All Topics / Finance / Non Resident loan

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of ekronekron
    Member
    @ekron
    Join Date: 2007
    Post Count: 4

    I am an Australian resident that owns investment properties in Australia. I am currently a non-resident for tax reasons as I am currently working under residency in the Middle East. I want to buy another property in Australia. Will banks recognise my employment contract. Am I able to purchase property as a non-resident. I am planning on coming back to Australia next year. However I plan to take a few months off there for getting a loan with no job when I get back will be near on impossible. Tricky situation would appreciate any in-site.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Yes many banks, most probably, can lend to Aussie's working overseas. I have found St George to be one of the best for this, and think they can lend up to 95% from memory – maybe even 100% if you own other property.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Yes both SGB and ANZ will go to 95% for expats and the full range of product suite is available.

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

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of BMW330CiBMW330Ci
    Participant
    @bmw330ci
    Join Date: 2006
    Post Count: 37

    sorry to hijack the thread – but quick question:

    Is there ANY lender outhere irrespective of the % rate, that will lend more than 80% for a non-permanent resident working in Australia. They will be eligble October this year to apply for permenant residency, but in meant time they are on working-visa.

    Anyone?

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Not that i am aware of off the top of my head.

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

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    I agree with Richard – no lenders or mortgage insurers for LVR > 80% to non-perm resident.

    Cheers

    Stuart

    Profile photo of Joseph12Joseph12
    Member
    @joseph12
    Join Date: 2008
    Post Count: 57

    I think non-resident loans can only be full doc.

    Please correct me if i am wrong.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    No there are a couple of lenders that offer lodoc / nodoc non resident loans.

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

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of Joseph12Joseph12
    Member
    @joseph12
    Join Date: 2008
    Post Count: 57

    Ok thats for the correction.

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