Foreigners may qualify to borrow up to 70% of the total price of an Australian property with interest rates between 6% to 8% per annum. But if you have a high net worth and you are earning a primary currency you may borrow up to 55% at interest rates lower than 5% p.a. Primary currencies include:
If you are not earning a primary currency, some lenders will still consider your mortgage application but you may have to provide a bigger deposit and the interest rate can go as much as 10% p.a.
Some banks offer favourable terms for foreigners who already own an Australian property, have very high income and are only borrowing less than 60% of the property value.
If you are married to an Australian citizen, you can also borrow more at lower rates.
Yes, the Australian government through the Foreign Investment Review Board requires non-residents to lodge their application for approval before they can buy any real estate property in Australia.
New Zealand citizens and permanent residents are exempted to undergo this approval process.
Getting a non-resident home loan in Australia can be complicated if you do it alone.
It is ideal to work with a mortgage broker who has experience dealing with loans for non-residents in Australia.
You may contact Shop Your Own Mortgage so you can start the initial process.
We’ll let you know if you are eligible for a mortgage then arrange the required paperwork for you and seek pre-approval from shortlisted lenders in Sydney.
For immediate assistance, you may call us on 1 300 256 081 or send an email to firstname.lastname@example.org