There are many variables to consider when securing a foreign national Australian mortgage on a standard LTV up to 70%. The following information will give you an idea of what to expect, key features, income qualification together with fees.
Loan to Value: Up to 70%
Rate: 4.6% + 2.25% Lender Management Fee
Key Features: Purchase of OTP new property, Land & Construction. Loans up to 70% of valuation
Loan Option: Principal + Interest
Income Qualification: 80% of Net Income; 80% of Rent
Term: Minimum 5 years
Maximum Loan Amount: $1,500,000 New South Wales, $900,000 Queensland, $Individual Assessment WA
Apartment Size: Minimum 50 sqm
Borrower Type: Salary employee (PAYG), Self-employed or Company Directors
Acceptable Currency: All Currencies acceptable subject to shading
Split Loans: Able to split loan into more than one portion
Credit History: Clear credit history (foreign country accepted)
Fees: Processing / Valuation $550
Loan Application Fee 3.0% of the loan
Company Incorporation $2,400
Progress inspection valuation fees $695
Lenders Legal Fees $3,000
Benefits to Borrower: The investor will save the stamp duty and land tax surcharge as property and title is held in Australia Pty Ltd. Company as well as the ghost tax surcharge for absentee owners and no risk fee.
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