What are the restrictions on Australian mortgages for expats?
I'm a British national looking to buy a property in Australia and I will need a mortgage to be able to purchase the property. What restrictions am I likely to face when seeking a suitable mortgage?
Watch: What are the restrictions on Australian mortgages for expats?
Currently, most Australian banks are not lending mortgages to non-Australians. Therefore, if you are a non-Australian looking to buy a property in Australia, you will probably need to go to a non-bank lender or International Bank such as HSBC for your mortgage.
Non-bank lenders in Australia (or Financial Institutes) will usually lend you a mortgage of up to 80% of the value of the property, but their rates are commonly 1-2% higher than the Australian banks and loan terms may be different.
If you have the option, then an international bank such as HSBC is likely to be a better option for your mortgage as a non-resident, as they will generally offer cheaper rates than Financial Institutes as well as a 30-year loan term.
