Australian citizen in Dubai wanting a home loan in Australia?

Any general questions you might have in regards to loans and finance.
Maharjan
Posts: 9
Joined: Tue May 29, 2018 2:42 pm

Australian citizen in Dubai wanting a home loan in Australia?

Postby Maharjan » Fri Jul 13, 2018 1:52 pm

Hi Home Loan Experts.

I'm an Australian citizen and been living and working in Dubai for the past 7 years. I work as an agricultural research specialist at Al Dahra Agricultural Company and earn 25,000 Dirham (AED) a month. I own a property here. I want to buy an investment property in Australia that I plan to live in when I return to Australia in about 3 years.

I’ll be buying in the range of $700,000-$800,000 and I’ve $200,000 to contribute towards it. I wanted to know how much I can borrow and what do I need to provide to meet the eligibility requirements?

I don't have a credit history in Australia because I built my life in the United Arab Emirates. I'm up-to-date with my tax returns.

Thank you in advance.

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

Re: Australian citizen in Dubai wanting a home loan in Australia?

Postby Otto Dargan » Fri Jul 13, 2018 2:39 pm

Hi Maharjan, Welcome to the forum.

Thank you for making an enquiry with us.

Australian citizen or permanent residents (PR) living in Dubai can borrow up to 90% of the investment property with some select lenders.

Australian expats in Dubai won’t generally be paying income tax so providing tax returns is out of the question.

Since individuals don't pay tax in the UAE, there are other ways to provide your foreign income when applying for a home loan to buy property in Australia.
  • Employment letter confirming start date, income amount and position
  • Latest two payslips
  • Evidence of genuine savings
  • Evidence of any debts that you have so we can complete servicing.
Even if you have a good income and you can prove it, some banks may not approve your mortgage. This is because banks don’t commonly deal with the United Arab Emirates Dirham (AED). Luckily, we’ve some lenders who we can look at a lender that can lend up to 80% of the property value.

Please enquire online or call us on +61 2 9194 1700 and explain your situation so we can help you get an approval for a home loan as an Australian expat.

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

Maharjan
Posts: 9
Joined: Tue May 29, 2018 2:42 pm

Re: Australian citizen in Dubai wanting a home loan in Australia?

Postby Maharjan » Fri Jul 13, 2018 5:12 pm

Another issue is my payslips are in Arabic. Do Australian lenders accept this?

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

Re: Australian citizen in Dubai wanting a home loan in Australia?

Postby Otto Dargan » Fri Jul 13, 2018 6:21 pm

Hi Maharjan,

Most lenders won’t accept your financial documents unless they are written in English. So, you’ll need an interpreter’s certificate.

An interpreter’s certificate is an official and certified translation of the original financial document.

You can go to the Australian Consulate in Dubai to get an interpreter’s certificate.

Our mortgage brokers specialise in expat mortgages and can negotiate with the lenders on your behalf. Speak with one of our credit specialists by calling us on +61 2 9194 1700 or by completing our free online assessment form.

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

Maharjan
Posts: 9
Joined: Tue May 29, 2018 2:42 pm

Re: Australian citizen in Dubai wanting a home loan in Australia?

Postby Maharjan » Fri Jul 13, 2018 10:35 pm

Hi Otto, thanks for the information. I’ll email you guys my information and discuss with you further.


Return to “Home Loan Forum”

Who is online

Users browsing this forum: No registered users and 17 guests