International Investors

Are you a non-resident looking to invest in the Australian property market?

Mortgage Choice has helped many overseas property investors to get a stake in the Australian property market by providing professional investment property loan advice and support. We understand the requirements for non-resident borrowers and your Mortgage Choice broker can help by doing the running around for you and sorting out documentation for your home loan.

You get access to the same help, advice and support as our local investors; the only difference is that extra documentation may be required. A number of our Mortgage Choice brokers have particular experience with international investors. Our wide panel of lenders offers a range of different home loan options. Not all however will lend to non-resident borrowers. So the easiest way to get a property investment loan that will best suit you is to talk to us today.

To get you started, here’s some information on how Mortgage Choice can help you arrange finance, what government bodies you need to deal with, what documentation you need and what kind of property you can purchase.

Non-Resident Investors

Australian Citizens

Arranging finance in Australia

The Mortgage Choice application process means non-residents do not have to come to Australia to obtain a loan.
Loans granted for property purchases would generally be classified as investment loans, as the buyer is not usually able to occupy the property on a long-term basis.
Most financial institutions will lend up to 80% of the value of the property. Some will only lend to 70% of the value.
You will also need to have funds to pay property stamp duty, loan stamp duty, conveyancing costs, building and pest inspection, and lender cost such as application fees, etc.
Foreign investors should check the rules with the Foreign Investment Review Board before signing a contract because there are a few exceptions to the rules.
There are various other restrictions and conditions that your Mortgage Choice broker can help with

Foreign investment lenders

Many of the lenders on our Mortgage Choice panel will consider foreign investors.

Each lender has their own criteria for lending.
Some will lend up to 80% of the value.
You may be able to borrow in a foreign currency but the Australian dollar is the most popular currency.

What is a non - resident borrower?

The term non-resident refers to those people who do not have permanent residency status in Australia i.e. those who do not hold a special category visa.
You will be required to make application through the Foreign Investment Review Board.
The Foreign Investment Review Board is a non-statutory body established in April 1976 to advise the Government on foreign investment policy and its administration. It examines proposals by foreign interests to undertake direct investment in Australia and makes recommendations to the Government on whether those proposals are suitable for approval under the Government's policy.
The application form and information can be found at www.firb.gov.au

What properties can you purchase?

To promote the development of new dwellings, non-resident buyers are generally restricted to purchasing:

Real estate for residential redevelopment, where construction must begin within 12 months.
Vacant land, where construction must begin within 12 months.
Home units, townhouses etc. off the plan, where they are under construction or just completed, but never occupied or previously sold.

Documents required for a loan application

100 points of Identification – Photo ID containing your signature e.g: passport or driver’s license.
Proof of income.
Savings account statements from all savings accounts.
Proof of other assets such as property, motor vehicles, shares, managed funds, home contents.
Evidence of all liabilities; personal loans, mortgage loans, credit/store cards, lease liabilities, interest free loans, any other debts.

Your Mortgage Choice broker will be able to provide you with a full list of documentation and help you through the process of organizing your investment property loan. Talk to us today.

This information is intended as a guide only. We suggest that you seek independent financial and legal advice.

Panel

Are you an Australian resident or citizen currently living and working abroad?

Then you will normally arrange for a Power of Attorney to act on your behalf, usually a parent or sibling. Your Mortgage Choice broker can talk you through the whole process. Contact us today.