Visiting Australia? Buy Real Estate Through A Mortgage Broker ...

If you are a foreigner visiting or planning to visit Australia and you wish to purchase property you need to know a few things ? your status in the country, mortgage requirements, financial conditions and more. To find out if you are eligible for a mortgage loan, you can contact a mortgage broker in Australia.

Brokers work with many different lenders and can determine which will more likely approve your loan BEFORE the application is submitted. Now let us look at the details of a few requirements needed for a foreign citizen to own property in Australia.

Visas

Obtaining a mortgage loan in Australia to purchase real estate is not difficult for those who are on working visas such as the 457 visa. Factors such as length of stay, ability to repay, credit history and your profession are taken into consideration before granting mortgages to non-residents and foreigners.

Although not all banks issue mortgages to non-residents or foreigners, going through the right mortgage broker means you can find lenders offering loans and mortgages of up to 80% of the property?s worth. A few can also lend up to 90% depending upon your credit history and ability to repay. Certain professionals and those married to a permanent resident or citizen of Australia can obtain further discounts and offers on mortgages.

Finding a suitable mortgage lender

Mortgage brokers in Australia have contacts with a number of banks and lenders in the country. Therefore, they are aware of the bank?s policies and regulations. They do not charge anything for most standard loans because they are paid their commission by the lenders. However, there may be some charges for non standard loan applications.

Factors that determine the mortgage eligibility
Length of stay: Another important factor that determines whether you qualify for mortgage in Australia is the tenure of your stay in the country. The number of days, weeks, months and years determine the amount you are eligible for and how long you get to repay it.

Employment, investment, and relationship status: If you do not have a job in Australia, are not an investor, and are not in a relationship with a resident, it can be considerably more difficult to make a purchase. If you are thinking about buying a holiday home, you will probably want to find a mortgage broker who specialises in finding banks who will be willing to assist you.

Other Formalities: If you are a foreign national and wish to invest in Australian property, you require the permission of FIRB (Foreign Investment Review Board). The board reviews all applications and approves them to avoid any fraudulent conjecture. If you are a foreigner who is interested in purchasing property you can contact a mortgage broker to have better guidance.

How should I apply?

Buying Australian property whilst visiting the country can be easy when using professionals who know about mortgage regulations. Your holiday to Australia can bring you profitable deals in real estate investment if you plan wisely.

Applying directly to one bank or lending institution means you can only ever be offered the products and services that bank has for sale. Apply through a mortgage broker and you will have access to more lenders. Some brokers in Australia for work with dozens of lenders, dealing with properties all over the country.

This gives an almost exponential increase in the types of mortgages available to them and different application types they can handle. They know that if one lender does not approve something, chances are another will. Remember, the more loans you are declined for the lower the chance of approval next time you apply.

Mortgage brokers in Australia lower this risk by assessing the likelihood of approval BEFORE submitting your application.

About the Author

Mortgage Broker Australia specialises in mortgage applications for all non-resident visitors to Australia. You can read about foreign investor applications from within the country in our section on buying while in Australia. Our 40+ lenders will have a mortgage that suits your situation. Apply online from our website today!


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Source: http://studentloans-withoutcosigner.com/visiting-australia-buy-real-estate-through-a-mortgage-broker/

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