Non-Residents Get Loans in Australia Non-Residents
In general, if your client is a non-resident, they are eligible for home loans in Australia. Depending on their circumstances, they will most likely fit into one of the following categories:
- Australian citizen currently living overseas
- Australian permanent resident
- New Zealand citizen
- A foreign citizen living overseas
- A foreign citizen living here on a working visa
- A foreign citizen living here on a temporary visa
- A foreign citizen living here on a spouse visa
- A foreign citizen living here on a student visa
Most likely, if your client fits into one of those categories, they can borrow up to 80% of the property’s value. Depending on their visa terms and where they live, they may be able to borrow up to 95%.
Non-Resident Mortgage Features
In general, non-resident mortgages offer the following features for your client:
- Minimum loan size of $100,000
- Interest-only for a maximum of 15 years
- Fixed rates for a maximum of 12 years, unless your client is an Australian citizen, in which case it’s 15.
- Maximum loan periods of 30 years
- Construction home loans
- Extra repayments
- Redraws
- 100% offset accounts
What Documents Will My Client Need to Provide?
If your client has just moved to Australia and is on a visa, they will need to provide:
- Proof of a visa
- A copy of their passport if they are a New Zealand citizen
- A marriage certificate if your client is an Australian citizen and is married to a temporary resident
If your client is living overseas, they will need to provide:
- If they are an Australian citizen, a copy of their Australian passport
- If they are a foreign investor, a copy of their passport
- Proof of income
If your client is a non-resident of Australia, you must consult with a specialised broker focused on non-resident home loans. The brokers at Mortgage Street understand non-resident home loans and can provide your client with a home loan with the best interest rates, terms, and features.