All Topics / Finance / Offshore Resident Finance?

Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of LostkiwiLostkiwi
    Member
    @lostkiwi
    Join Date: 2004
    Post Count: 1
    October 8, 2004 - 9:20 am

    Hi All,

    I’m new to the forum so not sure if anyone can help but here goes:

    I need help finding a lender for an investment property my wife & I want to buy in melbourne. We want to borrow 80% of the property value (probably mean borrowing in the region of $250,000) – however we live and work in the UK. I am a NZ citizen and hold Aust permanent residency status when in country, my wife will hold temporoary residence status. We will be in Melbourne in the new year to make the purchase but will return to the UK once everything is finalised. Our combined income equates to approx $250,000 per annum and we will put a deposit down of approx $50,000. Can anyone suggest a product/lender or qualifed broker that can help?

    Thanks in advance!

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    October 8, 2004 - 10:37 am

    Hi Lostkiwi,

    There are a number of brokers who regularly post here. I cannot speak from personal experience but others have made positive comments about them and their service.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of brahmsbrahms
    Participant
    @brahms
    Join Date: 2004
    Post Count: 485
    October 8, 2004 - 11:32 am

    sounds feasible

    Brendan H
    Mortgage Broker
    0438 436383

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    October 8, 2004 - 12:25 pm

    Non resident lending criteria.

    Normal fees apply,
    80% Max LVR for non-self supporting loans.
    Normal LVRs apply for self-supporting loans.
    You may be required to obtain prior approval from the Foreign Investment Review Board.

    Regards
    Steven
    Mortgage Broker

    [email protected]
    http://www.mobilemortgagemarket.com.au
    Ph:0402483216
    Ph:1800 820 500
    VICTORIA

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of LizzyLizzy
    Member
    @lizzy
    Join Date: 2004
    Post Count: 230
    October 11, 2004 - 3:34 pm

    Hi LostKiwi,

    Well you certainly are a long way from home…

    I recently completed finance for my uncle, he is classified as a “non-resident” as he works and lives in the middle-east, but is an Australian Citizen.

    I imagine your circumstance may be the same however your wifes status may have implications.

    We used Colonial at 80% so your cases are quite similar. A lot of lenders won’t go over this amount and often only up to 70% (in my experience).

    Is your spouse a foreign person, if she is you will need FIRB approval as you are a NZ Citizen (even though you have Permanent residency status in Aust. Refer to http://www.firb.gov.au/content/faq.asp if there is any animosity over this issue.

    Good luck…

    Liz

    Mortgage Lender

Viewing 5 posts - 1 through 5 (of 5 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.