Non-Resident Loans: 3 Things to Know About Obtaining One
It is possible to own Australian real estate even though you are not an Australian. You are asked to fulfil a couple of requirements. As long as everything checks out, a property can be yours. Non-resident loans are one financing option.
To understand the ins and outs of obtaining this loan, here are three things to consider.
The Foreign Investment Review Board (FIRB) approves loans for non-residents. Applications that do not meet the requirements are denied. Before applying for FIRB approval, find a property. Then, obtain a mortgage pre-approval. Finally, you can send your application to the FIRB.
Approval from the FIRB depends on several factors. There are high approval rates. To be on the safe side, ask for a clause that lets you out of the home sales agreement in case the application is denied.
Marriage is one reason why people move to Australia. Temporary relocation for a job opportunity is another. Whatever your reason for moving to the Land Down Under, obtain the proper visa. The visa category determines the type of loan you can obtain. Some visas grant you the right to apply for a loan that covers between 80% to 95% of the home’s value.
If work is the reason for your relocation, submit employer and salary documentation, too. Both provide solid proof of income.
Property-Types You Can Buy
Temporary residents qualify to purchase an existing home, vacant land, or new property. Each property can serve as your temporary residence. It can also be used for investment purposes.
Unless there is a sudden change in the laws, the real estate market is wide open for approved temporary workers in Australia.
Non-Resident Loans Conclusion
For more information about non-resident loans, contact our Mortgage House team of lending experts. We’re ready to offer you some solutions. After exploring your situation and financial circumstances, we’ll discuss home loan rates, too.