Are you a temporary resident on a spousal visa looking to buy a home with an Australian citizen? Are you confused as to the process involved in making the first steps to home ownership in Australia? LVRs and visas have you confused and overwhelmed? Whether you're a temporary resident, non-resident, living in Australia on a spousal visa, or just visiting Australia on vacation, you do have options when it comes to obtaining temporary or permanent mortgage arrangements on a home of your choice during your stay! When it comes to purchasing property in Australia while on a spousal visasuch as a 309 or 820 visa, it can be a baffling experience if you are not dealing with a knowledgeable, experienced mortgage lender who has been through the ropes and fully understand the process of obtaining a home mortgage in Australia. The first step is to get Foreign Investment Review Board approval. This is the initial step that needs to be taken, as the FIRB approval is the only way you can apply for a mortgage in Australia.
The Australian Government understands the growing interest in purchasing property in their country, but they want to maintain the country's integrity and ensure that property purchases are beneficial to their country and their economy. The Foreign Investment Review Board approval can take thirty to forty days to be approved, and after that, the mortgage process can be started. When investing in a property on a spousal visa such as a 309 or 820 visa, it is important to understand the terminology you may encounter. One of the more important aspects of receiving a home mortgage in Australia is a full understanding of the LVR percentages, or "Loan to Value Ratio." This is the percentage of the value that you need to borrow-the higher the LVR, the more you can finance on your property, making it easier to obtain higher valued properties in Australia. A 90% LVR on a $100,000 property in Australia would be a total value of $90,000.
Many mortgage lenders and mortgage brokers in Australia will force an 85% LVR bank declined mortgage because they state they cannot go higher than 80% LVR, but any knowledgeable mortgage broker will tell you that higher LVRs, even 95% LVRs, are possible with the right mortgage lender. Don't let anyone tell you otherwise-you CAN obtain a home mortgage on an Australian property while living in the country on a 309 visa or an 820 visa. Even temporary residents and non-residents can obtain home mortgages, and with the right mortgage lender, you can enjoy a high LVR percentage and avoid paying high payments on your mortgage and lose out on great tax benefits and lower monthly payments. There are a number of challenges that can arise when obtaining a home loan no matter where you live, but with the right mortgage lender and proper paperwork, you can find success in purchasing a home in Australia! A spousal visa entitles you with the right to purchase property in Australia and enjoy an investment of a lifetime!
The Australian Government understands the growing interest in purchasing property in their country, but they want to maintain the country's integrity and ensure that property purchases are beneficial to their country and their economy. The Foreign Investment Review Board approval can take thirty to forty days to be approved, and after that, the mortgage process can be started. When investing in a property on a spousal visa such as a 309 or 820 visa, it is important to understand the terminology you may encounter. One of the more important aspects of receiving a home mortgage in Australia is a full understanding of the LVR percentages, or "Loan to Value Ratio." This is the percentage of the value that you need to borrow-the higher the LVR, the more you can finance on your property, making it easier to obtain higher valued properties in Australia. A 90% LVR on a $100,000 property in Australia would be a total value of $90,000.
Many mortgage lenders and mortgage brokers in Australia will force an 85% LVR bank declined mortgage because they state they cannot go higher than 80% LVR, but any knowledgeable mortgage broker will tell you that higher LVRs, even 95% LVRs, are possible with the right mortgage lender. Don't let anyone tell you otherwise-you CAN obtain a home mortgage on an Australian property while living in the country on a 309 visa or an 820 visa. Even temporary residents and non-residents can obtain home mortgages, and with the right mortgage lender, you can enjoy a high LVR percentage and avoid paying high payments on your mortgage and lose out on great tax benefits and lower monthly payments. There are a number of challenges that can arise when obtaining a home loan no matter where you live, but with the right mortgage lender and proper paperwork, you can find success in purchasing a home in Australia! A spousal visa entitles you with the right to purchase property in Australia and enjoy an investment of a lifetime!
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