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Temporary visa finance

Discussion in 'Property Finance' started by jcmel, 28th May, 2016.

  1. jcmel

    jcmel New Member

    Joined:
    28th May, 2016
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    Location:
    Melbourne
    My friend has a property fully paid off, now he wants to get a loan borrow around 40% of the property value, but since we have heard so many news about banks not lending to overseas buyer, not accepting overseas income, just wondering can he still be able to borrow the money?
     
  2. Redwood

    Redwood Well-Known Member

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    Location:
    Melbourne
    Hi there

    The restrictions are on 'non residents' - is your friend a resident? with AU income ...

    Cheers Ivan
     
  3. jcmel

    jcmel New Member

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    No, he is holding a student visa at moment...
     
  4. Simon Moore

    Simon Moore Mortgage Broker - Melbourne Business Member

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    Is the property being rented? He could use the rental income to show servicing.
     
  5. Ouga

    Ouga Well-Known Member

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    "Trying is the first step towards failure" Homer
    Don't think banks would lend to non PR residents?
     
  6. jcmel

    jcmel New Member

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    28th May, 2016
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    Location:
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    Yes, but I dont think bank will accept rental income as only income source, this getting loan for non PR resident thing is getting very difficult now
     
  7. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    Adelaide, SA
    It is still possible to lend to non resident student visa, but cash out + no *real* income is going to see this going nowhere quickly unfortunately.

    Still possible to certain non resident visas or overseas investors - in general most types have fallen out of favour with more restrictive terms and a reduction in lenders who will lend to them - but it's still available.
     
  8. klabat

    klabat Well-Known Member

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    Australia
    a family member current status is.. currently temporary resident graduate visa with a full time job, been say 12months and on going, with her residential property fully paid but not under her name but mothers. has 20% deposit for a investment property... salary 66k gross. Would she have options as a non resident to purchase an investment property?
     
  9. Richard Taylor

    Richard Taylor Mortgage Broker & Brisbane Buyers Agent

    Joined:
    20th Jun, 2015
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    171
    Location:
    Brisbane
    Cash out to Non Residents is still available but admittedly can't be done in a traditional manner.

    Must admit the number of enquiries for this sector of the investor market has grown out of all proportion over the last few months.

    Cheers


    Richard