Forums / Property Investing / Help Needed! / Looking for a mortgage broker familiar with foreign income matters

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  • Profile photo of SeanSean
    Participant
    @slippy121
    Join Date: 2018
    Post Count: 0

    Hi all, I’m hoping someone here is able to point me in the right direction.

    My wife and I own 2 properties, the details of which are as follows:

    PPOR – Nakara, Northern Territory purchased in 2007 for $425,000
    domain.com.au’s guide price is $505,000
    $257,600 owed with repayments of $1,597 per month P&I + $10 fine because the interest only period on the loan associated with IP has expired.

    IP – Fernvale, Queensland purchased in 2011 for $375,000
    domain.com.au’s guide price is $307,000
    Currently between tenants but advertised for $330 per week
    $80,500 owed (deposit drawn using equity in PPOR) with repayments of $534 per month P&I + $10 fine because the interest only period has expired.
    $277,800 owed with with repayments of $1,682.32 per month P&I

    The interest only periods on both loans associated with IP expired in 2016, we were living abroad at the time and it was not convenient to arrange new loans remotely. Since we have returned to Australia we have had 2 separate mortgage brokers assess our situation and both agreed that in the current lending environment, my salary of $89,000 (AU) would not be sufficient to allow us refinance and my wife’s income would also need to be considered. Both mortgage brokers encountered problems with lenders accepting documentation (bank statements, pay slips) written in Japanese with income being paid in Japanese Yen. Ultimately we have not been able to refinance and the costs we are currently paying are too high, we will be forced to sell the property if we can’t refinance soon.

    Has anyone in this community had experience in applying for loans when part of the income is coming from foreign sources? Is anyone able to recommend a broker who is experienced in such matters?

    Thanks in advance,
    Sean

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 11,975

    Hi Sean

    We run our own Non Resident / Expat lending team so certainly familar with overseas income.

    In saying that most lenders do shade overseas income.

    Happy to get one of my team to consider the matter but would need more details if you wished to email me.

    Cheers

    Yours in Finance

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

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of SeanSean
    Participant
    @slippy121
    Join Date: 2018
    Post Count: 0

    Thank you for your reply Richard, I will drop you a line.
    Regards,
    Sean

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