Foreign national Australian mortgage, maximum 80% LTV

THE SCENARIO

There are many variables to consider when securing foreign national Australian mortgages on an extended LTV up to 80%. The following information will give you an idea of what to expect, key features, income qualification together with fees.

Loan to Value: Up to 80%

Rate: 6.79% Standard Variable Rate, 4.79% One Year Introductory Rate, Add-on – 0.30% for Interest Only

Income Qualification: 80% of Net Income; 80% of Rent

Term: 25-year amortized P+I

Type: Interest only available but only for 5 year fixed

Maximum Loan Amount: $1,500,000 Melbourne and Sydney Metro, $900,000 Metro (excluding TAS), $500,000 Non-Metro (excluding TAS)

Apartment Size: No minimum, <45 sqm at max 50% LTV, 45-50 sqm at max 60% LTV, >50 sqm at max 75% LTV

Borrower Type: Salary employee or Self-employed

Pre-Approval: Maximum 3 months

Credit History: Clear credit history (foreign country accepted)

Application Fee: $990 – The non-refundable fee is payable upfront and includes one valuation up to the value of $400; in the event the valuation fee form Valex is greater the difference will be payable at settlement.

Lender Establishment Fee: 1%

Broker Fee: 1%

Legal Fee: At cost ($550 plus disbursement)

Settlement Fee: $490

Repayment Frequency: Principal + Interest or Interest Only Loans – monthly repayment from Australian bank accounts

Monthly Package Fee: $39

Discharge Fee: $5500

Security: All Loans are Security Specific

Underwriting: Approval should be sought on the security address (type of property, etc.)
prior to loan submission.

Other Add-ons: 0.50% for <50 sqm, 0.70% for Self-Employed applicant

Loan Premium:

Mortgage Loan LTV Table

 

 

 

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