This page is Mortgage information for Non Residents who are looking to buy property in Australia and arrange a mortgage to assist with the purchase. The banks, credit unions and building societies in Australia define Non Residents as;

 

     1. Mortgage for Non Residents living and working in Australia

     2. Non Resident Australian citizens living overseas

 

Each one of these non resident classes invokes different lending policy by the Australian home loan lenders and is discussed in detail below.

Non Residents living and working in Australia (sometimes referred to as temporary residents) are those here without permanent residency ('PR') typically on a 457 visa, student visa or a spouse visa. Most banks and lenders perceive these non residents as high risk, essentially worried about what happens to a 30 year mortgage if the borrower is only here on a 3-4 year working visa. No bank wants to be left holding a property to sell and as such have tighter lending criteria for non residents. 

 

This does create a lot of confusion out there amongst banks and mortgage brokers which ultimately leaves the prospective non resident  borrower confused about whether they can realize their dream and purchase their own piece of Australia. You may have already approached one or two lenders or mortgage brokers and been advised that you are not eligible, require a bigger deposit or a different type of visa. 

 

This is why MAP specialises in this area and can advise that it is possible for non residents to obtain a non resident mortgage through a select handful of lenders that understand non residents. These lenders appreciate that most will achieve permanent residency or an extension to their existing visa so they are not going to be left holding a property with the borrower having left the country!

 

The key to getting your non resident mortgage approved is applying to the right bank rather than going from one bank to another incurring multiple credit enquires on your credit file trying to find the bank that will lend to you. It is vitally important that you apply to the right bank for your non resident mortgage the first time (or at worst the second time) keeping credit enquiries to a minimum.

 

This is where MAP can assist. MAP specializes in Mortgages for Non Residents ensuring that you are aware of which lenders will lend to you given your situation and then working out the best deal for you from that list of lenders. 

 

For information on how much you can borrow as a non resident living in Australia please click here.

 

Non resident Australian Citizens (also known as Australian Expats) are those Australian citizens living and working overseas earning a foreign currency. Most banks, credit unions and building societies consider  non resident Australian citizens living overseas as too risky and will outright refuse to lend to them. This is because it is difficult for them to verify your income, identification, tax liability and overseas credit history. Sometimes however it is not the risk that turns lenders off but rather the practical issues in that they do not understand overseas payslips, financials or even something as simple as converting foreign currency into AUD.

 

There is however a handful of lenders that will assist with your purchase despite the fact you are living and working overseas. They all have different non resident mortgage lending criteria which differs widely and this is why MAP has decided to specialize in this area. 

 

Mortgages for non resident Australian citizens living and working overseas are most definitely available to 95% LVR. The key to getting approved is applying with the right lender the first time (or at worst the second time) and this is where MAP can assist. We will discuss with you your financial situation and requirements and then advise which lenders are available and make a recommendation based on the best deal for you.

 

More information on mortgages for non resident expats here.