3 Easy Ways To Make TOP QUALITY RESIDENCES Faster

Just because you are a non resident of Australia will not mean you cannot purchase property in Australian and arrange mortgage finance for that purchase. Whilst mortgage approval criteria for non residents is stricter than for permanent residents/citizens, with the proper advice the process does not need to be that difficult.

What is a non resident for the intended purpose of this article?

A non resident can be divided into three broad categories;

1) Temporary resident currently residing in Australia without a permanent resident visa,

2) Australian Citizen living overseas (Australian Expat), or

3) Foreign Citizen living overseas.

Each one of these categories calls on completely separate policies, rules and procedures from both a legislative perspective and a banking perspective. Each category is dealt subsequently below.

1) Temporary residents currently residing in Australia without a permanent resident visa:

Temporary residents of Australia can be approved home loan finance for their purchase. Whilst some lenders won’t lend to temporary residents there are many that will and therefore the key to getting approved is applying with the right bank!

Temporary residents can be approved around 95% if purchasing with an Australian citizen, NZ citizen or a permanent resident. If however all applicants are non residents a maximum LVR of 80% applies and a 20% deposit plus costs like stamp duty and legals is required.

2) Australian Citizens Living Overseas MORTGAGE LOAN:

Australian citizens living abroad may also be approved home loan finance even though not resident in Australia. The utmost LVR is 95% therefore a 5% deposit plus costs is required. However, 95% LVR is quite difficult to obtain with the banks being convenient at the 90% LVR mark requiring a 10% deposit plus costs.

Ki Residences Singapore Please note that Australian Permanent Residents living overseas are not treated like Australian Citizens living overseas and fall under category 3 below UNLESS purchasing with an Australian Citizen.

3) Foreign Citizens Living Overseas Mortgage:

Foreign citizens living abroad (including Australian permanent residents living overseas) are limited by 80% LVR thereby requiring a 20% deposit plus costs.

What is required to get yourself a mortgage loan approved as a Non Resident?

Normal lending policy applies regarding income, stability of employment, asset position and clear credit history. The only difference is LVR limitations with non residents being necessary to stick to an LVR of 80% for some lenders. As above though, 90% and even 95% can be acquired for non residents providing the application form is lodged to the right bank with favourable non resident policy.

Craig Vaughan is really a Non Resident Home Loan expert. His company MAP HOME LOANS specialises in mortgage loans for Australian citizens living abroad in addition to temporary residents surviving in Australia. If your house loan has declined or you have already been told that a maximum LVR of 80% applies, contact MAP to see if they can assist you obtain a mortgage.