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Non Resident Investors

The Australian banks are welcoming of applications from Non Resident borrowers.

The lenders will as a general rule allow Non-residents up to 80% of the bank valuation of a property if borrowed in Australian dollars and 75% if your decision is to use a foreign currency loan.
Certain types of properties or an applicants personal situation can mean the lenders will lower these maximum levels. 
It is important to note that the banks lend against their valuation of the property which may not necessarily be identical to the purchase (market) price. 
To see what level of borrowing you qualify for please contact us and we can quickly run through your personal situation.

Purchasing property in Australia should be a straight forward process as long as some simple steps are taken. Such as –

1. Checking your borrowing capacity first (see “How Much Can I Borrow?”)
One of the most important factors in the banks decision to lend to you is your work and income situation. The currency you earn and whether you are self employed or on a salary will alter the possible products available. The lenders do not focus on how much savings you have (although this does look better). They look more at how much disposable income you have to cover all current and future commitments. Please use the link above to find out your current Australian borrowing capacity.
2. Obtaining pre approval from a lender (see "Free Pre Approval")
We believe all clients should obtain pre approval before looking for a property. Once a property is found we do not need to waste valuable time getting the preliminary paperwork done and it may give you more leverage in negotiating a price if the agent knows you are able to give them a quick sale. Please see the above link to start your Free pre approval.
(If you have already found a property or you are buying off plan please use our "Need Finance Fast?" page)
3. Finding an experienced solicitor or conveyancer.
You will need a solicitor or conveyancer for any property purchase in Australia. One experienced in non resident Australian property purchasers is recommended as they will understand the added complexities in working through the contract needs with you.

Non resident borrowers may also need to obtain Australian Foreign Investment Review Board (FIRB) approval depending on the property being purchased. 

It is important you enlist the services of an experienced solicitor or conveyancer who has previously dealt with FIRB applications. Balance Property & Finance is happy to recommend solicitors and conveyancers who have helped many applicants apply for FIRB approval.
4. Searching for a property and talking to agents.
By this stage you are well and truly ready to search the property market with confidence. Having your finance and solicitor already organised will take a great burden off your shoulders as well as ensure you are ready to act if that perfect property is found. Leaving everything until after the property is found is the quickest path to disappointment as someone else may make an offer before you are able to or selling agents may not take you as a serious buyer.
The information contained on this page is a guide only and due to the nature of lending and each applicant's situation being slightly different we recommend you contact Balance Property & Finance for advice specific to your situation.

If you would like to explore your options or you would like further information on any aspects contained above please contact us.

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