I’m about to move to Australia soon and I’d like to buy my 1st IP within next 6 months after my arrival.
I’ve sold all my properties at home, invested the money and now I have $35K-$40K of passive income (dividends, bonds, p2p loans) and money for 25-40% IP down payment.
Could you tell me about how realistic it is to get financing before I get a job in Australia?
Firstly welcome to the forum and indeed the Country when you arrive.
Regretfully even with the income you currently have you wont be able to use this income in support of an application for finance with evidence of 2 Years Tax Returns.
Once you arrive and have full / part time employment this income and the potential rental income can be considered for servicing.
Enjoy the move.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
It was sad news that I can’t get financing immediately.
I had some IP experience at home (as a hobby) and wanted to buy IP in Australia as soon as I research local market good enough.
By the way, in european countries they usually give loans to foreigners but demand bigger down payment to protect bank from losses.
Turns out all Chinese buyers buy without any mortgage in Australia! WOW!
Could you tell me if I still need 2 year’s tax returns in case if I get a job much sooner?
Regretfully Nodoc loans are a thing of the past in Australia post NCCP.
If are buying in a Company name then the loan is considered non coded so there is less requirement for the lender to ask for the traditional income evidence however there is still something known as “responsible lending”.
Even as a Short Term Business lender we look at the reasonableness of the loan application and the likely exit strategy.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Are you still working in Russia and when are you moving to Australia?
You could have purchased the property before coming to Australia and could have easily obtained a loan at 80%. You just need to show proof of your Russian salary.
Turns out all Chinese buyers buy without any mortgage in Australia! WOW!
I have many Asian friends, I helped purchase Australian properties. None of them used more than 20% of their funds. They could easily borrow 80% of the properties value. As long as you can proof that you have a salary.
Will you have a temp or perm visa when you come to Australia? This will determine what kind of property you can purchase?