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
- Must be a High Net Worth Client with net surplus assets greater than $500,000.
- When calculating the net asset position, the inclusion of international assets such as stated real estate and/or investments is permitted.
- 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.
- Non-resident Self-Employed, company or business borrowers are excluded.
Employment/Income
- 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.
- 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
