How much an Australian citizen in US borrow?

Any general questions you might have in regards to loans and finance.
Baidhya
Posts: 9
Joined: Tue May 29, 2018 2:43 pm

How much an Australian citizen in US borrow?

Postby Baidhya » Fri Jul 13, 2018 1:53 pm

Hi Home Loan Experts.

I’m an Australian citizen working in the US. My wife is a US citizen, and we're planning to buy a property in Melbourne. It’ll be an investment property for now. We’re planning to move Down Under after a couple of years.

We’re looking in the range of $800,000 and have saved up $200,000 deposit. How much can I borrow as an Australian citizen living in the United States? Please correct me if I’m wrong, but my non-Australian wife won’t be an issue, right?

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

Re: How much an Australian citizen in US borrow?

Postby Otto Dargan » Fri Jul 13, 2018 2:40 pm

Hi Baidhya, Welcome to the forum.

Australian expats (citizens or permanent residents) living in the US will be treated just like typical Australian citizens. 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 and if you have a high income and stable employment then a select few lenders may be able to lend you up to 90% of the property value or more in some cases.
Additionally, you being married to an American citizen won’t affect the amount you could borrow. You’re eligible to borrow at this amount even if you have dual citizenship or you have a foreign partner.

Since most lenders will assess your income as if you were residing in Australia, you may prove your foreign income through:
  • Your last two most recent payslips.
  • Your last two year’s tax returns.
Also, note that Australian lenders offer the same interest rates to Australian expats as borrowers residing currently in Australia.

Please complete our free assessment form or call us on +61 2 9194 1700 and explain your situation so we can help you get a home loan as an Australian expat.

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

Baidhya
Posts: 9
Joined: Tue May 29, 2018 2:43 pm

Re: How much an Australian citizen in US borrow?

Postby Baidhya » Fri Jul 13, 2018 5:13 pm

But I was wondering whether having different tax rates will have an implication on my purchase?

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

Re: How much an Australian citizen in US borrow?

Postby Otto Dargan » Fri Jul 13, 2018 6:22 pm

Hi Baidhya,

Some lenders will use the American tax rate, as opposed to Australian tax rates, which can greatly improve your borrowing power.

Fortunately, we know some banks who’ll use the US tax rates and this can increase the amount you can borrow. If you can provide sufficient documents to prove your foreign income, such as recent payslips or tax returns, then you can easily borrow 90% of the purchase price.

We’re experts in home loans for Australian citizens living in the United States. Call us on +61 2 9194 1700 or complete our free assessment form today, and find out how much you can borrow.

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

Baidhya
Posts: 9
Joined: Tue May 29, 2018 2:43 pm

Re: How much an Australian citizen in US borrow?

Postby Baidhya » Fri Jul 13, 2018 10:36 pm

Hi Otto, thanks for the bunch of 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 13 guests