Australian Mortgage Types

Looking at australian mortgage typesDid you know that many non-Australian residents are approved Australian mortgages all the time. There are many options available across many different banks and lenders. The trick is to make sure you find a mortgage broker that works with a large number of lenders, expanding your options.

Here at Mortgage Broker Australia we work with over 40 different lenders Australia wide. Unlike our competition this means we are able to offer you many types of loans to customers from all over the world.

What are some mortgage examples?

Australian Dollar Mortgages: Simply put, this is taking out a loan in Australian dollars, and not another currency of your choice. As a foreign investor your income and your savings are likely to be in your home currency. Taking out a foreign currency mortgage can cause major headaches and greatly reduces the chance of being eligible for a loan.

Expatriate Australian Mortgages. As an Australian living outside the country it can sometimes be difficult to prove you are financially stable. Many countries use different documentation, and some use none at all. some lenders view expatriate status as a reason to decline your loan, or give you a far lower loan to value ratio.

However because of our large number of lenders, we can search for you, finding the best lender and mortgage to suit your needs. You also do not need to worry about approval from the Foreign Investment Review Board as you are still considered an Australian citizen.

Foreign Investor Mortgage: Foreign investment in Australia means that you will have to get approval to by property in Australia. This comes from the Foreign Investment Review (FIRB). There are certain details one needs to be aware of when investing in Australian property. These include;

  • You are far more likely to get approved if you are buying new real estate or property
  • You should have no problem when investing in vacant land
  • You should find your investment property before apply for FIRB approval as it is specific to the real estate you are buying

For more details you see our page on Foreign investor mortgages.

Permanent Resident Mortgage: These mortgages are generally the same as those offered to Australian residents. Please following the link above to see our related page.

Temporary Resident Mortgage: A temporary resident is a foreign citizen who is living in Australia and working for greater than twelve months. You can come to Australia on many different types of visas. These include;

  • Spouse and Partner visa
  • Temporary Business (long stay) – Subclass 457 Visa
  • Bridging Visas
  • Student Visas
  • And many more…

You can look at our page on International Student Mortgages as well for mortgage information relating to student visas.

Loan Types

There are a number of different types of loans you can have when you apply for a mortgage. Three common types of loans are;

Basic Loans – These trade flexibility for lower interest rates, lower or no application fees and possibly even a waived application fee. However you cannot recieve benefits such as offset accounts and atm cards.

Line of Credit Loans – This allows you to use your loan in the same way as a checking account. Similar to a credit card you withdraw funds up to a set limit.

100% Offset Loans – An offset account is just a regular cheque account. You can use it to save $1000s in interest repayments whilst it remains available by cheque, atm and over the internet.

For more information about loan types and features can read more about these loan types in the loan types section of our parent website the Home Loan Experts. You can also read our mortgage features page on Mortgage Brokers Australia.

What other information can help?

Our website covers a lot more than just the different types of loans available. Our page on mortgage features gives you an idea of the types of customisation you can have on your loan. This includes things such as redraw, offset accounts and lines of credit.

If you are interested in finding out how much you can borrow our page gives you a brief overview of how your situation can affect the loan to value ratio (LVR) of your mortgage. Many foreigners can borrow up to 80% of the value of the property however there are many things that can affect his such as proof of income, savings and credit history.

You can also check out the Mortgage Broker Australia homepage, the best place to navigate our website!

Apply for loan today!

Are you ready to apply for a loan? Don’t go straight to a bank! We here at Mortgage broker Australia can find the best mortgages for all types of applicants. Enquire online today and own some property or real estate sooner than you thing!