Home Loans for New Arrivals to Australia

Australia is a wonderful destination to call home. Whether you are relocating to the area on a permanent basis or are interested in purchasing a second home or vacation home in the area, you may be wondering what your financing options are for buying real estate in Australia as a non-citizen.

The fact is that non-citizens can purchase real estate in Australia, but many will require financing to make their dream of home ownership a reality. If you are interested in purchasing real estate in Australia, you should take time to learn more about the different financing options available to you.

Non-Resident Mortgages
If you are still waiting for your permanent visa to be approved or are working on achieving status as an Australian citizenship, you may need to apply for non resident mortgages if you want to purchase real estate right now. There are several lenders in Australia who may offer affordable rates and great terms on non resident mortgages. These mortgages may be used by foreign investors who are interested in buying a rental home in the area or by those who want to purchase a second home in Australia while retaining primary residency in another area. Borrowers for these loans may need to be approved by the Federal Investment Review Board. Keep in mind that there are non resident mortgages available for spouses of permanent residents and citizens, those in the country on a student visa and more. Working with a mortgage broker or lender can help you to explore the financing options available for your specific situation so that you make a great financing decision.

 
Permanent Resident Mortgages
If you are in the country as a permanent resident, such as if you have a 457 working visa, you may qualify for a different type of mortgage. For example, 457 visa home loans can provide you with great rates and terms for your home buying needs. With 457 visa home loans, certain professionals working in certain jobs, such as specific types of medical professionals, may qualify for enhanced loan terms and even more attractive rates. There are also other financing options for permanent residents, such as those designed specifically for New Zealand residents.

When to Refinance
The loan terms for resident and non-resident mortgages alike can be attractive, but they may not be quite as attractive as the rates and terms available to citizens. For example, you may qualify for a lower rate and a higher loan-to-value if you are an Australian citizen. Therefore, you may consider the benefits of applying for your mortgage now and investing in Australian real estate with your current citizenship status in place. However, if you have plans to become an Australian citizen, you may consider exploring mortgage programs available to you after you have earned citizenship status. Refinancing to take advantage of more attracting loan terms and rates can be beneficial to you over the long run.

Owning real estate in Australia is a great option, and many people share this dream. As a non-resident or permanent resident, this dream is attainable for you through various types of special financing programs. If you have the dream of being a property owner in Australia, take time to explore some of these financing options in greater detail today as a first step toward achieving your dream.