Australia has long been recognised as one of the most economically stable countries in the world, and over the past few years the migration service has been bombarded by international people hoping to obtain approval for a mortgage. If the visa application has been successful and the individual has been granted permission to live in the land down under, then the next step is to source suitable accommodation.
Whether you’re still abroad and would like to take care of your new home purchase, or if you’re currently living in temporary accommodation within Australia, why not take a look at this home loan advice for international applicants.
Consider your finances first
The great thing about your previous residency application is that you will have undoubtedly had to prepare your financial statements already. These will be very useful when it comes to finding a lender – but the best bet would be to opt for a mortgage broker instead. With your financial data ready, a good broker will be able to calculate what you can afford to repay and then set about negotiating on your behalf.
Always keep exchange rates in mind
Australian dollars are exclusive to the country and so it’s well worth thinking about the exchange rate as far as your deposit is concerned. If you use a mortgage calculation tool to work out what you will need to repay in AUD, then check back often as currency rates are prone to fluctuation. When you’re ready to apply to your lender, be sure to do so at a time when the exchange rate can benefit you.
Demonstrate your plans to stay
Residents within Australia won’t often be asked if they intend to stay in the country to repay their mortgage, but if your lender learns that you are a new citizen then they may request that you either remain present for a few years at least, or demonstrate evidence that will tie you to the country. If you have work, represent it via documentation.
If you are retired, show that you have an Australian bank account that is in receipt of your monthly funds. The last thing that a bank will want is to have to chase a mortgage applicant down across countries and the more secure that they feel about their decision, the more likely they will be to approve your application.