Forums / Getting Technical / Finance / Can I get finance for Aust. property while in UK?

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  • Profile photo of hanstarhanstar
    Member
    @hanstar
    Join Date: 2005
    Post Count: 3

    I am relatively new to this scene and I am trying to find out (without actually applying for a loan) whether or not I will have difficulty obtaining an AUD loan for Australian property whilst I am living in the UK (i.e. are there any restrictions on temporary UK residents)?

    I would very much appreciate any feedback that anyone can give me.

    Hannah

    Hannah Stark

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Hannah,

    If you earn enough and have a suitable deposit then you will have no problems.

    I have done several expat deals in the last month and there are some lenders better than others [biggrin] This is the case for all the different borrower scenarios tho so don’t let it worry you.

    Find yourself an experienced broker who has done this before and you will be fine.

    All the best,

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

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

    I am in the UK and agree with what Mortgage Hunter has said the only problem i have found is that every time i want to sign for the loan i have to fly to Australia to do this in person as i am not a resident.
    This is the same with my own bank Westpac back and forwards so i try and do a couple of properties at the same time.

    Good Luck,
    MGR

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    MGR

    Being an ex Pom who does a lot of loans for overseas residents I can assure you if that is the case with Westpac they are an exception to the rule.

    One easy answer is move lenders.

    Cheers Richard
    Ph: 07 3720 1888
    [email protected]
    http://www.yourstatefinance.com

    Specialising in US & IP finance.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    MGR

    Being an ex Pom who does a lot of loans for overseas residents I can assure you if that is the case with Westpac they are an exception to the rule.

    One easy answer is move lenders.

    Cheers Richard
    Ph: 07 3720 1888
    [email protected]
    http://www.yourstatefinance.com

    Specialising in US & IP finance.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of slesle
    Member
    @sle
    Join Date: 2005
    Post Count: 19

    Thats crazy having to fly back to sign up…….I agree with the others – swap banks, I know for a fact ANZ does not require you be in the country to sign docs.

    Cheers
    Matt

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

    Thanks for the info i will give ANZ a try i am getting a bit sick of coming 26000miles to sign a 100point ID check.
    That is why it is more frustrating i have Fax indemnity for all transactions but to open a new loan account or refinance existing projects even to to open a new savings or transaction account i have the same problem fly over to your branch you soon get sick of it.

    I did try some other firms a year ago but found a poor reception as i was overseas, would i be better off finding a decent Broker instead of doing things myself.

    Profile photo of alexleealexlee
    Participant
    @alexlee
    Join Date: 2004
    Post Count: 46

    Having a broker is great, especially if you’re in the UK: they can operate in the bank’s time zone.

    I bought Australian property while I was working in Japan. I got the loan through ANZ (via my mortgage broker) and I had to have my signature witnessed by the Australian consulate in Tokyo. They charged me A$20 per signature, but I suppose that’s a lot cheaper than flying back.
    Alex

    Profile photo of meilin08meilin08
    Member
    @meilin08
    Join Date: 2005
    Post Count: 96

    We are Australians working in Singapore and have not had any problems with getting loans for our properties.

    We deal with the Commonwealth bank direct. They just send out the documents – we go to the Australian High commission to get the documents witnessed – $24 a signature. Easy!

    Mei

    Profile photo of SebastianSebastian
    Member
    @sebastian
    Join Date: 2003
    Post Count: 55

    Hey Everyone,

    I understand that whilst living OS Australian Banks will only finance 80% LVR on Australian properties. Is this correct?

    Thanks

    Sebastian

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    No Sebastian it is not.

    95% is available although you will incur LMI.

    Cheers Richard
    Ph: 07 3720 1888
    [email protected]
    http://www.yourstatefinance.com

    Specialising in US & IP finance.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of slesle
    Member
    @sle
    Join Date: 2005
    Post Count: 19

    Sebastian,
    To clarify typical policy is no LMI to non-residents or non-citizens of Australia. If you are not either of these you need to apply for foreign investment review board approval and max LVR is 80%. However if you are one of the above its 95% as Richard has stated.
    Cheers
    Matt

    Profile photo of SebastianSebastian
    Member
    @sebastian
    Join Date: 2003
    Post Count: 55

    Matt & Richard, thanks for your replies.

    OK, sounds good… I am an Australian citizen but will be relocating to UK next year. Now will any bank that offers 95% or 90% LVR lend to an Aust citizen living overseas at the same LVR, or are some banks better to work with while in this situation then others?

    Thanks

    Sebastian

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    Sebestian

    Yes 90/95% is achieveable. Some lenders will factor in a currency risk variation when calculating your serviceability but will certainly consider such an application.

    Some are easier to work with over others.

    Cheers Richard
    Ph: 07 3720 1888
    [email protected]
    http://www.yourstatefinance.com

    Specialising in US & IP finance.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

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