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Mortgages which are classified as non resident are specifically designed for people who are not residents of Australia or do not have permanent residency status in Australia.
This product caters for people wishing to purchase real estate in Australia who fall into this category.
The reason to purchase property in Australia using a non resident mortgage could be for investment purposes or a plan to move to this country in the future and therefore secure a property with this view in mind.
This product has very much the same credit criteria as traditional mortgages although some limitations are in place.
These limitations have been applied by a governing body which goes by the name 'Foreign Investment Review Board' or FIRB for short.
We have prepared a more detailed list of information surrounding non resident mortgages and the FIRB requirements below for your reference.
Please browse through the information prepared for you or simply contact us and speak to a consultant for more details.
Who qualifies for non resident mortgages?
As mentioned the only person who would qualify for this type of product is a person who is not an Australian citizen or does not hold a permanent residency status in this country.
Essentially a non resident is classified as a 'foreign person' so for example if a person from the UK wishes to purchase real estate in Australia and they do not have permanent residency status then they would qualify for a non resident mortgage.
What type of property can be purchased using a non resident mortgage?
A non resident mortgage can be used to purchase property although there are some limitations in place as to the type of property which may be purchased.
Please refer to the list below for a list of acceptable properties for purchase as a non resident.
Non Resident Mortgage Acceptable Property List:
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A vacant block of land upon which construction will take place within a given time period |
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An existing dwelling which is to be demolished and a new dwelling constructed |
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A stand alone house (not previously occupied or sold) |
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Previously occupied home |
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A newly constructed dwelling |
To obtain further information on property types or if you simply have a question, just contact us and speak to one of our consultants.
How much can I borrow with non resident mortgages?
The amount you can borrow is determined by the FIRB and at this point in time a non resident mortgage is limited to a maximum LVR of 80% of the property value.
Other limitations may apply if you are classified as a student and the maximum LVR may be less than 80%.
Contact us to find out more about mortgage lending limits.
Who is the FIRB and why do they govern lending practices for non resident mortgages?
The FIRB is the governing body which determines the parameters for mortgages and property purchases in Australia for foreign persons.
The FIRB places these parameters effect so as to protect Australian assets from an overwhelming foreign investment and to ensure sustainability of housing prices which may be falsely inflated by too much foreign investment which may potentially price out Australian citizens from purchasing real estate in their own country.
To find out more about the process of obtaining FIRB approval and for further information on the FIRB you can refer to their website which is www.firb.gov.au or simply contact us to find out more.
Which non resident mortgages will suit my needs?
There are a number of options with regard non resident mortgages and each has their own unique structure and credit criteria. For example some non resident mortgages do not have an rate loading while others do.
In essence the lending criteria set out by the FIRB is the only constant with regard non resident mortgages but to find out more about the varying structures and options available simply contact us.
What's my next step in obtaining a non resident mortgage?
You're next step once you've had a read through some of this information is to contact one of our consultants who can help you in securing the appropriate finance and more importantly assist you in obtaining FIRB approval to purchase real estate in Australia.
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