If You Have No Residency Status in Australia and Want to Invest in Property, We Can Help You With A Non-Resident Home Loan
- Fast turnaround time
- Guide you from preapproval to settlement
- Borrow up to 95% of the purchase price
- No cost, no obligation service
Non-Resident Home Loan
Australia is a popular country for property investors from all over the world. A common question from overseas investors is whether Non-Residents can get a loan to buy properties in Australia. The answer is, “Yes, you can.” Non-residents are Individuals who have a Temporary Visa or are citizens from another country and are living overseas. Read our guide on finance for non-residents.
There are, however, additional fees to pay when purchasing a home with a non-resident home loan. These fees were introduced in July 2015 as a way for the Australian Government to protect its citizens from rising house prices due to foreign investors. The fees applicable for non-resident buyers include:
- Foreign Buyer Stamp Duty / Surcharge
- Foreign Investment Review Board Application Fees
These fees will vary depending on the state where you are buying and the purchase price. We can provide an estimate of the funds needed to proceed with a loan application.
The maximum lending (Loan Value Ratio) for non-residents is 70%. You will need additional funds to cover all government fees plus a 30% deposit. If you’re asking, “Can I buy a house in Australia as a non-resident?”—the answer is yes, and we can assist you whether you work for a company or have your own business.
Why use a Specialist Non-Resident Home Loan?
Bank policy on non-resident home loans is a minefield, with competing lenders applying vastly different credit policies and home lending criteria. This variation in lending criteria can result in one bank approving the home loan for non-resident Australia, while others may decline the application, reduce the loan amount, or require a larger deposit from the borrower.
For example, some lenders will:
- Only lend to expats currently residing in a country that has an Australian Consulate,
- Only lend to Australian residents or citizens abroad who are earning a particular currency,
- Not lend to non-residents at all,
- Apply Australian taxation to expat income for servicing purposes and discount for currency fluctuations.
This is where Professional Home Loans Brokers can help. We understand the complex non-resident lending policies and requirements for all Australian banks and non-bank lenders to ensure that your home loan in Australia is approved the first time and at the best available interest rate.
There is no cost for our service and absolutely no obligation.
Contact us online or call 1300 55 44 97 today to learn how we can answer all your questions about getting a home loan on a Temporary Visa!
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Working with Michael as our mortgage broker was an absolute pleasure. He was extremely knowledgeable and went above and beyond to make sure we received the best mortgage for our needs. Michael’s communication was exceptional, keeping us informed and updated throughout the entire process. He made what can be a stressful time, a breeze.
With me being on a visa, I was told it was impossible for my partner and I to get a loan. Michael came in and told us he would be able to get our loan approved despite my visa status and safe to say he did not disappoint!
We highly recommend Michael for anyone in need of a mortgage broker. Thank you, Michael!
Komal
“You not only got the loan approved on time, but at a better rate! You are professional, honest, dedicated & obviously love what you do-your passion shines through & I look forward to doing all my loans through you from now on!”
Linh
After having two other brokers tell us that we had to be in Australia with proof of payslips to buy a house, we had lost hope of buying from NZ before moving over. Thankfully we found Professional Home Loans online! Michael has been amazing from start to finish. His replies to my emails were always prompt and he managed to sort an issue with our paperwork before settlement. We are very grateful for Michael’s hard work. Without it we likely would have given up on our dream of moving to WA as it would have been tricky getting a rental with pets, especially during a rental crisis.
Melanie Downers
Great service, always attentive and let us know what would happen, how it would work, what was required etc. Tom goes the extra mile and is always available on the phone or email at anytime to explain things. Phenomenal Service. You won’t get better (Although first house purchase in Australia, this is my 4th house purchase and the best service yet by far!)
Peter