Good news for Australian permanent residents and Australian citizens living and working overseas earning overseas income. Certain lenders in Australia are currently relaxing their loan requirements to make it easier for applicants to borrow more and help secure their finances whilst living abroad.
Select Australian lenders are taking into account 90% of the applicant’s income, once converted into Australian dollars, to help them secure their finances. The applicant must receive their income from an employer and must not be self employed.
Most lenders in the industry will only take in to account 70% or at most 80% of the applicant’s overseas income once converted into Australian dollars. This is the standard industry average for most lenders.
Any loan to value ratio above 80% will require the applicant to take out lenders mortgage insurance. There is also no need to worry about increased interest rates as interest rates are not penalised and the same interest rates apply as if you were living in Australia.
If you or someone you know is living and working abroad and seeking finance, get in touch with one of our Launch Finance mortgage brokers today to put you in touch with the right lender.