Hi, I am a Canadian citizen and Australian permanent resident. Is it possible to get a mortgage in Australia, while still working in Canada? What will I need, in case it's possible?
Are my chances better going directly to a bank, or through a mortgage broker?
Thanks!
Hi Can
Firstly welcome to the forum and I hope you enjoy your time with us.
Yes a loan of upto 90% lvr would be possible with the right lender.
Many lenders wouldn't consider the deal at all and a few will go to 80% but 1 will go to 90%.
Rates and set up costs are standard.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks a lot for the help, Richard. Yes, I find the forum and the people here great.
I think I could read about it, but my situation is not that common, that's why I'm asking here. Do I need to be physically in Australia when applying for the mortgage? How long would the approval process normally take in a situation like mine?
Cheers,
Can D
Nope – you don't need to be in the country to apply for the loan.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
As Jamie said no you don't need to be in the Country to apply.
We normally allow a little longer for finance for the Expat loans due to documentation time.
I have 2 deals going thru forum members at the moment (1 in China and the other in Dubai) and neither have caused too much of a problem.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If you appoint a POA in Australia that should speed things up.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Agree with Jamie part of the way in regards to a POA.
I am often appointed as POA by forum clients to sign a purchase contract on their behalf thru our Buyers Agency arm but would never accept the appointment for a loan application or indeed mortgage documents as this can lead to a lot of issues.
A couple of lenders have specialised non residential lending departments and their delivery of documents is not bad at all wherever you are in the world.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
That's a lot of great information, thank you Richard and Jamie.
So, then it means the whole buying process, from mortgage application to closing can be done from outside the country, right?
Would it be more advisable to be present for some of the stages, though?
Hi CanD
You don't need to be present in Australia for the mortgage process. You do however have to sign mortgage documents, have them witnessed, and post them back to the lender. So you do need to be somewhere sensible that can receive and send post in a reasonably efficient manner.
You also do not have to be "present" to purchase a property. Contracts of Sale can be signed and emailed back again these days. I personally don't think it is wise to buy a property unless either you or someone representing you has physically seen with their own eyes though. Some of my clients are Aussies residing overseas, and they've never seen the houses they buy – they leave that part to me. One has opted to pop in to see his property after the fact during a business trip to Australia. The others haven't… they prefer to consider the property an income-earning asset, so as long as the numbers make sense they are happy. They don't really have the time to be checking in on properties anyhow. One lad is so busy he hadn't realized that one of his houses will be a third of his retirement income needs all by itself. When he realized this, he realized how well he is doing, setting himself up for his future.
Anyway back to the question – I think you'd find it much easier to go through a broker. Just imagine you sitting up awake in the middle of the night Canadian time, sitting on hold for hours so you can talk to your bank to request an update on your mortgage application. It's just not civilized. Much easier to have someone else do that for you (ie a broker) who is working on Australian time and can email you updates and requests for information that you can action when you're awake.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Agree with JacM we have a lot of our overseas forum clients who have not been back to Australia throughout the whole buying / financing process.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
CanD wrote:That's a lot of great information, thank you Richard and Jamie.So, then it means the whole buying process, from mortgage application to closing can be done from outside the country, right?
Would it be more advisable to be present for some of the stages, though?
Correct – you can be outside of the country for the entire process
I just arranged a loan for an Aussie living/working in the middle east earning USD. He appointed one of his parents as POA. Everything was pretty smooth sailing.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I'm very thankful to all of you who answered, Jacqui, Richard and Jamie. I was concerned I would have to take long trips to have all that sorted out.
Happy New Year!
I am in the UK at the moment and just met up with a new client of ours.
We don't offer that level of service to every client lol
Happy New Year to you to
Cheers
Yours on Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:I am in the UK at the moment and just met up with a new client of ours.We don't offer that level of service to every client lol
Lol. Good to know that level of service exists, though.
Yes CanD shame you are not in Dubai as i am there next week ……
Did Canada last year for a month.
Cheers
Yours in Finance
Richard Taylor I Ph: 07 3720 1888 I [email protected]
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Richard Taylor | Australia's leading private lender
Yes Richard, I wish I knew about this awesome forum earlier. But I'm glad I found it; better later than never
How did you find Canada? Property-wise, is it much different than Australia?
Loved every minute of it especially BC.
Will definitely be going back soon.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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