Whether you are migrating to Australia, an Australian citizen or permanent resident living overseas temporarily or in Australia on a temporary visa there are opportunities for you to borrow money and purchase property in Australia. In fact the Australian government welcomes foreign real estate investment.

Non-Residents can be divided into two categories

  1. Australian Citizens and Permanent Residents temporarily living overseas
  2. Non Citizens

There are restrictions on what sort of property you can buy as a non –resident.

Over the past 3 years many banks have tightened and changed their criteria for this type of lending but there are lenders who are interested in this type of business.

The main difference between category 1 & category 2 is the amount which can be borrowed. Category 1 borrowers can borrow up to 95% of the purchase price of the property in some cases. Category 2 borrowers are restricted to a maximum of 80% of the value of the property being purchased. In many cases this is reduced to 70%.

Non Citizens (including temporary residents) are required to obtain approval from the Foreign Investment Review Board (FIRB)  when purchasing property in Australia.

Many non residents purchase property “off the plan”. It is important to remember that finance approval for “off the plan” purchases is indicative only and formal finance approval will not be available until the development is complete.

We recommend you contact us before you purchase to discuss criteria for finance and then about 3 months prior to completion of the project to finalise the paperwork for the loan.

If you are a non resident and looking for investment property opportunities we can recommend you through our property selection program specialists who have assisted many of our past clients with investment properties.

Call our office today on 1300 559 917 to speak to one of our finance professionals.