Aussie Expat & Spouse (not citizen) Mortgage

I’ve read all the rules on our situation; Self-employeed Aussie living in England (making GBP) with spouse (not Australian making GBP) wanting to get a mortgage in Sydney in hopes to moving one day. Married over 7 years, with children, & continuiously both employed over 5 years straight.
We know;
- Can borrow up to 90% of property value
- We may only be able to obtain a mortgage based on Aussie citizen salary only (but maybe both salaries, or maybe none)
- The salary in GBP would most like only convert at 80% to cover fluctuation in exchange rate

I was wondering if anyone has been through a similar sitatution that could share their experience(s), or if I’ve understood anything wrong let me know what you think. Our main concern is needing to have both our salaries considered because if they cant be a move back to Sydney would be hard to do.

 

When you say self-employed. Are you 'properly' self-employed - or set up as a contractor with a continuous contract? Which I see with many Aussies in the UK.

If you are self-employed, will be hard to source financing and will have to go towards a mortgage manager as the main lenders will not touch and borrow closer to 70%.

Some lenders will allow both on the loan, provided you are in a spousal relationship and both are on the title.

 

Proper self employed as a contractor with continuous contracts. We thought that might affect the borrowing percentage but if both spouses salaries are able to be counted it would be less of an issue.

 

For clarification, do you receive payslips or do you issue invoices?

 

Issue invoices

 

That's going to make it difficult for lenders to verify your income. In Australia lenders will verify your income via tax returns, but most won't accept foreign tax returns as evidence of income.

 

You are limited in terms of the lenders you can use.

Westpac and St George will do it on an exception basis and lower LVR's - generally 50% and under.

A lender is going to bring out a product in approx 1-2 months where max LVR is 70% - you will need 2 years financials plus 6 months business bank statements showing business income.

GF will consider is at max 60% LVR for houses and 50% for units.

Apart from that there are commercial products available that will work but rates and fees are high.

You will not find a lender that will do 90% for self employed overseas applicants.

 

Thanks for the feedback. We knew the self employment might be tricky but wasnt sure if the second income of non-citizen would be considered or not.

 

Dunno if this will help the OP, but...
I was in this situation but in a different country. I was asked to show a 1 or 2 year history (can't remember) of my monthly bank balances. They were extremely strict on this. It had to include every page of the balances. They didn't want to know about my part time job, only my full time job. They also wanted to see my credit card statements and any Australian Bank Accs. I had. They also wanted a group certificate from my place of work and along with an official letter from my employer stating my salary, how long I'd worked there, position etc. I had to get some stuff translated due to my bank in Oz not being able to read a diff language as well. I had to get an officially certified Australian translator to do my most recent playslip. You wouldn't need that obviously.

I didn't need to show a tax return.

It went off without a hitch, but then again I wasn't borrowing a massive amount of money and my savings history was very good.

PS. My better half who isn't an Aussie isn't on the mortgage, it's only me.