Changing package with same lender - overseas income

Discussion in 'Loans & Mortgage Brokers' started by Jaydub, 3rd Jan, 2019.

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  1. Jaydub

    Jaydub New Member

    18th Aug, 2018
    I currently have a P&I home loan with NAB which has been ongoing for 7+ years. At the time we got the loan, I was working in Australia (i'm an Australian citizen). In the last few years, I have moved abroad and now get paid in USD.

    I would like to change my loan to one of the current packages as the interest rates I have at the moment seem to be much higher than the market rates at the moment. How will NAB view such a request given my overseas income? Will it put in the too hard basket and i'm stuck with what I have currently?
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    14th Jun, 2015
    Gold Coast
    If u have decent income and the vals stack up, you arent stuck with NAB per se, just because you have expat income. Easy ? no but probably possible

    A product or package switch would rarely require a full application.

    Asking NAB wont land you in a scenario where they will refuse finance, you'd just be stuck with what you have as a worst case

  3. Property Twins

    Property Twins Finance Strategists Business Member

    18th Jun, 2015
    Sydney, Australia
    Hi Jaydub

    You can call the NAB retention team and have them change you over to the package. In our experience they wouldn't do a full assessment for it or ask you re income.
  4. Redom

    Redom Finance Strategist Business Plus Member

    18th Jun, 2015
    Sydney (Australia Wide)
    Depends specifically on what your looking to do:
    - if it’s just a change to your existing loan, e.g. Adding the choice package, swapping to fixed repayments, etc, that’s done via a loan change request with no real assessment of your current situation (just a signature or approval) from your end.
    - if your looking to refinance, reset the loan or obtain a new IO period, this will trigger a reassessment.

    NAB have gone from a reasonably good expat lender a few years ago to a pretty poor one (lower LVRa, greater income sharing). That means if your in the second criteria, you may need to switch lenders and doing a full refinance to achieve what your looking for.