Non-resident Home Loans
Non- resident loans are designed for foreign nationals, Australian expats and Australian temporary residents. First of all you will need to apply for approval to buy a property in Australia from the foreigners investing review board ( FIRB ), generally speaking the conditions are;
1. Can not buy a existing residence - must be off the plan or in construction. ( however temporary resident can buy as main resident subject to approval)
2. If it's a brand new construction , and the loan is for the land only, the building must start construction within 24 month
3. Property must be for investing only
4.For redevelopment - you can not rent out the existing building, only the newly built one can be rented out.
5. Subject to FIRB discretion- property and investment type, size and amount will be determined
We at shape home loan understand buying a property is not easy and is a huge investment, investing in a foreign country is even more daunting. So talk to us and we can help you through this complex process.
· Potential for Higher Rental Yield
· Australia's economy is considered as AAA rating.
· You Own the land you buy (torrens title)
· In term of finance, LVR ( loan to property ratio) is max 75%
· MUST have FIRB approval prior to buying or applying for finance
· Must take in consideration different exchange rates when disclosing finance.
A simple loan to solve a complex problem. Contact a Shape home loans Adviser Today!