Financing your Property in Australia
Once you have approval to purchase in Australia, getting finance is not that difficult. Your two main options are:
- A Mortgage broker
- A Lending Institution
There are benefits in using a mortgage broker as they are able to consider the currency issues you face, your personal financial situation and find the lender that will give you the best product. This is the theory anyway.
You will need to shop around to make sure you find a mortgage broker that is used to dealing with foreign investors so they have a better knowledge of what the different lenders offer. This can save you a lot of stress and problems.
Many of the major banks offer products dealing with foreign currency issues.
As a foreign investor, you can generally get finance of 80% of the purchase price.Don’t forget to factor in transactions costs.
Many people think that getting finance for the property will be difficult. In fact, it is quite straight forward once you know your options.
In regards to your deposit, it may be possible to use equity from another property in or out of Australia. This will circumvent the need to use cash.
