Foreign nationals who intend to borrow from Australian lending institutions will find that they can generally borrow up to 80% of the property value and will be required to provide proof of how the remaining balance will be financed.

Dependant on your particular financial institutions lending policy, you may face additional restrictions with regards to income verification and stricter guidelines surrounding serviceability of your loan. Lenders may also have a policy of lending to individuals living in certain jurisdictions.

How much can I borrow

Your borrowing capabilities will vary between lenders and you will often find that an experienced mortgage broker can negotiate a better finance deal on your behalf. To get a more precise assessment of how much you can borrow from Australian financial institutions submit the brief form below and we will contact you at a time that is convenient for you or call us on +61 2 9249 3739.

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Home loan costs

If you are borrowing more than 80% of the purchase price, you will need to pay lenders mortgage insurance. This is a one off payment that is made to the lender (or lender’s insurer) and is deductible at the time of settlement. Please note that LMI is meant to protect the lender from any loss that may occur as a result of a default from a borrower.

• Other costs that you should be prepared to meet include:
  Lender fees such as loan application fees, loan establishment fees, service fees, valuation fees, account transaction fees
• State government fees and taxes like stamp duty, mortgage registration, registration fee and mortgage stamp duty.
• You will also need to budget for the services of a conveyance or solicitor, building and structural inspectors and pest inspectors.

FIRB approval

Foreign nationals or foreign interests purchasing real estate in Australia have to gain approval from the Foreign Investment Review Board (FIRB).

Lender requirements

While the different lender policies will often mean that lender requirements will often vary, there are some general guidelines that are used to determine if finance will be provided. The following is a brief summary of the minimum requirements that you would be required to meet:

• Foreign nationals must be natural persons and not companies or trusts
• Proof of income is required for all applicants including the self employed
• Proof of how the remaining purchase costs will be financed
• Proof of identity such as a birth certificate which must be accompanied by some form of photographic identification such as a Passport or a Drivers License
• Acquire the services of a registered enduring Power of Attorney in Australia
• FIRB approval to purchase property in Australia