Very true what Michael and Jamie have said.
Perhaps engaging a Finance Broke to look after you. A good broker would be able to find the appropriate Lender and finance package which is suitable to that specific investment you want.

In saying that, many Lenders have changed policies over the past 24 months. There are good points with each Lender, and even though you may feel as though ANZ has closed doors on you – they still have some competitive advantage over other Lenders.

ANZ are one of very few whom will allow 4 dwellings on 1 title (@ 70% LVR). Their policy for most recent Financials for self employed is favourable in many circumstances also.

Cheers,

Wait…

Let me get this straight.

Lets say I am an Australian Citizen, and i go over overseas to Greece and work, and also hold Greek Citizenship. I get paid in Euros in Greece. I have 20% Deposit (plus costs etc), and wish to purchase an Investment property here in Australia.

In this instance – I arrange finance with an Australian Bank (lets say CBA), and my interest rate will be… how much??

Thanks for the clarifcation Richard.

sorry to hijack the thread – but quick question:

Is there ANY lender outhere irrespective of the % rate, that will lend more than 80% for a non-permanent resident working in Australia. They will be eligble October this year to apply for permenant residency, but in meant time they are on working-visa.

Anyone?

Having a few pre-aprovals handy, i am guess you mean applying for a pre-approval through a few different lenders at a time.
What benefit do you have in this?

Remember, that a pre-appoval means 'that your financial situation has been assessed and that you deem eligble for a loan within the parameters mentioned in the pre-approval offer". You are not specifically approved for a specific finance package or interest rate. In todays current market – interest rates and finance packages offered by lenders changes all too often, so by the time you find a property to purchase, the Lender you got your pre-approval from, may not have the 'sharpest' package on offer at the time. Nor would it guarantee that if you apply through more than one lender for a pre-approval that they may have the sharpest on offer at the time. So you may end up applying for ANOTHER one when the time comes. This does not make your credit score look good (too many credit enquiries).

It is best to look past the interest rate curently on offer, but look at the 'total package' that lender may provide you. a good broker will assist you finding you the lender whic caters most of not all your needs and has the felxibility that best suits you. That is the lender you should be applying for a pre-approval for.

Hope this helps.

Sorry Richard, what i meant by stringent was that their credit policy (cat 1 only, no low docs, no non-permanant residence etc) is pretty strict. Their service and turn around times are on of the best.

Their suite is exceptional yes.

Hi Raddles,

If you want a Real estate agent to really take care of your property, I do very much recommend John Dunn from Dywer Dunn Property Consultants in Kingston. I havea few properties in canberra, and i never put all properties in the same basket. Other real estate agents that are managing my other properties are useless, esspecialy recently. I have neede some repairs done by tradies as well, but the problem ahs not been resolved NOT due to short supply, but because the my other agents are just incompetant at times.
If you would like further suggestions and including tradies and so forth, i am glad to assist there. I am also glad to see some other Canberrans on board.

Cheers,