Hello,
I am an Australian citizen living and working in the UK. I am currently employed with a large company as a psychiatrist. I have been out of Australia for almost 5 years.
I want to purchase an investment on the Gold Coast but being away for so long I am unsure what the property market is currently like in Australia.
I am looking at spending 600k on a property and have approx. 150k savings. What kind of lending restrictions do the banks have for someone in my situation? I believe I fall under the Australian expat category.
What would the interest rates be like for an expat? Are there any other restriction in place for my situation or any essential information I will need to know.
Any information would be greatly appreciated!
Thanks
G
Are Australian Interest Rates Different For An Expat?
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: Are Australian Interest Rates Different For An Expat?
Hi G,
I can confirm you fall under the Australian expat category when applying for a loan. You may also want to have a read over our Australia mortgage interest rates page.
Usually expats can borrow up to 80% of the purchase price if they do not have sufficient documentation to prove their income. For those who can move their income are eligible to borrow up to 95% of the property value.
Having the size deposit you do, you could obtain an 80% lend on a loan avoiding any LMI fees.
Interest rates in Australia are currently (14/12/2012) very competitive. At this current time interest rates are as follows:
Average standard variable: 6.40%
Lowest variable rate: 5.40%
3 years fixed: 5.39%
5 years fixed 5.69%
Interest rates highly depend on which lender you choose. If you would like enquire online one of our brokers will be able to discuss the best options available for you.
I can confirm you fall under the Australian expat category when applying for a loan. You may also want to have a read over our Australia mortgage interest rates page.
Usually expats can borrow up to 80% of the purchase price if they do not have sufficient documentation to prove their income. For those who can move their income are eligible to borrow up to 95% of the property value.
Having the size deposit you do, you could obtain an 80% lend on a loan avoiding any LMI fees.
Interest rates in Australia are currently (14/12/2012) very competitive. At this current time interest rates are as follows:
Average standard variable: 6.40%
Lowest variable rate: 5.40%
3 years fixed: 5.39%
5 years fixed 5.69%
Interest rates highly depend on which lender you choose. If you would like enquire online one of our brokers will be able to discuss the best options available for you.
Re: Are Australian Interest Rates Different For An Expat?
Hi Otto,
Thank you for your reply. I did not realise the rates were so low in Australia!
I appreciate your reply and will contact you when I wish to purchase a property.
Thanks
G.
Thank you for your reply. I did not realise the rates were so low in Australia!
I appreciate your reply and will contact you when I wish to purchase a property.
Thanks
G.