Non-Resident Loans

Non-Resident Home Mortgage Loan

Australia is filled with expats, foreign nationals and residents here just for the short term. Due to this, the process for non-resident mortgages in Brisbane is slightly different. It’s important to be aware of a number of key aspects and at Hunter Galloway, we can help you with this process.

Understanding the property market in Australia is key to buying and making a serious commitment. Once you have a clear understanding of this, the next thing you need to know are the rules for foreign investors in Australia. This information can be found under the Foreign Investment Review Board (FIRB). This process is where applicants apply to be assessed by the Australian government in order to invest or buy a home in Australia.

Temporary residents and foreign investors will be required to make this application. On some occasions there are exceptions for foreign citizens including if the property was inherited or the developer has obtained an exemption certificate for the new property, other exceptions and details can be found in full on the government departments website here.

Note: Those who are Australian citizens, permanent residents, New Zealand citizens or temporary residents purchasing with an Australian citizen spouse are not required to get an FIRB approval.


Home Loans and Investment Loans

Australia provides foreigners different types of loans depending on circumstances. Citizens of New Zealand’s eligibility are different to foreign citizens who are simply working in Australia.


How much can I borrow?

As with all circumstances your borrowing eligibility is determined by your personal circumstances. On average, in Australia when buying real estate the borrowing capacity is about 80% of the property value, however in some circumstances, it can go up to 95%. This is determined by your living circumstances and citizenship. The team at Hunter Galloway will be able to clarify your borrowing capacity with you.


Non-Resident Mortgage Loans

On some occasions, banks will offer the same loan features for non-residents as they do for standard borrowers, our team will be able to advise you on this. Generally, the standard non-resident mortgage features include:

  • 30-year maximum term loan
  • 100% offset available
  • No limit to maximum loan size
  • 15 years maximum interest
  • Maximum LVR – determined by your situation
  • Minimum loan size $100,000

These features heavily depend on your lender, therefore speak to Hunter Galloway so that we can find you the best loan options with flexible policies to suit your requirements.

See also: How to get a Home Loan on Contractor Income


Why invest in Australian property? Which lender should I choose?

Australia’s booming economy, great lifestyle and choice of locations leave it to be a perfect place to invest in. If you’re looking at buying a house in Australia and are from overseas, speak to one of our non-resident mortgage brokers.

The point of difference about Hunter Galloway is that you’re not just another number. Our team work hard to create a strong, trustworthy relationship with only your interests in mind. We can help you through the buying process from start to finish and provide an extensive network of contacts in Queensland. We will assess your application and ensure that it is correct the first time around so that you won’t waste time going back and forward with repetitive and confusing applications.

Chat to one of our experts today on 1300 088 065 or email us here.