Can Australian expats in Singapore get a Australian mortgage?

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Birdy
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Joined: Tue Mar 27, 2018 1:45 pm

Can Australian expats in Singapore get a Australian mortgage?

Postby Birdy » Wed Jun 13, 2018 2:08 pm

Hi Home Loan Experts.

I used to live with my parents in Melbourne before I moved to Singapore for work a few years back. I have been thinking of coming back home to settle down, probably in the next year. Fingers crossed!

I’m planning to buy a property in Melbourne. I was wondering if I can get an Australian home loan even if I'm currently living and working in Singapore. How can I prove my income?

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Otto Dargan
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Re: Can Australian expats in Singapore get a Australian mortgage?

Postby Otto Dargan » Wed Jun 13, 2018 3:25 pm

Hi Birdy. Welcome to the forums.

Most banks provide mortgages toAustralian expats in Singapore and they won't treat you like a non-resident applicant. This means that you are eligible for the same interest rates and offers as Aussies living here.

The great news is that you may be able to borrow up to 90% of the property value even if you’re earning Singapore Dollars (SGD). You're in with a good chance at getting approved if you can provide your two most recent payslips and foreign tax returns as proof of your income.

However, if you can’t provide sufficient documents to prove your foreign income, then you may be limited to borrowing up to 80% of the property value.

Having income documents in English will also work in your favour but, if they're not, that are several lenders that have special non-resident departments with staff that speak Singaporean.

One of our lenders can also accept a letter from your employer as proof of your income if you don't have formally written payslips and you’re borrowing less than 80% Loan To Value Ratio (LVR).

In addition, some lenders will use the tax rate of Singapore, as opposed to Australian tax rates, which can significantly improve your borrowing power.

Our mortgage brokers are specialists in getting Australian expat mortgages approved. You can discuss your situation and home loan needs with one of our experts by calling our overseas number +61 2 9194 1700 or filling in our free online assessment form.

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

Birdy
Posts: 9
Joined: Tue Mar 27, 2018 1:45 pm

Re: Can Australian expats in Singapore get a Australian mortgage?

Postby Birdy » Wed Jun 13, 2018 5:30 pm

Wow, that sounds promising. I can provide my payslips and other income documents and, fortunately, they are in English. Additionally, I wanted to know whether I can obtain a first home owners grant?

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Otto Dargan
Mortgage Specialist
Posts: 7021
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Can Australian expats in Singapore get a Australian mortgage?

Postby Otto Dargan » Wed Jun 13, 2018 8:40 pm

Hi Birdy,

When it comes to getting the First Home Owners Grant (FHOG) of $20,000 in Victoria:
  • You’ll need to be buying or building a home in Australia for the first time
  • You'll need to move into the property for a minimum continuous period of six months within one year after the purchase.
  • The property value should not be more than $750,000 in Victoria.
Also note that you’re not eligible for the FHOG if you or your spouse/partner have already
  • received the FHOG in Australia,
  • Owned a home or other residential property in Australia, either jointly or separately, prior to 1 July 2000
Complete our free online assessment form or call us directly on +61 2 9194 1700 and we can tell you if you qualify for the FHOG.

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

Birdy
Posts: 9
Joined: Tue Mar 27, 2018 1:45 pm

Re: Can Australian expats in Singapore get a Australian mortgage?

Postby Birdy » Wed Jun 13, 2018 10:27 pm

That is great news. It seems I am getting help from you guys. Thanks so much. Cheers Otto. :)


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