Expat Home Loan

Expats may face some unique challenges when applying for a home loan including difficulty in proving income- whether living overseas or earning income in Australia in foreign currency. As a result, some banks and lenders offer specialized expat home loan products.

Expats can use an expat home loan to purchase an investment property. The loan terms and conditions may vary depending on the lender, but generally, they will require a larger down payment. What’s more they may have higher interest rates compared to traditional home loans.

It’s essential to research and compare different lenders and loan products to find the best expat home loan. Additionally, you should consult with a financial advisor and legal counsel to understand the tax and legal implications of owning property in your home country while living abroad.

• Suitable for Purchase, refinance of an Investment Property
• Construction available (conditions apply)
• 100% of net income used (once converted to AUD)
• Credit Impaired option available
• Cash out to maximum LVR
• Australian citizens or Australian Permanent Visa holders living and working overseas
• Australian citizens or Australian Permanent Resident Visa holders living in Australia and earning income in overseas currency

Minimum & Maximum Loan Amount for an Expat Home Loan

Loan size limits and LVR parameters are listed below for cat 1 > 3 Locations only.

• Up to $5 million to 80% LVR on Prime Loans on cat 1 locations
• LVR’s to 80% maximum loan $1,500,000 on cat 2 locations
• LVR’s to 70% maximum loan $500,000 on cat 3 locations

Acceptable Securities for an Expat Home Loan

• Residential & Rural Residential securities in Cat 1 >3 Locations – with a max land size of 25 acres (10 hectares)
• High Density Apartments from 50 m2 to a maximun of 75% LVR
• Residential units (with separate title) over commercial premises
• Vacant Land to 75% LVR

Acceptable Foreign Income for Expats

All Expat borrowers are limited to the following “Acceptable Countries” list: Canada, China, Finland, France, Germany, Hong Kong, Italy, Japan, New Zealand, Norway, Qatar, Saudi Arabia, Singapore, Spain, Sweden, United Kingdom, United Arab Emirates, United States of America.

Income Documentation

PAYG: Last 2 payslips
Self-Employed: 1 year tax return AND corresponding personal NOA

Bad Credit Expat Loans

Defaults under $3,000: Unlimited up to $3,000
Defaults over $3,000: Unlimited when listed > 12 months (paid) Unlimited when listed > 24 months (paid or unpaid)

Mortgage Arrears: Up to one month within last 6 months
Other Arrears: Up to 3 months within last 3 months

Identification outside of Australia

Full colour, high resolution copy of Passport (including all information pages), Drivers licence, Visa certified as a true copy by the Australian Consular Office or a local Notary Public in respective countries

Translations

A written and signed translation from a member of a recognised independent body (e.g. NAATI – National Accreditation Authority for Translators & Interpreters)

Standard Features & Versatility