Hi,
I've come to the point in life where I would like to buy my own house / apartment back in Perth, I do not have a sizeable deposit but getting there.
My income is not accepted in Australia as banks in Australia don't accept foreign incomes (can't do much about it as I live overseas).
I would like to purchase a property through non convential methods, my boundaries are as follows:
1) Weekly disposable income $800 (60%), the other 40% remains for bills
2) Would like to buy in Willetton, South Perth or Fremantle
3) Savings are roughly $17,500
4) Majority of my time is spent abroad on work assignments.Can a institution or an individual help me out?
Camel_81
There are some fantastic products available for people earning income overseas, unfortunately they require significant deposits.
If you saved for another couple of years to have another 80k you could seriously look at a product like this
http://www.exfin.com/foreign-currency-mortgages
Using this type of facility would result in extremely low interest rates (1.68% for USD loans for example).
Another option may be looking for investors that are seeking access to funding in USD but wouldn’t qualify on their own as they don’t have a USD income. They could provide a deposit and you meet the serviceability requirements.
Lets say for example that they have an investment property they wish to fund in USD. You could jointly purchase both that property and the one that you wish to buy for yourself. They provide the deposit and you obtain the loan at 1.68%.
This would ideally work best if there was another sharemarket crash in the next few months which would cause the AUD to crash again. Then you would have huge gains in time as AUD regained strength. This is known as a carry trade. Those people who are lucky enough to have access to finance to do these deals are making a killing at the moment.
Hi Camel,
Are you an Australian Citizen? If so a number of banks will accept your income and will lend up to 90% of the property value to you. However, 90% is the max at the moment.
William Cheng
Hi William
Still the odd lender who will do 95% for an expat.
Camel
If you are a non resident / citizen you will be limited to 80% lend as you wont get mortgage insurance.
Also in WA a Credit License is required to be able to offer you Vendor Finance so probably not going to find a lot of Vendors too keen to make application just to be able to offer you vendor terms.
With more information i can tell you whether and what you would qualify for.
Richard Taylor | Australia's leading private lender
Richard
The "Dragon" bank will do up to 90% for Aust citizen residing overseas.
Camel
also I know a guy in WA will do vendor financing but only limited to the proeprty on their panels. they are kind of like a property agent but offering vendor financing to their listings. however, that also means you may not be able to find the right property in the right suburb unless they have one in the suburb that you like.
I'm a broker in Perth, drop me a line and I'll see if I can help.
William Cheng
[email protected]Hi William
I have a lender who will do 95% for expats and we specialise in this area but my 80% comment was directed to a non resident non citizen.
Settled 2 95% Loans only this week for an expat client working overseas in Dubai with a good Australian property asset base.Personally I would not take vendor finance from someone who was selling the property as in our experience the property tends to be overpriced hence the favourable terms to get you in.
If you let us some extra details Camel be happy to advise you further.
Richard Taylor | Australia's leading private lender
95%? are they using their existing property to cross-collateralised or single property and MI up to 95%? did they get the loan from the lender with exisiting dealings? Can you hint which lender is it?
also yes I do agree with that vendor financing property usually are over-priced – however, at least this is an option.
William
No both standalone deals and NO cross collateralising of securities.
95% standalone less LMI.
As i say we specialise in Expat loans.
Richard Taylor | Australia's leading private lender
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