When Temporary or Non-Residents Need Finance For Residential Property, Here’s Why They Turn To MAP… 

We know that obtaining a home loan can be a challenging experience for temporary and non-residents, as well as Australian expats. 

Many banks, lenders and mortgage brokers are not used to dealing with people in your situation. They may be unsure how to get your home loan approved, or simply decline your application because they don’t know any better, or the application is too tricky. 

At MAP Home Loans, we specialise in helping temporary and non-residents (including Australian Expats) get fast home loan approval, at a great rate. And because we only work with people in your situation, we’re very good at getting loans approved. 

We’ve already helped hundreds of temporary and non-residents, and chances are we can help you too. Simply contact us to arrange an initial phone chat to assess your options. There is no cost and no obligation. 

How We Fast-Track Your 
Home Loan Approval 

Because we specialise in non-resident home loans, we understand the complex lending policies and requirements of over 31 mortgage lenders, to ensure your home loan is approved the first time, at the best possible interest rate, saving you thousands of dollars. 

We also understand that many temporary and non-residents are not always in a position to supply a 20% loan deposit. Depending on your visa status, we can usually arrange finance, even if you are only able to supply a deposit in the 5% to 10% range. 

Finally, we help you avoid the common (and costly) mistakes that arise due to complex requirements with respect to foreign currency, regulatory and taxation factors. 

Free Guide To Migrant Visa Holders Buying Australian Property 

The Australian banking system is designed to help Australian citizens living in Australia easily apply for finance, have it approved and purchase their first home or investment property. 

The banking system sometimes stumbles when extra information is required or additional ‘non-standard’ checks are needed before finance can be approved. For some banks, finance applications from temporary and non-residents end up in the too hard tray, until now… 

The Temporary or Non-Resident’s Quick-Start Guide 
to Financing Australian Property includes: 

• Why indicative pre- approval is worthless and what information is required to receive a 100% “Fully Checked and Verified Finance Pre-approval” 

• How credit policies vary between lenders and why a standard supporting information pack may not be sufficient to secure finance 

• How additional information required for “Lenders Mortgage Insurance” can derail your finance approval times 

• How to pre-qualify your lenders and ensure your credit file stays ‘clean’ What Foreign Investment Review Board (FIRB) restrictions apply and when.. 

• And more…. 

Who This Free Guide Is For 

If your situation is mentioned below, this guide was written with you in mind: 

Australian Expat Home Loan Options… 

Buying a property in Australia as an Australian citizen living overseas (‘Australian Expat’) is never easy. But securing your home loan has never been easier than it is now, thanks to MAP Mortgage Brokers. Our experienced mortgage brokers specialise in securing home loans for Australian citizens living and working abroad to 95% LVR at standard home loan interest rates. 

The team at MAP Mortgage Brokers are specialists in the provision of home loans for 
Australian expats. We regularly secure loans with an LVR of up to 95% against quality properties, and have the knowledge, connections and experience to make your overseas 
home buying process easier. 

Home Loan Resources For Australian Expats 

• Non-Tax Resident Australian Citizens Living Overseas 

• Mortgage for Australian Expatriates Living Abroad 

• Expatriate Mortgages in Australia 

• Mortgages for Self Employed Australian Citizens Living Overseas 

• Building Home Loan For Australian Expats 

• Vacant Land Home Loan For Non-Resident Australian Citizens 

Maximum Lending Ratios for Australian Expat Home Loans 

Australian Citizens living abroad (Expats) seeking a home loan are often told by financial institutions that they have to adhere to an 80% LVR on property purchases, chewing up valuable capital and reducing the deductible benefits of negative gearing that are available to some expat home owners*. But in our experience, that is simply not the case. We have recently placed expat home loans for Australians citizens living in a wide array of foreign countries (including Singapore; Dubai, UAE; London, UK; Hong Kong and Shanghai, China) at an LVR of over 80%. 

The following table provides a high level summary of our maximum lending ratios: 

BORROWER TYPE                                          MAX HOME LOAN LENDING 

Australian citizen/s living and working abroad paid in a foreign currency         95% + LMI 

Australian citizen working overseas but earning/paid in AUD                                 95% + LMI 

Australian citizen and foreign spouse living and working abroad                     95% + LMI 

Australian permanent resident living and working overseas                            95% + LMI 

Foreign National/s living and working abroad                                                           80% 

Why use a Specialist Non-Resident Mortgage Broker? 

Bank policy on home loans for non residents is a minefield with competing lenders applying vastly different credit policies and home lending criteria. This difference in lending criteria can result in one bank approving the home loan while others will decline the application, reduce the loan amount or require a larger deposit from the borrower. 

