An Australian expat looking for a home loan

[Rushma99]

Hello,

I’m an Australian citizen currently living and working in Beverly Hills as a tech analyst for a software firm for the past 5 years. I’m here for a project that is ending in a few month’s time, after which I’m planning to move back to QLD. I’ve been doing some house hunting and have found a nice place around Brisbane. I’ve also been hired for a similar post in another tech firm once I get back.

I wanted to know if I could get a home loan if I’m coming back from a different country.

Any information would be appreciated.

P.S. I earn in USD.

[Otto Dargan]

Hi Rushma,

Welcome to the forums.

Australian citizens living overseas can borrow up to 90% of the property value.

Since you earn in United State Dollars (USD), there is a good chance that we will be able to get you approved for a home loan.

Please note that you’ll still need a 10% deposit in genuine savings plus extra funds to cover property purchasing costs including stamp duty, legal fees, mortgage set up costs and Lenders Mortgage Insurance (LMI).

Please call us on +61 2 9194 1700 or complete our free assessment form and we can tell you if we can get you approved.

Cheers,
Otto

[Rushma99]

Hey,

Thanks a lot for being so cooperative. Can you also guide me through how I can prove my income? What documents do I need to present exactly?

[Otto Dargan]

Hey Rushma,

You will need to provide your most recent first payslip and a letter from your employer.

Most lenders will also require three months bank statements that show your salary being deposited into your account.

Cheers,
Otto

[Rushma99]

Hey! Thanks. One more question! As someone who has been working outside Australia for 5 years, will I have to pay a higher interest rate? And is there any way that I can borrow the full sum of the property?

[Otto Dargan]

Hey Rushma,

Unless you can’t provide evidence of your foreign income, you don’t need to worry about paying a higher interest rate.

And you can borrow up to 110% of the property value with no deposit and no Lenders Mortgage Insurance (LMI) if your parents own a property in Australia and they’re in a position to act as a guarantor for your home loan.

Cheers,
Otto

[Rushma99]

Oh! Thanks for the help. I’ll ask my parents if they are up to act as my guarantors and hopefully get back to you by the end of the week.