Overseas borrowers fall into 2 categories:
Historically, lenders have been a little more conservative when financing Australians living overseas. That is, they would lend no more than 70-80% of the value of the property. Better Choice Mortgage Services now has mainstream/tier 1 lenders, lending up to 90% and above of property value for Australian’s living overseas.
The majority of loan types within the suite of products are available to Australians living abroad. Restrictions do exist if you wish to borrow on an Alt Doc basis.
There are lenders on Better Choice’s panel that will finance foreign national borrowers. Lenders normally will cap their exposure to 70-80% of the property value. If a foreign national wishes to purchase an Australian property they will require approval from the Foreign Investment Review Board (FIRB). FIRB information is available at www.firb.gov.au. Foreign nationals are generally restricted to purchase newly built properties, or undertaking block and build.
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