Non-Resident Loans in Australia: What You Need to Know
People continue to move from one country to another. Several intend to find a home in the new country including Australia. It’s in the best interest of countries to capture well-qualified home buyers from other countries.
Thus, non-resident loans are available.
The amount a homebuyer can borrow depends on several factors. It’s important to speak with a loan specialist directly to hash out the details. Mortgage House loan specialists remain at your disposal.
In general, most homebuyers can borrow up to 80% of the property’s home value. Homebuyers that remain interested in borrowing more must speak with the loan specialist first. It’s possible to borrow up to 95% of the property’s value.
For example, the terms of the individual’s visa remain important. It determines the length of the loan and other loan terms. The minimum amount that lenders will fund is $100,000. It’s possible to obtain a mortgage with fixed or variable home loan rates. Those who opt for variable rates receive additional home loan features such as extra repayments, offsetting some interest rate costs, and interest-only options.
The biggest risk that comes with a non-resident home loan is that the homebuyer will move again before paying back the loan in full. Keep in mind that the maximum loan amount depends on the location. The maximum loan length depends on the homebuyer’s visa.
Australia Non-Resident Loans Conclusion
Obtaining non-resident loans is possible for well-qualified homebuyers. Mortgage House is among the lenders who provide them. Speak with our loan specialists to obtain more information.