Australian Mortgages: 5 Important Tips For Non-Residents
The mortgage landscape in Australia may differ to that of your own country. The laws and regulations are different and the process itself may involve steps you are unaware of and unprepared for.
Here are five tips to help you on the way to owning your own Australian property or real estate.
1. Make sure you prepare all necessary documents
When applying for a loan you need to make sure you have all your documents prepared such as tax returns, payslips or an employment letter, and bank statements.
As you are not an Australian resident you may also need other things such as your passport and proof of your visa status.
If you do not provide these documents the banks are unable to assess your situation and will decline your application.
2. You will need Government approval
Australian Citizens and permanent residents do not have to apply for approval. However as a non-resident or temporary resident you need to contact the Foreign Investment Review Board (FIRB) to obtain permission to purchase Australian real estate.
3. Have your loan pre-approved!
Pre-approval is very important as it removes a lot of risk when looking for a home. Without pre-approval you do not know whether you are eligible to borrow. You may end up spending a lot of time searching, only to miss the property you desire because your loan application did not go through in time or is declined altogether.
4. Have the right professionals ready to help
Without the right help buying property in Australia can be next to impossible. A conveyancer is needed in order to transfer title (ownership) of the property. Remember that your conveyancer must be licensed in the same state as the property..
You can also use a solicitor, however be aware that unlike a conveyancer, they may not specialise in the laws and regulations that surround the purchase and sale of a home or investment property.
5. Apply through a mortgage broker!
As they work with many different banks and lenders, a broker can pick and choose who to apply to. They know their lending policies, and can determine whether or not a specific bank will decline your loan.
Once they have determined the best lending candidate they mediate for you. Not only do they apply where you are most likely to be approved, more lenders to apply to means they may also be able to find you better deals with lower rates.
For most residential loans their services are also FREE as the lenders, not you, pay mortgage brokers for their services.
A mortgage broker is basically essential to the process. You can apply directly to a bank yourself, however brokers offer you a far greater chance of approval and of a better deal than if you apply directly to a bank or lender.
Apply online today!
Are you a foreigner or expatriate looking to finance property in Australia? You can find out more in the non-resident mortgage section of our parent website, the Home Loan Experts.
Do you have a property in mind? Then contact us today on 1300 363 843 (+61 2 8668 4038 when outside Australia), or enquire online.
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