Overseas Residential Home Loans
What is an Overseas Residential Home Loan?
An overseas residential home loan is specifically designed for people who are not Australian citizens or do not have residency status but wish to purchase property in this country.
The basic mechanics of a residential home loan for this type of client are very much the same as a standard residential home loan although there are some parameters built around the product itself.
Importantly an overseas residential home loan is limited to 80% lend on the value of the property being considered and the applicant must have FIRB approval.
Below we have highlighted some key points of reference and also a link to the FIRB website where further information can be obtained.
Alternatively you can contact our overseas residential home loan specialist to find out more.
Who specifically requires an Overseas Residential Home Loan?
The type of applicant who specifically requires an overseas residential home loan and FIRB approval is: -
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An applicant who does not hold Permanent Residency Status |
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A person who is not an Australian Citizen |
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In essence a someone who is classified as a ‘foreign’ person |
More information can be obtained by contacting our overseas residential home loan consultant who specialises in this area.
What types of property can a ‘foreign person’ acquire?
We have highlighted below some information on the types of property a ‘foreign’ person can purchase in Australia using an overseas residential home loan in conjunction with FIRB approval.
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Vacant land upon which to construct a dwelling |
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Previously occupied dwelling (developed residential real estate) |
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A new dwelling (not previously occupied or sold) |
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A stand alone house (not previously occupied or sold) |
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A second hand dwelling to be demolished and a new dwelling constructed |
How much can I borrow with an Overseas Residential Home Loan?
There are some parameters with regard an overseas residential home loan which are governed by the FIRB, the main one being that the overseas residential home loan itself shall not exceed 80% LVR i.e. not more than 80% of the value of the purchase price.
There are other limitations in additional to this and we invite you to contact our overseas residential home loan consultant to find out more detail.
What is the FIRB and why do I need FIRB approval?
The FIRB is a government body which governs the legislation surrounding foreign persons acquiring property in Australia.
The Foreign Investment Review Board has strict regulations which must be adhered to if a foreign person is to successfully acquire real estate in Australia.
Where can I obtain further information about the FIRB?
The above is intended to be a general guide on overseas loans and the FIRB.
More detailed information is available on restrictions, legislation, application forms and statutory notices which can be accessed through this link:
AWFG are well versed in catering for overseas residential home loans and assisting you in following FIRB requirements so your goal of purchasing a property in Australia is successful.
What type of Overseas Residential Home Loan is right for me?
There are a variety of home loan lenders which offer overseas residential home loans although they each have different criteria with regard interest rates, potential loadings to cater for currency fluctuations and the like.
To get more information on the types of overseas residential home loans available please feel free to contact our overseas residential home loan consultant.
What is my next step in obtaining an Overseas Residential Home Loan?
As we have provided many overseas residential home loans to ‘foreign’ persons we invite you to contact AussieWise Finance Group and speak with our overseas residential home loan consultant.
Our consultant will then guide you with regard FIRB requirements and sourcing the most appropriate overseas residential home loan for your needs.
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