All Topics / Help Needed! / Non-Resident Mortgage

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of neikoneiko
    Member
    @neiko
    Join Date: 2004
    Post Count: 2

    Hi All,

    I am a UK resident living in Oz for past two years on a business visa, I would like to start my investment portfolio by purchasing a property here in Melbourne, I am unsure how being a non-resident will affect me, does anyone have any ideas?

    Many thanks!@

    Nico

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493

    You will be restricted to Foreign Investment Review Board approved properties unless you are, or become a resident. These are usually all new properties and few older ones. More information about this can be obtained by going to:

    http://www.firb.gov.au/content/default.asp

    Also, the amount you can borrow against a property will be severely restricted as your income will not be derived from Australia (when you go back). Usually around 70% of the purchase price can be borrowed.

    Various lenders will accommodate your needs though.

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of mgrmgr
    Member
    @mgr
    Join Date: 2004
    Post Count: 50

    HI Nico,

    I am a UK resident back here in the UK I have had no trouble getting 80-70% IP mortgage loans through westpac with no problems and they have taken good care of me making sure i have not been ripped off.

    Hope its of some help.

    mgr.

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493

    mgr,

    Tell him your interest rate.

    Westpac are not the most competitive when it comes to international investors.

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi Nico,

    My brother has had some experience with writing loans for overseas clients. He is in Melbourne also. If you would like to speak to him PM me your contact details and I’ll get him to call you.

    Regards
    Alistair

    Profile photo of neikoneiko
    Member
    @neiko
    Join Date: 2004
    Post Count: 2

    Thanks everyone for your advice so far, this is a great forum, I appreciate it!

    Mgr, your comment on interest rates is important to me, I don’t want to pay a high rates just because I am a non-resident. I want to maxamise my profits, so the lower rates is what I am hoping for. By the way, I do not have any intentions on leaving Australia, I will hopefully be a resident one day, just not yet…

    I will chack out the FIRB also, thanks!

    Nico

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi Nico,
    You should have no trouble obtaining finance,
    St George will finance non-residents up to 80% LVR, Normal fees and interest rates apply.

    Regards
    Steven
    Mortgage Broker
    Mobile Mortgage Market

    [email protected]
    http://www.mobilemortgagemarket.com.au
    Ph:0402483216
    Ph:1800 820 500
    VICTORIA

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

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