Is it possible to apply for a loan in Oz when i live and work overseas? Do i have to go back to Oz to do it all or can i give a family member power of attorney?
I have one property but it has minimal equity.
I also have a $40000 deposit.Any advise would be great,
PT
Completely possible to do it yourself.
I have several overseas loan happening at the moment!
All the best,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I would recommend Simon- I’ve heard good stuff about him!
Check out this site for more information on the regulations regarding buying property in Australia if you’re an expat or overseas.
Cheers,
Pro-ActiveYes, I took out a new loan from an Aus bank earlier this year. All the documents for signature were mailed/couriered back and forth for my signature, I never returned to Aus. I used a broker.
I’m also an expat working in the UK. Recently was looking at a deal in Oz and asked my bank about finance. They then told me that for an expat their lend criteria changes to 70% instead of 80%.
We have our PPOR rented out and another -ve geared IP, and would be in the 70-80% range at the moment, I was looking at using equity to buy +ve cashflow but this may throw a spanner in the works.
Does anyone know of any banks/lending insto’s that have an 80% criteria for expats?
Thomas
Thomasp, I borrowed 80% from BankWest. The info I had was that the LVR is limited for expats because the lenders cannot get LMI.
We process many expat loans for clients in the UK, Asia and the Far east and 80% is not a problem.
The other option is to consider a foreign currency loan in the currency in which you are earning overseas.
We do many of these in British Pounds for clients working in and living in the UK where the Aussie Bank takes the Australian investment property as security and repayments are made in the local currency. The interest rates are often more favourable as they again are set at the local rate i.e in the UK set against 3 or 6 month LIBOR.
For clients living and working in Asia the choice is Hong Kong or Singapore Dollars with interest rates at rates between 3.6% – 5.5%
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Hi
I am an Aussi expat living in Ais. I borrowed remotely in 2004. I found it easier just to have my father act as a signatory on documents in AUS.
I am now in the process of borrowing agin except this time the bank is giving me 100% finance100% or more to include costs is always available to Expats when you are offering additional security.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Hi PT,
I am an expat working in Singapore and I did my loan remotely with commbank.
Did you know that the ATO have brought out a new ruling that all overseas investors did not have to pay GST on any fees re: rental properties.
So you can get back GST paid on management fees/selling fees/and all repairs etc from the 1st july 2000 to the 1st April 2005.
My refund comes to about $3000 so it’s worth looking into for anyone who is in the same boat.
See ya
MeiMei,
Interesting.
I’m also an expat working in Singapore and recently refinanced and got extra loans with the commbank. It is deemed as third party banking which means I have to bother my broker every time I want to check up on admninistrative issues with the loan and there have been a lot of issues too. The latest one is that the loan was set up as a MAV package just last month, and not at the outset of the loan in Feb. In addition I never ever asked it to be set up as a MAV package, so I don’t why it has been done like this and I don’t know why it was done late if they say this is what I applied for (which I didn’t). I am still trying to get to the bottom of this.The main advice I would give PT is don’t settle a loan over Xmas time. It is a slow period and with the extra time you need to get documents couriered back and forth to you being o’seas, you may settle late and incur penalties, like I did. It was actually the bank’s dealy that caused the problem, but try telling the bank that!
We find comfort among those who agree with us – growth among those who don’t. Frank A. Clark.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
