Are foreigners allowed to purchase a property in Australia?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Are foreigners allowed to purchase a property in Australia?

Post by Otto Dargan »

Hi Levon,

It’s a lovely place out here. Yes, you may be able to apply for a foreigner mortgage to purchase property in Australia.

There are very few banks who lend to foreigners living overseas as the policies have been tightened nowadays as this is considered a complex and high-risk lending. You may be able to borrow up to 70% of the property value. Also, you need to provide sufficient evidence of your income and all the necessary documents should be in English.

You may be able to borrow up to 95% of the property value with select lenders if you are married to an Australian citizen.

Please note that you will require an approval from the Foreign Investment Review Board (FIRB) before you apply for an application with the bank. Also, please note that currently Victorian State government will add a 7 percent foreigner surcharge on the existing stamp duty. This may change so you should also check with the Victorian State Revenue Office (SRO) for updates.

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: Are foreigners allowed to purchase a property in Australia?

Post by Otto Dargan »

Hi Levon,

The country of your residence and the income currency are the major factors that determine the interest rate. People who are receiving an income in a primary currency, like USD, GBP, Euro, HKD among others tend to get rates similar to Australian citizens. Typically, foreign residents based overseas pay 3% to 4% higher than the standard rates.

Additionally, getting approved for a home loan is relatively easier if you apply to a lender that works with foreigners. You may contact us to act as your mortgage broker so, we can help you find the most suitable lender for your situation. We will help you to gather the right documents to verify your income, identification, and confirmation of your eligibility for a mortgage. You can read more here for more information.

We can also be reached on +61 2 9194 1700 or you can fill in our free assessment form to discuss more with one of our foreign resident specialists.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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