BMM Options for Aussie Expats, Kiwi Residents and Kiwi Expats

Over the last 18 months there have been a lot of changes to lending to people that are not residing in Australia. Most lenders have withdrawn products and others may only lend to Expats at reduced LVRs. We’ve had a lot of enquiries recently for non-resident applicants with either Australian or NZ permanent residency or citizenship so we thought it would be worthwhile letting you know how Better Mortgage Management (BMM) can assist, as we have written loans for borrowers that fit the below categories recently.

               1)           Aust Expat Buying or Refinancing – must be in PAYG employment

For example - Australian engineer working in U A E purchases Investment property for $680 000 and borrows 85% or $578 000.

               2)           NZ Resident Buying or Refinancing in Aust – can be PAYG employment or self-employed with last 2 years financials/company tax returns

For example - New Zealand Resident Accountant refinances a property that is already owned, increasing loan amount up to 80% LVR to release funds for deposit and costs towards the purchase of a new Investment property. Then takes a 90% LVR BMM loan against new Investment property.

               3)           NZ Expat (living in countries other than NZ) Buying or Refinancing in    Australia – must be in PAYG employment.

For example - NZ Citizen living / working as a Fund’s Manager at an Investment company in Singapore buys an Investment property in Australia for $590K and borrows $472K (80%)

Overseas income (Expatriates) (Please note policy which would apply to loans to Expats)

               1)           Acceptable income evidence must be translated into English and converted into Australian dollars using the current exchange rate

              2)           A maximum of 80% of overseas income converted to Australian dollars may be used for serviceability purposes

               3)           Income must be evidenced by salary credits for 3 months (statements to be provided)

               4)         2 current payslips and letter from Employer

              5)           Negative gearing is to be excluded from serviceability calculations

Please contact one of our BDM's or myself if you need more information and we’ll be happy to assist.

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