Mortgages for buying a property in Australia

Choose a Country Andorra Australia Bulgaria Canada Caribbean Cyprus Czech Republic Florida France Greece Ireland Israel Italy Malta Monaco New Zealand Poland Portugal South Africa Spain Switzerland Turkey United States Others

If you are considering buying a property in Australia,  mortgages are available for the majority of Nationalities for either House Purchase or remortgage for Home Improvements and other purposes on a case-by-case basis.

Types of Australian Mortgage: Repayment and Interest only.

Minimum Loan Amount: £ 50,000. No Maximum, but must not exceed 75% if in Sterling or 80% if in Australian Dollars of the Valuation or Purchase Price (whichever is the lower).

Proof of Income: There are no non-status/self-certification mortgage facilities currently available in Australia (although renting out your property is permitted). All Australian mortgages need to be supported by proof of income.

Employed - copies of your last three month's payslips & copies of your latest P60/Employer’s Reference together with copies of your last 6 month’s Personal Bank Statements will be required.

Self-employed - copies of your last two years Audited Accounts & copies of both your last 12 month's Business and last 6 month’s Personal Bank Statements will be required on application.

Income can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, that the Lender may not take all or part of these Incomes into account when determining the maximum loan available.

Australian Lenders will also take approx. 70% of the gross Rental Income into consideration when underwriting  the Australian mortgage/repayments.

Your loan is based on your joint Gross pay and is calculated on an affordability basis. All your existing liabilities including any mortgage/rent payments, personal and bank loans and any maintenance payments together with your proposed Australian mortgage payments must not exceed 35% of your net monthly income.

Example: Gross joint monthly income £ 2,500. 35% of that figure is £ 875.Minus existing monthly mortgage payment £ 300 – No other liabilities. This leaves a balance of £575 for a proposed Australian Mortgage payment.

Term: 5 to 30 years up to age 70

Currency:  Australian Dollars & Sterling - other currencies on a case by case basis.

LIFE ASSURANCE MAY  BE REQUIRED TO COVER THE Australian MORTGAGE. IT IS NOT MANDATORY WITH ALL LENDERS, BUT IS ADVISABLE EVEN WHERE IT IS NOT A CONDITION OF THE LOAN.

The FSA does not regulate Overseas Mortgages.

THE STERLING EQUIVALENT OF YOUR LIABILITY UNDER A FOREIGN CURRENCY MORTGAGE MAY BE INCREASED BY EXCHANGE RATE MOVEMENTS.