Aussie expat home loans?

Hi folks,

I'm an Australian Citizen living in the U.S. (non-resident of Australia for taxation purposes) and already have two IPs with loans through St George.

I've got enough funds to buy another investment property in Brisbane at 80% LVR but speaking to St George they'll only lend 70% for non-residents, which is a little short of what I need. Although I have the cash, I'd rather not burn it and maybe keep it for an investment in the U.S.

Any lenders in Australia that will lend to 80% for expats?

Many thanks

 

St George and Westpac have pulled back hard on expat lending due to their over exposure.

CBA is the best lender for expats since they never did the pure non resident stuff so the pull back wasn't has hard as the other lenders.

Recommend talking to CBA - they will do up to 90% including LMI for investments.

 

+1 for a CBA deal. Get a pre-approval before you go shopping.

 

Great, thanks guys much appreciated. Looks like they'll do no LMI at 80% even for expats.

 

Quick question folks - what’s the typical conveyance fee for Brisbane? I’ve been quoted $1800 plus search fees which seems like a lot compared to the last time I did this in 2009 but hey, inflation.

 

St George just allowed us to refi (we moved from IP portfolio loan to fixed IP P+I loan) and the new loan was approved at 80% (with L1 exception).....this said it was this figure due to their BS appraisal which I think was at least 50-80k below market value.

This said....why are you buying property in Australia?

With the recent changes a while back where expats no longer get 50% capital gains discount its stupid to buy investment property in Australia.
eg. if US Equities long term returns are 8% and Australian property long term returns are 8% it used to make sense to buy in Australia due to long term capital gains tax discount and due to market stability......now you are paying 41% tax in Australia versus 20% here in the USA.....

Basically Australian politicians have made it impossible for expats/foreigners to invest in Australian property moving forward.

 

Try ANZ Singapore..

 

What if you already have a property in OZ and move OS. Would it be worth hanging onto or selling prior to the move?

 

Hi Maadha, I'd sell before moving.....but that's just me - YMMV.

Unfortunately for us we were already overseas when this ruling came in so got caught. For us there is no rush to sell (but ironically we have to sell before we leave the USA due to "Heart Taxation Act" from the IRS which is another BS tax change that got implemented after we were already living in the USA).

lol getting crushed from both sides