Aussie citizen - how can I apply for Finance from overseas?

Discussion in 'Loans & Mortgage Brokers' started by sector7g, 29th Mar, 2017.

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  1. sector7g

    sector7g Member

    Joined:
    22nd Dec, 2015
    Posts:
    12
    Location:
    Melbourne
    I'm an Australian citizen looking to purchase a 4th investment property whilst living overseas in the Middle East. How can I do this?

    Please recommend the best broker / bank to engage. I'm assuming it is going to be significantly more complex than if I was in Australia in person. Reading through the past 3 months of threads here it seems that interest rates are on the rise whilst I was head down tuned out getting setup in the Middle East.

    My situation:
    - Australian citizen living overseas in the Middle East
    - 3 investment properties: 2 in Australia, 1 in the UK
    - Overall loan to value across the three investment properties = 50%
    - London property is paid off
    - Both Australian properties are principal & interest. Mortgage to value ratios are approx 461k/850k and 377k/370k)

    Thank you.
     
    sector7g, 29th Mar, 2017
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,654
    Location:
    Gold Coast (Australia Wide)
    Much will depend on what currency you earn and the basis of your employment

    Most lenders that still do expat lending make for larger hoops....

    "Reasonable" in this space depending on the above questions are

    CBA
    ANZ
    STG/WBC

    ta
    rolf
     
    Rolf Latham, 29th Mar, 2017
    #2
  3. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
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    Location:
    03 9877 3000
    Finance for ex-pats isn't particularly difficult. A couple of things to look out for:
    * Be paid in a stable currency (USD, Euro, GBP, HKD, etc).
    * Be paid in a verifiable manner (payslips and salary deposits).
    * Avoid LMI (80% good, 70% better, 90% very tough).
    * Allow plenty of time for logistics (don't try to settle in 30 days).
     
    Peter_Tersteeg, 29th Mar, 2017
    #3
  4. Corey Batt

    Corey Batt Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
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    Location:
    Adelaide, SA
    As a citizen overseas it's not that difficult - the main issue for overseas purchasers is when they're a non-resident/no link to Australia.

    Peter and Rolf have outlined the keys above- the sticking point will come down to the type of employment you have, currency you're being paid in etc.
     
    Corey Batt, 29th Mar, 2017
    #4
  5. sector7g

    sector7g Member

    Joined:
    22nd Dec, 2015
    Posts:
    12
    Location:
    Melbourne
    Thanks to all for your replies above.

    - I'm based out of Dubai (currency = United Arab Emirates Dirhams: AED).
    - Job is stable salary with monthly payslips.
    - Employer has been the same for the past 10 years. I transferred with them from London to Australia 7 years ago.. and now Australia to Dubai in the past few months.

    So, you think it is just a case of having a large enough deposit and approach one of the usual banks as per normal?
     
    sector7g, 29th Mar, 2017
    #5
  6. tobe

    tobe Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,814
    Location:
    Melbourne
    No. Use a broker. You'll get better service,and a wider range to choose from.
     
    tobe, 29th Mar, 2017
    #6
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