Many Australian Non-Residents are interested in purchasing a property in Australia and enquires whether this is possible considering Visa’s restrictions. Also, Australian expats desire to purchase a property in Australia, but they might find hard to borrow funds from Australian banks as their income is not produced in Australia. Different scenarios with their own difficulties.
The details to what a foreign investor can buy is clearly mentioned in Foreign Investment Review Board
(FIRB) website: http://firb.gov.au/resources/guidance/gn01/
The FIRB goes in details, explaining the options for
‐ Temporary Residents: http://firb.gov.au/resources/guidance/gn02/
‐ Foreign Non-Residents http://firb.gov.au/resources/guidance/gn03/
The next step is understand how much can be borrowed and what deposit is required for an Non-Resident property
buyer. According to the Visa status, different institutions have different policies. Some Bank and non-bank lenders do lend on certain work visas subject to terms and conditions. Important information are available in the following links: https://www.mysydneybroker.com.au/non-resident/
Also, if you are an Australian Expat (Australian Permanent Resident or citizen working overseas) receiving overseas income in currency other than Australian dollar, only some lenders consider that income. As per lender’s policy, the foreign income will be treated in different way according to the currency and other conditions apply (e.g. maximum borrowing amount, property value, LVR, etc). Important information are available in the following links:
Something that is often requested by many Non-Resident property buyers is the possibility to deal and communicate
with a lender who speaks fluently the same native language. A more significant sensitivity to the national cultural background and the possibility to express themselves in their own native language is appreciated and make the conversation and the full loan process more comfortable. Some mortgage broker speaks fluently another language: this is something that can facilitate the communication and create an extraordinary customer experience.