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Non-resident Home Loans
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Non-resident home loans are specifically designed for people who are not Australian
Citizens or do not hold Permanent Residency status.
What is a Non-resident Home Loan?
It is a type of home loan suiting those wishing to invest in Australian real estate
or for those wishing to emigrate and do not have PR status.
The basic technicalities of a Non-residential home loan are similar to a standard
residential home loan but are subject to parameters built around the product itself
and governed by the FIRB (Foreign Investment Review Board).
Non-resident Home Loan Parameters:
- Maximum home loan lend ratio of 80% of purchase price.
- FIRB approval required for all Non-residents.
- Contract of sale must state ‘subject to FIRB approval’.
- A property needs to be identified and placed on the FIRB application form for it to be assessed.
- Some Non-resident home loan lenders apply a loading on the repayment which takes into account changes in currency exchange rates.
Who specifically requires a Non-residential Home Loan?
- An applicant who does not hold Permanent Residency Status.
- A person who is not an Australian Citizen.
- In essence a someone who is classified as a ‘foreign’ person.
What types of property can a ‘foreign person’ acquire?
- Vacant land upon which to construct a dwelling.
- A new dwelling (not previously occupied or sold).
- A stand alone house (not previously occupied or sold).
- A second hand dwelling to be demolished and a new dwelling constructed.
How much can I borrow with a Non-residential Home Loan?
The main limitation to a Non-residential home loan governed by the FIRB is that the
Non-residential home loan itself shall not exceed 80% LVR - that is not more than 80%
of the valuation of the purchasing property.
What is the FIRB and why do I need FIRB approval?
The FIRB is a government body which governs the legislation surrounding foreign persons
acquiring property in Australia.
The Foreign Investment Review Board has strict regulations which must be adhered to if
a foreign person is to successfully acquire real estate in Australia.
The above is intended to be a general guide on overseas loans and the FIRB. Detailed
information is available on restrictions, legislation, application forms and statutory
notices through www.firb.gov.au
What is my next step in obtaining a Non-residential Home Loan?
A Paramount Capital Consultant will be happy to discuss your requirements, guide you
through the FIRB and help you find out how to own your own Australian property sooner.
For a complimentary consultation please call +00 11 618 9201 1090 ,fill in the
enquiry form or simply email us at
info@paramountcapital.com.au
with your details.
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