Temporary residents can buy property in Australia with approval from Foreign Investment Review Board (FIRB). They can borrow money from Australian banks and other lenders, but only if they meet very strict criteria.
Some of the lenders will lend to foreign citizens who hold valid work visa and are living in Australia. Some of the strict criteria for Non-resident loans is as follows:
It isn’t necessary to have an Australian credit history or to be buying a property with an Australian citizen.
Most of the lenders won’t lend no residents more than 80% of the market value of the property. But there are exceptions to this policy. We have special arrangements with some of our lenders that let not residents to borrow up to 90%. including Lenders Mortgage insurance.
You can borrow up to 95% if you are buying with a partner who is Australia resident or citizen.
We have 15 years’ experience and we can help you buy property with minimum savings required. An example will be to buy property of $1,000,000. Also, we structure the loan in a way that you pay minimum LMI. We borrow only 88% and then capitalise LMI to keep it below 90% rather than borrowing 90% and paying LMI from your savings.
Also, the minimum contribution required varies from state to state as the stamp duty is different for each state. Here are the two examples:
Deposit required $120,000
Stamp Duty (NSW) $57,549
Stamp Duty Surcharge $80,000
Other costs $2,000
Total Funds Required $242,767
LMI $17,000 (capitalised)
Deposit required $120,000
Stamp Duty (NSW) $57,549
Stamp Duty Surcharge $80,000
Other costs $2,000
Total $257,549
LMI $17,000 (capitalised)
Please call us on 1300 537 000 or submit loan enquiry to discuss your borrowing options one of our experienced mortgage brokers.
Non-Residents are not eligible for FHOG or stamp duty exemptions unless one of the applicants is Australian Resident or Citizen.
The lenders we have on the panel offer same discounts to non-residents as they would normally offer to Australian citizens or permanent residents.
Most of the lenders offer professional package and if you qualify then you can get discounts of up to 1.5% on the standard variable rates.
Please call us on 1300 537 000 or submit loan enquiry to discuss your borrowing options one of our experienced mortgage brokers.
All non-residents buying property in Australia are required to get Foreign Investment Review Board (FIRB) approval. If you are buying property with a partner who is Australian Citizen or permanent resident, then you don’t need FIRB approval.
All non-Australians on 457 visa buying residential property in New South Wales, Queensland or Victoria will have to pay a stamp duty surcharge.
The surcharge varies anywhere between 3% to 8% of the property value and varies from state to state.
There are three ways to avoid stamp duty surcharge
We offer free loan assessment for 457 and Temporary resident Visa Holders
Call us on 1300 537 000 or submit your loan enquiry and one of our experienced mortgage Broker will get in touch with you. During the call, we can discuss with you your loan options. Some of the question we can answer but not limited to the followings:
Mortgage brokers are paid by the lender for introducing loans. We have more than 42 lenders on our panel and we offer free services to all our clients including Non-Resident clients. Our commission is disclosed to you upfront in writing.
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