Temporary Resident Home Loan up to 95%...

...To Date a 100% Success Rate!!!                         

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MAP is often contacted by Australian temporary residents / non residents (typically those on defacto visas) wanting to borrow over 80% of the purchase price.  They have usually approached their own bank and may be one or two mortgage brokers and have been advised that their maximum lend is 80%

MAP specialises in assisting these temporary residents / non residents with organising home loans to 95% where they are purchasing with an Australian Citizen or Permanent Resident.  We can organise finance up to 15% higher than our competitors because we specialise in temporary / non resident mortgages.  

NOTE: If you are on a 457 visa and not purchasing with an Australian Citizen or Permanent Resident then the maximum LVR is 80%. No FIRB approval is required if you are purchasing an owner occupied property.

At first Temporary Residents are a little concerned that there must be a catch i.e. higher interest rates, fees and risk.  MAP will only recommend products that are competitive and suitable to our clients needs.  During our initial contact we discuss in depth the lender products, costs and rates to help you understand your options.  

What does this mean to you as a temporary resident / non resident?  

1. MAP still assists those temporary / non resident borrowers wanting to borrow 80% or less.  Our expertise is still relevant here as each lender has its own policies, rates and fees etc
2. Contributing 20% plus cost may or may not be possible for many.  It may be that you have the required funds to borrow at 80%, but this would leave you with limited funds in case of an emergency or as a buffer.  Exploring loan structures over 80% provides you with a more complete understanding of your loan options.   
3. Using MAP improves the chances that your loan will be approved.  We will not submit an application without being sure that it meets the lender/s credit policy.  However, there are some things we cannot control e.g. the valuation and suitability of the property being purchased.

Below is an example loan scenario for a purchase of $500,000 residential property in NSW at 80% and 95%.  Please note that the below figures are estimates only.  The 95% structure may not be suitable but 85 - 90% may make a significant difference to your finances. 

Frequently asked questions?

Q. How can MAP organise a loan over 80% when no one else can? 

A. MAP specialises in non resident / temporary resident loans for those purchasing with an Australian Citizen/Permanent resident.  Most brokers do not specialise in non resident / temporary resident loans and therefore have not been prepared to take the time to investigate all possible lending options.  

Q. When borrowing over 80% does the lender/s vary their products, interest rates or fees?

A. There is no differentiation between products and rates when lending over 80%.  The only difference is that lenders mortgage insurance is charged when borrowing over 80%.  

Q. What is the Maximum loan to value ratios I can borrow?

A. Up to 95% (max loan amount $1m) or up to 80% (in excess of $1m).  To calculate the loan to value ratio (LVR/ LTV) divide the required loan amount by the purchase price.

Q. Why is it difficult to borrow over 80% even though I am in stable employment etc?

A. Australian lenders have to comply with the policies and guidelines set by their lending mortgage insurers.  Most standard loans are insured when the loan to value ratio is greater than 80%.  It is the mortgage insurers who have imposed the limit of 80%.

Q. How often do I pay Lenders Mortgage Insurance (LMI)?

A. Once.  LMI is deducted at time of settlement.

Q. What are the main requirements for lending over 80%?

A. An applicant must be in stable employment; preferably in a profession; with a strong asset to liability position and 5% genuine savings. 

Q. What costs must I cover?

A. Costs can be divided in to 3 main areas

i. Lender - application fee and lenders mortgage insurance

ii. Government - mortgage registration, land transfer, stamp duty on the purchase price and possibly the loan amount

iii. Miscellaneous - legal (solicitor / conveyancing), building and pest, home insurance etc.

Q. Can the lenders mortgage insurance be added on to the loan?

A. Yes.    

Q. Can I apply for the First Home Owners Grant?

A. Possibly.  At least one applicant needs to be a permanent resident of Australia or Australian citizen  .

Q. What does MAP charge for this service?

A. MAP does not charge clients for our service.  MAP receives a commission from the lender should your loan settle.  Please note that using our services does not impact the fees or rates charged by the lenders.

What to do next?

• Complete our Quick Enquiry form at the top of this page.
• Follow the link to our Contact Us page to provide more detail about your circumstances