specialists then you can speak with our mortgage brokers by calling +61 2 9194 1700 or 1300 889 743 if you’re in Australia. You can also complete our free assessment form to see if you qualify for a loan or not.

Cheers,
Otto
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: Australian expat in the US inquiring about a mortgage

Post by Otto Dargan »

Hi adele,

Although you’re an Australian contractor living in the US, you may still be able to get a home loan provided that you can provide evidence of your current income and future employment stability through a letter from your employer.

In order to have a better chance to get your employment letter approved by the bank the first time around, it should:
  • Be on a company letterhead that contains contact numbers and the company Australian Business Number (ABN).
  • Be signed and dated.
  • Contain the name of the person who signed the letter.
  • Contain the name of the employee, gross income, length of employment and status of employment such permanent, part time or casual.
  • Contain an explanation of anything unusual about your employment, if required.
Please feel free to give us a call to discuss your situation and loan needs.

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

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