Australian Expat Home Loans

For expats looking to buy property in Australia, the process of securing a home loan can seem a little daunting. However, there are a variety of Australian expat home loans available, which are specifically designed to help expatriates purchase property back home while living abroad.

The process might be a little different to your standard first homebuyer loan, owner-occupied mortgage or investment loan for Australian residents, but our knowledgeable brokers are highly experienced in helping expats get approval for a home loan here in Australia.

How do Australian expat home loans work?

In Australia, an expat applying for a home loan will typically need enough funds for a 20% deposit on the property, as well as additional funds for the accompanying purchasing costs.

To get a rough idea, if you were buying a $700,000 house in NSW and you had a $150,000 deposit (about 21.5% of the property value), you could expect to pay the following expenses as part of your property purchase:

Stamp duty (currently $26,835 for a property of this price in NSW)
Legal fees (approximately $2500)
Bank fees (approximately $500)

Please note this is just an example, and we recommend using a loan calculator to gain a clearer understanding of the costs associated with your specific circumstances.

However, if you already own property in Australia, then you’ll be able to use the equity on that property as a deposit for this new property. Another option is that if your parents own property in Australia, then you may be eligible for a guarantor home loan, which makes things easier.

The importance of choosing the right Australian expat mortgage lender

The issue that many Australian expats run into when applying for a mortgage is that they don’t meet the criteria required for a home loan. For example, some banks will ask to see original payslips, tax returns and similar documentation, while others won’t approve a loan for over 80% of the property value under any circumstances.

Other lenders will require a signed formal loan offer from your nearest Australian Consulate, while yet other lenders will charge a higher interest rate simply because you are residing outside of Australia.

There’s also the possibility for significant delays in processing times, as many lenders don’t have a system in place for handling foreign addresses and phone numbers, for example.

We’ll find the ideal Australian expat mortgage lender for your individual needs

At BFG Loans, we’re committed to streamlining the process of applying for an Australian expat home loan for you as much as possible, with 30+ reputable lenders in our panel. Our proactive brokers want you to enjoy a seamless experience that sees you securing the ideal loan for your specific circumstances.

To get the ball rolling on applying for an Australian expat home loan, get in touch with our professional team today.

Hear from others how BFG is making a difference

We are so happy to have been able to work with Sam at Benevolence Financial Group on bringing our home ownership dreams to life. As first home buyers we had no idea what we were doing and whether we were even in any kind of position to purchase. Sam explained everything and patiently answered our many questions, talking us through every step of the process.

Jen

Highly recommended. Sam and his team are a highly professional group who helped us with a refinance. They were attentive, proactive, and knowledgeable in their service as they guided us through the transition.

Oliver

Sam from the BFG looked after myself and my Fiance when we got our first home purchase. Sam was very down to earth, professional and really went above and beyond to help us every step of the way. He helped us, offered us support and made sure we get through things very smoothly. he answered all our questions and was always available to chat, was very proactive and always had the answers.

Reta

I can’t recommend enough Sam, he’s caring, savy, organise, responsive and very knowledgeable, Sam really care about you and he will always procure to get the best outcome for you. Thanks so much for your help Sam, I can’t thank you enough.

Patrick

We met with Samuel and right from the start he listened to our goals and got us meeting with the relevant people. He was extremely proactive and found lenders to say yes when our current said no. Have used him many times and would recommend him to any small business owner who is trying to get ahead and set up an income for their future and future family. Look forward to continue to working with him and his team

Andrea

Samuel has been incredibly helpful guiding us through our first home purchase. He’s been incredibly patient, very responsive, and got us a great deal on our mortgage. On top of all that, his business model is geared toward socially responsible and ethically minded businesses/banks – something we really valued. It’s great to know our investment is doing something great for us, but also for others and the world. We would highly recommend this business and specifically Samuel, he’s just an absolute legend!