Expat Mortgage Brokers

Hi

Can anyone recommend a good mortgage broker with current experience in handling mortgages for expats (Aus citizen) based overseas with overseas income (Hong Kong)

I assume this business is not completely gone now right?

Also for Aus PR (non citizen), any chance to get a mortgage in the current environment?

Thanks!

 

I've been a PR for the past 20 years, never had a problem getting a mortgage because of it.

 

Unfortunately expats got caught up in the massive pull back from lenders for pure non resident applicants.

CBA is currently the "best" lender for expat mortgages in terms of LVR and overall policy. Their currency list isn't as expansive as couple of the other lenders but HK is fine.

What issues have you encountered so far?

 

How about PR that is mostly based overseas with overseas income?

Is it still possible to get a mortgage in the current environment

 

PR is still ok and yes its possible but the biggest issue you may find is the shading of the income. Most lenders shade 80% of the converted income and some still do 90% of the converted income.

The majority of lender will do 70%-80% LVR and this is where CBA is superior.

 

Thanks Shahin, I may reach out to you in next few weeks.

If there are any other brokers here have experience handling for Aus expat / Aus PR (based overseas) please do PM me or let me know here.

 

Expats can borrow, its just tighter than in the past. Serviceability is usually tricky vs actual position (taxed at aussie rates, income shaded, often negative gearing can't be applied in full, etc). Many lenders have dropped their LVR's in this space too (e.g. NAB moving down from 80 in recent years), hence CBA are usually the pick of the bunch here.

 

Thanks Redom

Also, for an Aus citizen expat or Aus PR (overseas based), is it possible to apply for a PPOR loan (e.g. wife/husband/kids move to Aus) or are they all going to be considered investment loans?

 

If the situation fit, then yes, its usually an eligible product.

May have difficulty passing credit though in some circumstances - e.g. if your relying on overseas income and need to be there for work, it will be difficult to say its a future PPOR (as it would imply income changes, probably downwards). If its just someone who earns foreign income but resides in Aus, PPOR loan works.

 

Did you mean to say "expats"? As I mentioned, I've never had a problem not being a citizen.

 

I've used Shahin before to get a loan with HK income, can recommend

 

I have a few clients in HK and they tell me HSBC in HK can arrange a loan in HK using HK employment etc income and use the AU property as security with rental income allowed to service as well.

 

as a pr in australia no problem lending in australia.

if you are aus citzen expat oversea. hence oversea income

i am guessing you buying in australia, why not just lend from your local bank (oversea)

allot of oversea buyers buy in australia just via their local bank.

 

The issue isn't the PR or citizen - the issue is a) where the client is located/living and b) where they receive their income.

Whether someone is a citizen or PR doesn't matter - they will have lending restrictions from living and working overseas. Mind you this is not the issue for Aussies (PR or citizens) working for an Aussie company and receiving Aussie dollars but living overseas temporarily due to a secondment or something similar.

 

I’m (mostly) with CBA. And it’s tough.

They shade income by 20% of current exchange rate. Then deduct tax and living costs (at australian living expenses). So your income gets hammered. For servicing you can end up doing the calcs on about 50% of what you actually net.
Strangely you could become resident, pay 30% tax, and end up with higher servicing, Albiet you actually net less.

Blacky

 

CBA allow for Taiwan or South Korea currency for Australian Expats?

 

It's possible but very unlikely. The New Taiwan Dollar & South Korean Won are neither a Gold or Silver category currency. Which means you would need to be an existing customer & income would be shaded by 30%. On top of that, it would need to be a very strong application to be accepted.

 

thanks all

am i right to say that for overseas foreign income theres pretty much zero chance for higher LVR with LMI right?