Types of Loans
You….
Your guide to different types of loans
What’s Included
Unusual Employment
Got a job and can afford a home loan, but banks wont help?
Non-Resident Home Loans
Are you on Temporary, spouse. or 457 visa?
Trust Loans
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more.
SMSF Loans
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more.
Unusual Employment .
Got a job and can afford a home loan, but banks wont help?
If you’ve got a job and can afford a home loan, why won’t the banks help you? With overtime, probation, contractors and agency workers with multiple part time jobs, it isn’t hard to see that most people don’t fit the banks normal rules. Luckily, modern home loan lenders are beginning to understand that these days not everyone has a 9-5 job and not everyone can prove their income as easily as they’d like to. You can still get a home loan! In response to the COVID-19 pandemic, banks have tightened their lending policies around unusual employment.
To learn more, talk to our mortgage brokers at 1300 889 743 or fill in our online enquiry form.
Got an unusual job and banks wont help?
Talk to our experts to get a free assessment.
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The secret to getting a lender to accept your income as true and correct is to apply with a lender that views your situation in a favourable light. Providing the best possible combination of documents will also help to ensure that they assess you as earning a strong income. For example, if your payslips show a low income because you’ve done no overtime in the last few weeks, provide your group certificate and a letter from your employer instead! We’re experts in getting loans approved for people with unusual employment! With our expertise, we can help you compare the loans offered by those lenders and get back to you with two or three loans with the most competitive interest rates and fees!
Call us on 1300 889 743 or complete our free assessment form today!
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On probation: Learn which lenders and loans are available to you when you have just started a new job.
Contract workers: Find out the reasons why lenders don’t like contract employees and how to find a lender that offer contractor mortgages.
Self employed: Not all lenders read tax returns in the same way. Did you know some can use BAS statements or even just let you tell them what your income is?
Casual employees: Just because you are technically casual it doesn’t mean that your income isn’t secure! You can get a home loan if your job is secure.
Overtime reliance: As much as a third or even half of the income of nurses, police officers and shift workers comes from overtime or other bonuses. Loans are available from lenders that will take your full income into consideration.
Temp / Agency workers: These days, agencies employ a significant part of the workforce. Most banks haven’t caught up with the times and still decline anyone employed through an agency. Of course not all lenders are the same!
Bonus income: We know which lenders will include your bonus income as part of your annual income.
Doctor home loans: If you’re in the medical industry, you may be eligible for great discounts and a waived Lenders Mortgage Insurance (LMI).
Discounts for professionals: Other professionals and high net worth individuals like dentists, vets, accountants, lawyers and mining engineers may also qualify for heavily reduced interest rates. You can save thousands with some lenders!
Rental income: Are you an investor who earns income through your rental property? Make it count towards a mortgage!
Commission income: Those working in sales roles may be paid on a commission basis. Find out which lenders will accept commission income.
Maternity Leave: Under a maternity leave home loan package, banks accept your return-to-work salary for assessing your income. Most banks allow up to 1 year of leave period but we also have a lender in our panel who accepts 2 years of leave period.
We can also help in a variety of other situations and with a variety of other income types.
Please give us a call on 1300 889 743 or complete our free assessment form for more information.
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Non-traditional or irregular income goes hand-in-hand with unusual employment depending on the industry that you work in.
This is particularly true of government jobs or sales professionals where you may receive bonus income or incentives.
We know banks that will consider the following types of bonuses or incentives when assessing your income.
The more the bank considers, the greater your borrowing power:
Annuity income
Bonus income
Commission income
Company car
Salary sacrifice or packaged salary
Stipend income
Non-Resident Home Loans
Are you on Temporary, spouse. or 457 visa?
What you need to know!
Firstly, you should read about how to buy property in Australia, followed by the rules for foreigners investing in Australia.
Note: You may need approval from the Foreign Investment Review Board (FIRB), depending on your circumstances.
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There are different home loan types available for different types of borrowers, whether you are a citizen of New Zealand, a foreign citizen working in Australia or a foreign citizen living overseas.
Australian citizens living overseas
Australian permanent residents (PR)
New Zealand citizens
Foreign citizens living overseas
Foreign citizens living in Australia on a working visa
Foreign citizens living in Australia on a temporary visa
Foreign citizens living in Australia on a spouse visa
Foreign citizens living in Australia on a student visa
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Most people buying real estate in Australia are able to borrow 80% of the property value.
In some cases it is possible to borrow up to a maximum of 95%. However, this depends on where you are living, if you are an Australian citizen or not, as well as the terms of your current visa.
To find out if you could be eligible to borrow over 80% LVR, speak to our specialist mortgage brokers on 1300 889 743 (+61 2 9194 1700 for callers outside Australia) or enquire online and one of our mortgage brokers will contact you to discuss your situation.
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The great news is that some Australian banks now offer the same home loan features and interest rates for non-residents as they do for normal borrowers.
Minimum loan size: $100,000
Maximum loan size: Varies depending on your location
Maximum LVR: Varies depending on your situation
Interest only: 15 years maximum
Fixed rates: 12 years maximum (15 years for Australian Citizens)
Loan term: 30 years maximum
Professional package discounts: Available
Construction home loans: Available
Extra repayments: Available
Redraw: Available
100% offset: Available
Internet banking: Available
Phone banking: Available, however may not work for international calls
Although the features vary depending on the lender, our mortgage brokers can usually find you a suitable loan that has flexible policies for non-resident borrowers and meets your requirements.
Speak to us on 1300 889 743 or enquire online. If you are living outside of Australia, contact us on +61 2 9194 1700 and we can help you get approval!
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Lending policy for non-resident home loans differs from bank to bank.
As a general rule, the banks take one of three different views on applications from non-residents:
Declined outright: These lenders either believe foreign citizens or overseas borrowers are a high risk, or their systems are not set up to be able to deal with customers that reside outside of Australia.
Lending restrictions apply: These lenders will accept Australian expats, temporary residents of Australia and foreign investors however, they may restrict the amount that you can borrow or require additional supporting documents.
Special lending parameters: A select few lenders actively pursue this market! They have special credit teams to assess applications from non-residents, and have 24-hour call centres to handle calls from overseas customers. They often have no restrictions for Australian citizens living abroad, and have flexible lending policies for temporary residents, particularly 457 visa, 309/310 visa and TSS visa holders.
Whatever it is, the way you tell your story online can make all the difference.
Call us today for a free assessment
02152546789789678521311231