Overseas mortgages

What do you mean?

1. Are you a overseas buyer wanting to buy an Australian property ?
2. Australian who wants to invest overseas?
3. What to use overseas income for borrowing??

There are lenders for all 3 type, but it just depends which one your asking for?

Regards
Michael

OK,

If it’s for UK, and NZ- Do able
US- hardier
Dubai + any another country- very hard

There’s 2 way around this for the UK and US purchase anyway.

1. Australian based banks- IF you have another property in Australia, and it has a bit of equity in it… you can use the equity from this to pay for the full transaction cost. Sounds easy…but still tricky in how you present the loan to the banks.

2. International Banks -Now this is not easy, and it’s a longer process… HSBC Singapore is the market leader in this field however they will only lend if you have $1M in property value with HSBC. If your looking for a UK purchase only , then Barclay is your best bet; but they also have strict conditions as well.

Dealing with Australian banks (point1) is much easier and we have more control as you can imagine.
Dealing with international banks ( point 2 ) is longer due to the international mail that’s involved and timezone- and we treated it case by case;no set rule.

Regards
Michael

Yes, we do deal with overseas mortgage.

However if you fall into any of the below points;

1. If this is your first purchase ie dont own any another property at all
2. Your combine asset after everything is sold is less then $200k

In all honesty it be impossible for you too get the overseas mortgage.

Drop me an email at [email protected] and give us a bit more information about your income, where you work and what another property you own, then ill see if i could help or not.

Regards
Michael

I received this email from HSBC in response to an enquiry for finance.  It might be of interest to some people.

Thank you for your interest in mortgage financing with HSBC Mortgage Corporation (USA).

Premier HSBC customers that do not reside permanently in the US may purchase property within the continental US for their own personal use. Namely, these properties may not be rented out or sublet for the first 12 months of ownership. The title must ben held in your name, and cannot be in the name of an LLC or Corporation.

• Nonpermanent Resident Aliens, must maintain a valid, unexpired US Visa unless citizenship is from a country that participates in the US Visa Waiver Program. The Visa Waiver Program (VWP) enables individuals of certain countries to travel to the United States for tourism or business for stays of 90 days or less without obtaining a visa. (http://travel.state.gov/visa/tempvisitors_novisa_waiver.html)

• Valid Visa's include  B-1, B-2, H-3, I, J-1, J-2  and R-1.  Foreign National borrowers are only eligible for second homes. The maximum LTV/TLTV/HTLTV is 70%.

• Unacceptable visas are all other  H and L series, all A, B, C, D, F, I, J, K, Q and R series, and all borrowers with diplomatic immunity.  Any visa classifications not identified above will be considered on an exception basis. A work authorization card is not evidence of residency and is not acceptable documentation to satisfy the visa requirement.

• The Maximum LTV is 70% for second homes with loan amounts up to $417,000. The Maximum LTV is 60% for Primary Residences with loan amounts of between $418,00 up to $1,500,000. This assumes full documentation of income and assets.

• Premier status in the US also requires that you have US$100,000 in combined deposits with HSBC anywhere worldwide. This money cannot be used for the purchase costs.

• If you do not currently reside in the US,  you may not have 2 years of established US credit. In which case, we will need 4 credit reference letters from current or previous creditors indicating at least a two year credit history with no adverse or derogatory credit. They may come from the same or multiple institutions. Your relationship manager will help if you have any credit with HSBC. It is preferred that 2 credit reference letters come from creditors other than HSBC.

Once you have the above items, I can take your application over the phone.

Looks like cash for a while longer yet.

Nice information, Thanks for sharing this informative post. I really appreciate it. I hope that I can get more benefit from this topic. I’m planning for Mortgage so; I think this is helping me. Thanks for sharing such a wonderful post with us.

Hate to disagree but finance for the UK is extremely hard for Non residents.

I own property in the UK and have a number of UK Banking contacts.

The couple of lenders i know who will accept applications require to either have a UK resident / work visa or alternatively have a large minimum loan size.

Finance in Florida at 70% is faily achieveable with a minimum loan of $100K US

Cheers

Yours in Finance

Hi there,

I have manged to get 3 loans in the US in the last 6 months all based off my Australian credentials, but with US banks.

In Memphis I have two $25k loans – 50% LVR. 7 years P&I at 8.75%.  Still well  positive cashflow after all expenses.  Process was pretty painless.

Florida was a bit trickier and they wanted lots of documentation, but managed to secure a 60% LVR – $50k at 5.25%  P&I with 30 year term.

It does vary by state so if you are looking at getting leverage into your US property portfolio, you need to take this finance side into account.
So far no dramas…

Cheers

I use lloyd's in HK.  70% LTV ratio loan

Lora
Did you find a mortgage broker or bank by now who is willing to approve you for financing? I work with overseas buyers all the time and I do work with several mortgage brokers in Florida who were able in the past to get the buyers approved to purchase a property in Florida. There a certain requirements, but it is possible! Very often they do LTV 70% maximum loan amount US$2,000,000.00. They do not finance vacant land purchases.
Regards
Alexandra
[email protected]
Own a piece of paradise