What are Non Resident Home Loans?
Non resident home loans are available from a number of lending institutions and are only for use by non residents of Australia.
This specific product can be used to purchase property in Australia and there are a number of requirements which need to be met with regard the home loan itself and other requirements as set out by the FIRB.
The basics of a non resident home loan are very similar to that of standard products although there are some parameters which apply as mentioned above.
What we have done is highlight some of the key elements of this type of product and the process required to obtain approval through the FIRB to purchase property in Australia.
We invite you to read through the below information or alternatively you can contact us and speak to one of our consultants:
Who can obtain non resident Home Loans?
Only non residents can obtain non resident home loans as this product is specifically for use by non residents. The basic definition of a non resident is highlighted below and these are the types of applicants who are eligible:
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Someone who is not an Australian Citizen |
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Someone who does not have Permanent Residency Status |
For further information on non resident home loans please contact us and speak to one of our consultants.
What types of property can a 'non resident' purchase?
Non resident can only purchase particular types of property and this is not determined by the non resident home loan providers but is a requirement of the FIRB.
Below you will find a list of property types which non residents may be able to purchase:
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A stand alone house (no previously occupied or sold) |
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A previously occupied dwelling |
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A new dwelling (not previously occupied or sold) |
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Vacant land upon which to construct a home |
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A second hand dwelling which is to be demolished and a new one constructed |
These property types can be purchased but if you want further information please contact us and a consultant can help.
What are the parameters of non resident Home Loans?
Non resident home loans have some parameters surrounding them and as mentioned these are not determined by the lending institution but the FIRB governs this.
In essence non resident home loans are capped at 80% of the purchase price so the lending institution will fund up to this amount for a purchase.
Some of these products attract a loading on the interest rate to cater for currency fluctuations while other home loans for non residents do not.
To find out more about the various product options and the parameters involved simply contact us and speak to one of our consultants.
What is the FIRB and why do I need FIRB approval?
The FIRB is the governing body which determines a non resident's eligibility to purchase property in Australia. Further to this the FIRB also determine the non resident home loan parameters as mentioned previously.
The FIRB is known as the 'Foreign Investment Review Board' and as such put in place legislation which the lending institutions must adhere to, and also require a non resident to apply to them for approval to purchase a property.
FIRB approval generally takes up to 30 days and there are specific forms which can be downloaded from this site www.firb.gov.au and this site also includes detailed information on the process.
When it comes to non resident home loans though you need only contact us and a consultant will assist.
Which non resident Home Loan is right for me?
There are a number of home loan providers who offer this type of product and each of these lenders has differing parameters within their own product offering.
All of these lending institutions are still bound by the legislation set out by the FIRB, so to find more about the home loans available please contact us and have one of our consultants assist you.
What's my next step in getting a non resident Home Loan?
Your next step in obtaining a non resident home loan is to contact us and speak to a consultant who can assist you in understanding how this product works and more importantly how to obtain approval through the FIRB.
We have helped many non residents purchase a property and obtain approval through the FIRB.
Further to this we also have access to a number of non resident home loans through our lending panel and can offer you a broad choice of options.
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