Hi,
Background:
– Australian citizen currently residing overseas (UK) and want to purchase property in Australia before returning back home to live (i.e. start paying off the property whilst earning UK pounds)
– Have just left full-time employment and am now self-employed in the UK
– Have sufficient savings to put down 20% deposit + pay required fees (and am now earning more than i did in full-time employment)
– Have been working with a Mortgage Broker and up until this week had a loan pre-approved and all ready to go (based on my full-time employment status in the UK). However have just been informed that due to my change in work situation, i no longer qualify for the loan (pre-approval runs out at the end of June) hence the bank wont extend the loan. The mortgage broker indicated that with a self-employed status, the option is now a low doc loan but the problem with the low doc loan is that, whilst no financials are required, you typically must have been trading for two years and in some cases have an Australian ABN number. He hasn't yet been able to come up with any alternate options – particularly given my overseas status.Q: What sort of home loan / financing options do i have given the outlined situation?
Thanks!!
There are a few lenders who will do a Nodoc loan for expats without any proof of income but you are more likely to be limited to 70% LVR.
Richard Taylor | Australia's leading private lender
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