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