Are you foreign resident thinking to borrow funds in Australia dollars to purchase an Australian investment property? Are you temporary resident with a 188 subclass visa or 457 visa just immigrating to Australia and looking to buy a property to live in or for investment? Even you just travel to Australia, you can plan to buy residential or commercial property in Australia.
We can help you either you are an Australian Resident just working overseas or you are a non-resident or temporary resident. An Australian permanent visa holder may borrow up to 95% of the value of the property, and foreign investors may borrow up to 80%.
Non-resident and temporary resident home loan can be complex, there are a lot of lending policies and government rules relate to this kind of borrowing, extra fees and duties will be incurred.
Non-residents (including temporary residents) are required to obtain approval from the Foreign Investment Review Board (FIRB) before purchasing property in Australia. Refer www.firb.gov.au。
Foreign resident can only buy new property for investment, temporary resident can buy second hand property to live in or new property for investment. When it is for investment, they can use rental income for assessment of borrowing power.
Many non-residents purchase property “off the plan”. It is important to remember that finance approval for “off the plan” purchases is indicative only and formal finance approval will not be available until the development is complete.
Our non-resident lending specialist can help you to discuss criteria for your finance and then about 3 months prior to completion of the project to finalise the paperwork for the loan.