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

    Joined:
    18th Aug, 2018
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    Location:
    Sydney
    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?
     
    Jaydub, 3rd Jan, 2019
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    14th Jun, 2015
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    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

    ta
    rolf
     
    Rolf Latham, 3rd Jan, 2019
    #2
  3. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    31st May, 2016
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    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.
     
    Property Twins, 3rd Jan, 2019
    #3
  4. Redom

    Redom Mortgage Broker Business Plus Member

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    18th Jun, 2015
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    Location:
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    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.
     
    Redom, 4th Jan, 2019
    #4