I would like to refinance my IP in Australia, but I currently only have an overseas income and just the rental income in Australia. Would an Australian bank or lending institution accept my overseas salary and contract, provided that servicability and 80% LVR is fullfilled? Is there anyone out there in a similar situation? I would greatly appreciate any input.Many thanksHoBe
Hi Hobe
Yes expat loans are relatively standard although not all lenders will accept them.
In most cases your overseas income is converted to Aus $ and normal serviceability criteria applies.I have done loans for clients all over the world so as long as your income can be verified the rest is relatively easy.
Terms and conditions do however vary so shop around.Richard Taylor | Australia's leading private lender
Hi Hobe,
I've just been through this myself in the last month, and this is definitely possible. However, the LTV and interest rates offered vary enormously between lenders. Do research, and you'll be fine. I suggest you find a broker who specialises in non-resident lending as they will know how to present your details in the most positive way.
Contact me directly if you would like details of brokers we have used.
Cheers,
Scott.
Hi HoBe,
I have been working overseas for OS companies for around 12 years. I have not had any trouble using my OS income for obtaining loans but have always needed to provide 20% equity. The process has been pretty similar to obtaining loans using Australian income. I have actually done the majority of my loans through banks and online.
cheers
KensingtonSeveral lenders will go upto 95% LVR for expats so there is no barrier at 80%.
One of the 2 main MI companies will provide cover on these loans so 95% is quite achieveable.
Richard Taylor | Australia's leading private lender
That's great news. Many thanks for your comments.All the best HoBe
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