Changes to non resident lending in Australia May 2016
There has recently been some change in non-resident lending in Australia. Many lender that have previously been major players in the non-resident home loan market have pulled out completely from lending to Australian non-residents.
It is believed that these lenders are pulling out of home loans for non-residents in Australia because there have been a number of incidents where fraudulent applications have occurred, primarily around false income declarations of borrowers on loans for investment properties being purchased in Australia.
Some lenders are have also announced that these changes are supporting Australians to get into the property market. However, typically foreign non-residents are purchasing a different type of property than Australians, such as new high density inner city apartments in Melbourne Central Business District (CBD) or other major Australian city CBDs.
Non-resident home loans Australia
Are non-resident home loans in Australia still available? Yes, home loans for non-residents to buy property in Australia are still available from some lenders. Some lenders are now still lending to non-residents but at lower loan to value ratios (proportion of the property’s value being borrowed). Whilst other options are at slightly higher interest rates and fees.
Self employed non-resident home loans and salary based non resident home loan applications are still accepted.
Many of these changes also impact temporary residents in Australia looking to get a home loan.
Australian expat home loans
Are Australian expat home loans impacted? No, there are still many options for Australian expatriate home loan borrowers in the Australian mortgage market. Australian expats with foreign incomes and who are living overseas still have many options. If you are an Australian expat contact Oak Laurel to find a home loan that meets your needs.
Contact Oak Laurel Mortgage brokers about an Australian expat home loan.
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