Australian Expat Mortgage Broker
Assisting Australian Expats with their home loan and mortgage needs
Review Existing Loans
Review your existing Australian Home Loan to find you a better deal and save money
Start or Build Portfolio
Start or continue to build your Australian investment property portfolio
Future Forever Home
Purchase a piece of the Australian dream for when you decide to return home
Can I get an Australian Mortgage whilst living overseas?
You Can Borrow Up To 90% Value
Australian expats can obtain a home loan up to a 90% LVR (Loan Value Ratio) of the property value. This is subject to Lenders Mortgage Insurance (LMI) and a full credit assessment, but is an option for Australian expats that have a 10% deposit.
You can borrow using foreign income
Overseas income will be converted from foreign currency to AUD (using an FX conversion) and depending on the lender a portion of the AUD income will be used for borrowing purposes (this can be from 100% of income down to 60% income, depending on the lender and credit policy)
You can use self-employed income
If you run an overseas business, this income can still be used for borrowing purposes. Full financial statements and an accountants letter will be required as supporting documents. If the information is presented in a language other than English, this will need to be translated.
Home loan purpose
Australian expats can obtain a mortgage to purchase a new or existing investment property, refinance existing mortgages, access existing equity or construct a new property.
Non - Australian Spouse
Looking to purchase a property with your non-Australian spouse? This is ok with some lenders and the government will accept this arrangement. This means that the non-Australians income can be used for loan servicing and will be exempt from the Foreign Investment Review Board (FIRB) restrictions. Subject to state stamp duty rules.
What currencies are acceptable for an Australian Mortgage?
The most common currencies accepted:
- United States Dollar (USD), Great Britain Pounds Sterling (GBP), Euro (EUR), Singapore Dollar (SGD), Canadian Dollar (CAD), Hong Kong Dollar (HKD), Japanese Yen (JPY), Swiss Franc (CHF), New Zealand Dollar (NZD), Chinese Renminbi (CNY).
These are considered tier one currencies for the Australian banks and increase your chance of getting a loan. Lenders can accept up to 80-100% of the gross converted income, with tier one currencies.
- Bahrain Dinar (BHD), Bruneian Dollar (BND), Danish Krone (DKK), Fijian Dollar (FJD), Indian Rupee (INR), Indonesian Rupiah (IDR), Kuwaiti Dinar (KWD), Macau Pataca (MOP), Malaysian Ringgit (MYR), Norwegian Krone (NOK), Oman Rial (OMR), Papua New Guinean Kina (PGK), Philippine Peso (PHP), Qatari Riyal (QAR), Samoan Tala (WST), Saudi Arabian Riyal (SAR), Solomon Island Dollar (SBD), South African Rand (SAR), South Korean Won (KRW), Sri Lankan Rupee (LKR), Taiwan New Dollar (TND), Thai Baht (TBH), Tongan Pa’anga (TOP), Turkish Lira (TRY), United Arab Emirates Dirham (AED), Vanuatu Vatu (VUV), Vietnamese Dong (VND).
These currencies can be accepted, but as they are considered tier two currencies – lenders may only use 60-80% of the gross converted income. Speak with an expat mortgage to discuss your situation in detail.
What income is accepted for Australian Mortgages?
PAYG or W2 Income
Ordinary Income used for expat lending is generally in-line with standard lending practices and can be accepted. Lenders will shade foreign income (depending on the currency the income is generated in) and take a portion.
Tier one currencies, lenders will generally take 80% – 100% of the employment income. For tier two or silver type currencies, this currency will still be accepted through can be shaded to 60% – 80% of the income. Lenders will be more comfortable with Australian expats who can demonstrate that they generating PAYG or W2 income from an employer who is a large multinational.
Lenders will require to see an employment contract, confirming the length of the employment and the salary package. This will also be compared against the last 3 months of bank credits (to confirm the NET income matched the employers pay slip after tax and deductions are withheld). If an Australian expat receives other income as part of their ongoing salary package, this can be considered for servicing purposes.
Some Australian expats will have other pre-tax deductions removed from their payslip (medical, dental, travel costs) for tax purposes. This will be factored into the living expense section of the applicant.
Bonus or Commission Income
Provided this has been paid to the Australian expat for greater than a two year period, a portion of bonus income can be accepted for borrowing purposes. Commission income can also be accepted, if in line with the industry and paid for greater than a 12 month period.
Australian Rental Income
Existing and proposed rental income can be accepted for borrowing purposes. Generally, lenders will take 80% of the gross rental income for servicing. For existing properties, this will be confirmed against rental statements and for a proposed purchase this can be verified using a rental estimate and the bank valuation.
The negative gearing benefits that Australia Tax residents receive, cannot be accepted for expats living overseas. Lenders take the assumption that the borrower is not an Australian tax resident and the negative gearing benefit will not apply to the servicing calculator.
Overseas Rental Income
Rental income received from overseas investment properties can be accepted for servicing purposes. This income is converted to AUD and shaded per normal lending guidelines. If the borrower has an overseas mortgage, this will need to for servicing purposes.
Self Employed Income
Self-employed income for borrowing
Australian Mortgage Products
Australian Mortgage Lenders
Don’t Let the Complexities of Being An Australian Expat Stop You
At Expat Mortgage Broker
We understand the challenges existing and returning Australian Expats face with their mortgage needs. Contact us to start the conversation about your home loan.
“Professional and timely in their dealings. Went above and beyond to ensure we got the home loan deal. Would highly recommend to anyone“
“A family member was looking to purchase a property in Melbourne and I came across the hfinance team when we were shopping around. They’re very knowledgeable, professional and very easy to deal with. I highly recommend them to anyone looking for mortgage products in Australia.“
“Professional service. The team helped in providing credit advice around my borrowing capacity, what the lenders require as an expat to get a loan, the costs involved and kept me in the loop all the way until settlement. Would recommend!“
We take the time to understand our clients
We understand the challenges that Australian Expats across the globe face. By taking the time to understand their goals and objections, we pride ourselves on providing professional credit advice.