Moving as a resident in another country is extremely difficult in terms of a new ways of life. You have to learn rules & regulation of the country. If you are going to move in Australia, you should know several things. Two types of loans are available in Australia like home loan for non-resident and home loan for resident.
If you are non-resident o Australia, it does not mean you cannot purchase property in Australian and arrange mortgage finance for that purchase. However, approval criteria are different than that of permanent residents/citizens. Non-resident can be divided into three categories;
1. Temporary resident currently residing in Australia without a permanent resident visa, 2. Australian Citizen living overseas (Australian Expat), or 3. Foreign Citizen living overseas.
The mortgage policies are different from all these three categories. The temporary resident of this country may be eligible for mortgage services for their purchase. They may get 95% approval if purchasing with an Australian citizen, NZ citizen or a permanent resident. Australian citizen living abroad may get approved home loan finance even though not resident in Australia. The maximum LVR is 95% therefore a 5% deposit plus costs is required. However, 95% LVR is very difficult to get with the banks being more comfortable at the 90% LVR mark requiring a 10% deposit plus costs.
Foreign citizen living abroad are eligible for 80% LVR & require 20% deposit plus costs. If you want to get loans from Australian banks you to prove your saving account for at least 5 percent of the loan price. If you are not a citizen of this country then foreign investment review board approval are mandatory and required.
Each state of Australia has different rules & policies for mortgage services. Before searching for any property in Australia, you should consult with investment property consultant, mortgage broker, and most important a conveyance or solicitor. The investment property consultant will help you find properties that match your investing profile. The mortgage broker can help you in analyzing credit needs & find the best loan provider. The solicitor will take care of all the legal work, from ordering property inspections to fixing the deeds of sale.
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