Finance for Non Residents

For the purposes of this Underwriting Policy, a Non-resident is deemed to be any person without permanent residency status in Australia, and/or any person who resides and is employed in another country.

Client

  1. Must be a High Net Worth Client with net surplus assets greater than $500,000.
  2. When calculating the net asset position, the inclusion of international assets such as stated real estate and/or investments is permitted.
  3. Where one client is a citizen or permanent resident of Australia or New Zealand and the other client is a non-resident as per above definition, any proposal will be assessed under Standard LMI Underwriting Policy and not under the Non- Resident policy.
  4. Non-resident Self-Employed, company or business borrowers are excluded.

 Employment/Income

  1. Standard income and employment policies are to apply. Acceptable income evidence must be translated into English and converted into Australian Dollars using the current exchange rate.
  2. A maximum of 90% of overseas income converted to Australian dollars may be used for serviceability purposes.

Requirements

Where required, must obtain written evidence that Foreign Investment Review Board approval has been granted.

Features                    

Description: Amlak is based on Ijarah Muntahia Bittamleek (lease to own)

Maximum Finance & LVR:             Up to $500,000                  80% LVR

                                                         $500,001 - $750,000         75% LVR                                             

Maximum Exposure (per client):     $500,000              80% LVR

                                                            $750,000              75% LVR

Product Availability:      Standard Funder Mortgage Insurance (LMI) only.

Payment frequency:      Weekly, Fortnightly & Monthly

Extra payment:              You can do extra payments at any time

Splits:                                Up to 4

Offset account:                  Available

Redraw :                            Available

Construction:                    Not available for this product

Vacant Land:                     Not available for this product

Internet banking:            Yes

 

Fees for applying for finance

Application fee:               $555.00

Valuation fee:                  $235.00 (this may vary with property value)

 

For more info, please click here

 

MCCA rates, please click here 

For Free Evaluation, please click here

 

Apply for your home