07 Mar 2022

Non-Resident Loans: The Basics

Non-Resident Loans

Australia, like other countries, has a healthy immigrant population. For Australia, it stands at almost 30% or 7.6 million people. Individuals move around the globe for different reasons. Sometimes their companies relocate to another country. The opportunity is so great that they make the move too.

Moving from one country to another gets tricky. You might have to learn a new language. Plus, you must learn a new culture. On the practical side, individuals must figure out the basics of living in their new surroundings including banking and other financial aspects.

If you move to Australia and require financing to purchase a home or bit-ticket item, you can apply for non-resident loans. As a non-resident, you pose a risk to the lender. If you find yourself in Australia for a long-term career opportunity, no guarantee exists that it will remain long-term. Long-term contracts can easily turn into short-term stints. This puts the lender on the hook for your outstanding debts if you must leave suddenly.

Mortgage House is a non-bank lender that issues loans to non-residents. If things go well, you can also apply for our Mortgage House car loan. Keep in mind that non-residents do face higher interest rates. Our loan specialists can discuss these details with you. Once everyone is on the same page, we can discuss methods that help cut down costs. 

Non-Resident Loans Conclusion

Foreigners who seek to finance a property purchase or other big-ticket item can apply for non-resident loans. Mortgage House specialises in several loan products. Contact our loan specialists to discuss your options.

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