HOW MUCH CAN YOU BORROW?
- In most case, you can borrow up to 80% of property value.
- In some case, you can borrow up to maximum 95% of property value.
- This depends on various factors such as where you are living, your citizenship, and your current visa type.
FEATURES OF NON-RESIDENT LOAN:
- Minimum loan of $100,000
- Interest only loan with maximum of 15 years
- Fixed rate loan with maximum of 12 years (15 years if you are Australian citizen)
- Maximum loan term is 30 years.
- A professional package discount may be available.
- A construction home loan may be available.
WHAT DO BANKS THINK?
- They consider foreigners as high risk, so if you do not have a strong case, a decline is very likely.
- Australian expats, temporary residents and foreign investor may have restrictions on borrowing limit and may need extra supporting document.
WHAT SHOULD YOU KNOW?
There are rules for foreigner investing in Australia. In some cases, you may need an approval of Foreign Investment Review Board.
AUSTRALIAN PROPERTY FOR FOREIGN INVESTORS
With a growing economy, many foreigners are looking to purchase a property in Australia either for residence or for investment. It is good to speak to an experienced mortgage broker to help you access loan finance and talk to a real estate agent to help with buying process.