For example, some lenders will: 

• Only lend to expats currently residing in a country that has an 
  Australian Consulate, 

• Only lend to Australian citizens abroad that are earning a particular currency, 

• Not lend to non-residents at all, 

• Apply Australian taxation to expat income for servicing purposes and discount 
  for currency fluctuations. 

This is where MAP Mortgage Brokers can help. MAP understands the complex non-resident lending policies and requirements for all the Australian banks and non bank lenders to ensure that your home loan is approved the first time and at the best available interest rate. 

Don’t risk a decline (or another decline) on your credit file. We do not charge you for our services so give us a call or enquire online for obligation assessment. 

Temporary Resident buying with your Australian partner? 

This page is for those temporary residents that would like to purchase a home in Australia with their Australian permanent resident / citizen partner or spouse, spouse referring to either married or defacto. 

MAP is often contacted by these borrowers after they have been advised by their bank or mortgage broker that the maximum LVR available is 80% due to the lenders mortgage insurer requirements 

It is however possible for temporary residents to borrow up to 95% of the purchase price so only a 5% deposit is required providing one of the borrowers is an Australian permanent resident or citizen. The key to getting your home loan approved is applying to the right bank that will accept your visa and status as a temporary resident. This is where MAP can help. 

What Types of Visa will the Banks Accept? 

Generally the temporary resident partner would be on a Temporary Spouse Visa Subclass 309 or 820. However, the particular visa the temporary resident partner is on is largely irrelevant to some lenders providing the home loan and property is to be purchased in joint names. The non-resident partner / spouse could therefore be on a 3-4 year working visa such as a 457 or 485 visa or perhaps are on a Bridging Visa A or B. 

What are the Requirements? 

Temporary residents purchasing with an Australian permanent resident or citizen will need to demonstrate the following: 

1. Minimum 5% deposit plus purchasing costs like stamp duty and legals, 

• If the partner or spouse is on a working visa such as a 457 or 485 then the 5% deposit must be genuine savings, 

• If the partner or spouse is on a spouse or defacto spouse visa subclass 309/100 or 820/801 then the 5% deposit may not need to be genuine savings and may come from any source such as gift or FHOG. More information on no genuine savings home loans for spouse visa temporary residents here. 

1. Clean credit history free from defaults and bankruptcies, 

1. Positive asset position – that is your assets exceed your liabilities, 

1. Good employment history. 

Why use MAP Home Loans 

MAP specialise in Temporary Resident Spouse Home Loans and assist hundreds of Temporary Residents every year to arrange home loan finance. If you would like to know more about buying a home and arranging a home loan when you are purchasing with your Australian permanent resident or citizen partner or spouse CONTACT MAP for a no obgliation consultation to see if we can help you. 

Temporary Resident Home Loans & Mortgages 

MAP Mortgage Brokers is often contacted by Australian temporary residents (that is, foreign citizens who do not hold permanent residency) seeking a home loan to borrow over 80% of the purchase price. They have often approached their own bank and possibly one or two mortgage brokers and have been advised that their maximum lend is 80%. 

MAP specialises in assisting temporary resident migrants with home loans to 95% LVR question at normal bank interest rates where they are purchasing with their Australian citizen or permanent resident partner or spouse. 

Migrant Home Loan Lending Ratios for Specific Subclasses 

The minimum deposits required by Migrants on temporary provisional visas will vary depending on the subclass of visa and occupation of the holder. Effectively, some banks and non-bank lenders have determined that certain visa holders will be a satisfactory lending risk given that; 

1. Permanent residency (PR) is likely to be achieved, and 

1. the occupation of the migrant is in demand or stable employment history. 

Here are some of the most common visas banks will extend mortgage finance to and the minimum deposit required: 

1. Migrants on a 457 Visa can borrow with as small as a 10% deposit for their Australian purchase: See 457 Visa Home Loan 

1. Migrants on a Subclass 487 visa can borrow with as small as a 10% deposit: See Home Loans for Non Resident on Subclass 487 Visa 

1. Migrants on a Skilled Graduate 487 Visa can borrow mortgage finance with only a 10% deposit: See 487 Visa Home Loans 

1. Migrants on a Skilled Regional Visa 495 can borrow up to 90% of the purchase price. 

1. Migrants on a Bridging Visa A or B can be approved a mortgage with only a 20% deposit. 

1. Student Visa holders will be limited to 80% of the purchase price for their Australian home purchase: See Student Visa Mortgage