How to Buy Property in a Foreign Land with the Australian Foreign Investor Mortgage

Are you a business-minded person and has set your eyes on investing in real estate? Australia is one of the best places to buy a real estate property. The country is beautiful and there are so many opportunities to make good business. Aside from that, getting approved for an Australian foreign investor mortgage should be fairly easy. If you do things right, you will soon have the money you need to buy a property.

How does this foreign investor mortgage work?

This is a mortgage product that will allow foreigners to have their own piece of Australian real estate. This is good for both parties. The investor will have an opportunity to own a property in another country and use it to make more money while Australia gets the chance to keep its housing market active. Investing in Australia is always a good thing for the government.

You can avail of foreign investor mortgage by getting approved the same way most borrowers do. But there is one difference. You need to get approval from the Foreign Investment Review Board (FIRB) first.  This is a branch of the Australian government that oversees all foreign investments. This is designed to regulate foreign investors and make sure that all properties purchased are going to benefit the country.

This is one of the challenges you need to overcome to become an owner of an Australian property. This should not be too difficult to overcome because you can always find ways to make the process easier. With the help of excellent mortgage brokers in Australia, you should be able to get an approval in no time.

You need to go through this process first. Unless you are a temporary resident who has lived in the country for more than a year or a citizen of New Zealand, you will need to get the go signal from the FIRB. Without it, you will never be able to purchase a property.

It is easy to get an FIRB approval. The only instances that can give you some difficulties is when you do not have a visa and you plan to purchase a residential property and if you are not buying in Australian dollars. Typically, real estate investors are the ones who are going to get approved by the FIRB and foreign investor mortgages easily.

You also have to know the limitations of this mortgage loan. When you are approved for a loan, bear in mind that you can only purchase the following:

-    New properties
-    Any vacant land meant for investment purposes
-    Previously owned properties that are for demolishment and renovation
-    Second hand properties are only allowed for foreign companies who are going to use it as accommodation for their employees

Basically, you can only purchase new properties for investment with the foreign investor mortgage. The only time you can buy a second hand real estate is when it’s going to be demolished and you’re going to build new dwellings. You still have to follow specific rules like constructing more dwellings than the property previously had and that you can’t rent out the property prior to demolishment.

The great thing about Australian foreign investor mortgage is that you can have the chance to have your own piece of real estate in a beautiful country even if you did not come from there. This is one of the awesome ways the government of Australia show people that they can be a land of opportunities.

Expatriate Australian Mortgage – Know How You Can Invest Your Money Well

For a lot of people who live outside Australia, the fear of not being able to purchase a property that they can call their own is a huge issue. But these people should not be worried at all because there is nothing keeping them from having their own piece of real estate in Australia. An expatriate Australian mortgage is the solution for their problem.

Expatriate is the term used for people who live in another country. They could be in another country for work or any other reason. But the bottom line here is they are still Australian citizens and that makes them eligible for home loans like any other Australians. Their resident status should not be a hindrance to their dreams of homeownership.

It is okay to be a little bit scared of what might happen because lots of expatriates have this concern. But there is no need to worry because help is available. In fact, there are so many resources you can use to obtain an expatriate mortgage. And if you take the time to know where you can find them, you will be able to find it easier to obtain a loan.

How much can you borrow?

One of the questions that could be running in your mind is will your status affect the amount you can borrow? It should not. However, there is no telling how the lenders minds work, so you have to be prepared.

The main thing you need to remember is the amount you can borrow will depend largely on your financial ability to repay the loan. This means if you have a stable source of income, a good credit score, and money saved in the bank, then you are good to go. Prove this to lenders and you can qualify for as much as 95% of the property price.

However, there are times when an expatriate experiences difficulties proving employment. This is because there are certain countries that implement different rules when it comes to employment. Some companies may not provide pay slips or other documents that you’ll need when applying for a loan. This can give you a little bit of problem. But there is no need to worry because there are lenders that will take whatever you can present to them.

This goes the same for interest rates. Your expatriate status should not affect your loan’s interest rate. This will depend on your financial status, so don’t let lenders slap your with a high interest rate just because you are an expat.

You won’t encounter a lot of problems when trying to obtain an expatriate mortgage when you have the help of a mortgage broker. Having a professional help you out will make the entire process easier. A mortgage broker is an expert. He (or she) has all the necessary skills and experience needed to assist you in qualifying for a loan that best suits you. It’s easy to get expert help. You should be able to find a good mortgage broker in Australia. Start looking for one and you’ll soon find yourself the new owner of a brand new house. With an expatriate Australian mortgage you will be able to invest your money without any difficulty.