Firstly being miserable is not a condition that is exclusive to people who are unable to obtain a mortgage. You may find that having a mortgage is also a state that induces admirable amounts of misery. But I digress.
We're specialists in lending to Australian expats and their partners so we've worked with quite a few people in similar situations. The main issue isn't the visa it's actually the foreign self employed income which few banks will accept. If your partner is working and also earns an income then this would be helpful, however it isn't essential.
Let's look at this in two different ways.
Option 1: Buy now while in the UK
- Likely you can borrow up to 80% of the property value.
- Your visa is irrelevant if you buy in joint names with your Aussie partner.
- We would need to seek an exception to get your self employed income assessed.
- Likely you can borrow up to 95% of the property value.
- Your visa would be a problem for some lenders, but not for others. Overall not a problem as subclass 100 is ok.
- If you are on a bridging visa A or B then some lenders will have a problem with this. Likely you will go straight to a 100 visa so this would not be a problem.
- Most lenders will not accept a foreign business income when you are living in Australia.
- You would possibly need to show an income in Australia to get approved.
Are you planning to buy now or when you are in Aus?
What industry is your business in?
How long has your business been operating?
Do you have two years tax returns that can prove your income?
Is your partner working?
When you move to Aus will your business continue, shut down, be sold or move with you to Aus?
Foreign business income is a tough one but common sense does prevail if we give the banks sufficient evidence to go outside of their policies. We've got some great connections in the banks and do a lot of these so I reckon your deposit size will enable us to show the banks that you're a very low risk borrower.
P.s. People are way too nice in Melbourne. You should consider Sydney instead.
Thanks