MAP is often contacted by Australian citizens living abroad or by their partner/family members living in Australia who would like to purchase a property in Australia in joint names and arrange home loan finance. One applicant is an Australian Expat living and working overseas while one applicant is an Australian Citizen, permanent resident or temporary resident residing in Australia.
The most common scenarios are:
1) Australian Citizen working overseas such as in Papua New Guinea (PNG) on a fly in, fly out basis. In this situation the expat is earning the local foreign currency and their wife/partner is living in Australia earning Australian dollars,
2) Australian Citizen on secondment to the United Nations (UN) or perhaps another division / subsidiary of their Australian employer but have left their family back home to avoid any disruption,
3) Friends or family who want to combine incomes and deposit to purchase a property together in Australia whether as an owner occupier or investment property,
4) Divorce proceedings in situations where a family member might be getting a divorce but wishes to keep their family home. They may not have enough income in their own name to be able to afford the home loan by themselves so their sister/brother or family member living overseas will come onto the loan to assist with servicing,
5) Working as a defence contractor or for the Australian Defence Force where family have remained in Australia.
There are just some examples of clients that MAP has assisted recently in situations where the borrowers are not living in the same country - particularly where one applicant is living in Australia.