Securing a home loan as an Australian expat can be more complex than it first appears. Foreign income, lender policies and individual borrowing requirements can significantly affect how much different lenders are prepared to offer.
One of our clients was living and earning a strong income overseas while planning his eventual return to Australia. Despite owning an unencumbered apartment in Australia, his bank advised that he qualified for a loan of just $950K.
For the property he wanted to purchase, that wasn’t enough.
Looking beyond one lender
Rather than accepting the initial borrowing assessment, Fiona took the time to understand the client’s complete financial position and explore alternative expat home loan options.
Different lenders can assess foreign income and expat borrowers differently. After reviewing the available options and identifying a lender better suited to his circumstances, Fiona was able to secure approval for $1.7 million—$750,000 more than his original bank had offered.
The result?
The client was able to place an offer on a $2.4 million, five-bedroom family home, ready for his return to Australia.
A bank’s “no” isn’t always the end of the conversation
This experience demonstrates why lender selection can be particularly important for Australians living and working overseas.
A decision from one bank doesn’t necessarily represent what’s available across the wider lending market. Every lender has different policies, particularly when assessing foreign income, currencies and Australian expats.
Working with an experienced finance broker can help you understand which lenders may be better suited to your circumstances and what your borrowing options could look like.
Every application is different, and outcomes will depend on your individual financial circumstances and lender criteria.
Are you an Australian expat looking to buy property?
Whether you’re planning your return to Australia, purchasing an investment property or refinancing an existing loan, Connex Capital can help you explore your expat lending options across a range of lenders.