Expat Home Loans
Your Gateway to Expat Home Loans in Australia
Are you an expatriate dreaming of owning a piece of Australia? At RateBuster, we understand the unique challenges faced by expats and non-residents when it comes to securing a home loan. That’s why we’ve curated an extensive range of Expat Home Loans tailored just for you.
Navigating the Australian mortgage market can be complex, especially for expatriates. Our team at RateBuster brings a wealth of experience and expertise in sourcing the best home loan deals for expats and non-residents. We’ve done the legwork, so you don’t have to.
How does it work?
Lenders tend to be more amenable to borrowers with PAYG income, whereas there is a limited pool of lenders willing to consider those with self-employed earnings. It’s important to note that loans are strictly intended for investment purposes.
Typically, lenders extend similar interest rates and fees to Australian permanent residents, though there may be exceptions with some charging higher interest rates. Additionally, the currency in which your income is received can impact lender eligibility, as certain currencies may not be accepted by all.
Moreover, a prevailing requirement among most lenders is the establishment of a Power of Attorney (POA) with a designated individual based in Australia.
How Much can Expats Borrow?
Expatriate borrowers relying on PAYG income might have the option to secure loans of up to 90% of the property’s value. This implies that borrowers will need to provide a minimum 10% deposit along with additional funds to cover ancillary expenses like stamp duty, conveyancing fees, and Lender’s Mortgage Insurance (LMI).
For borrowers with self-employed income, their applications will undergo individual evaluation. It’s worth noting that not all lenders entertain self-employed income, and those who do often stipulate the need for larger deposits. In such cases, it may be possible to secure loans ranging from 70% to 80% of the property’s value.
In most cases, lenders typically mandate that deposits be sourced from genuine savings.
Key Features of Expat Home Loans on Ratebuster
1. Competitive Interest Rates: We understand the importance of a favorable interest rate. Our platform helps you compare rates from various lenders, ensuring you get the best deal available.
2. Flexible Repayment Options: Tailor your loan to suit your financial circumstances. We provide options for both principal and interest repayments, as well as interest-only payments.
3. Loan Terms to Suit You: Choose from a range of loan terms, allowing you to find a plan that aligns with your long-term goals.
4. Borrowing Capacity Assessment: We help you understand how much you can borrow based on your financial situation, ensuring you’re well-prepared for the purchasing process.
Things to Consider as an Expat
The evaluation of your serviceability by lenders may hinge on different factors. Some lenders consider only a portion of your actual income, encompassing bonuses, commissions, and allowances. This percentage can vary widely, ranging from 60% to 100%.
Regarding rental income, lenders typically accept up to 80% of it in their assessments.
It’s crucial to note that lenders apply varying assessment rates. Some may use Australian tax rates instead of those of your country of residence, potentially constraining your borrowing capacity. Additionally, a few lenders may accommodate significant exchange rate fluctuations, although this might affect the amount you can borrow.
When you own an investment property, you’re obligated to continue filing Australian tax returns. This includes reporting all forms of income, such as rental earnings or proceeds from property sales, during tax season.
Which Currencies are Acceptable?
Lenders have specific criteria for accepting foreign income, and not all currencies are universally recognized. Among the most commonly accepted currencies by lenders are:
1) Euro (EUR)
2) United States Dollar (USD)
3) Great Britain Pound Sterling (GBP)
4) Canadian Dollar (CAD)
5) Hong Kong Dollar (HKD)
6) Swiss Franc (CHF)
7) Singapore Dollar (SGD)
8) New Zealand Dollar (NZD)
9) Japanese Yen (JPY)
10) Chinese Renminbi (CNY)
11) Thai Baht (THB)
12) Dubai Dirham (AED)
Navigating the Application Process
Securing an Expat Home Loan may seem like a daunting task, but with RateBuster, it’s a breeze:
1) Compare: Browse through our selection of Expat Home Loans, carefully considering the interest rates, terms, and conditions.
2) Calculate: Utilize our handy loan calculators to understand your potential repayments.
3) Apply: When you’re ready, begin your application process directly through our platform. Our user-friendly interface makes it easy to submit your details.
At RateBuster, we’re more than a comparison website; we’re your dedicated partner in achieving homeownership, no matter where you are in the world. Take the first step towards securing your dream home in Australia by exploring our Expat Home Loans today.
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