You probably just want to know whether you can get a loan and if so how much it will cost.

One of the critical measures for an expat is the LVR ( loan valuation ratio) – below 70% you have more lenders available.  However there may still be some options available right up to 80% LVR but  there may be other snags and with fewer lenders less options.  Remember LVR is the loan amount divided by the purchase contract price or valuation ( which ever is lower).

Your mortgage broker will need a basic range of information as lenders vary in how they deal with different items eg: some lenders don’t accept bonuses, while others may not accept non-citizen spouses.  No two lenders are the same in terms of their lending policy.

In order to get the ball rolling your broker can give you a preliminary assessment of your borrowing capacity and chance of success – this will cost you nothing.

We recommend that you quickly read the rest of this page in order to understand the range of information that we require so that you are prepared if we are contacting you by phone.

Firstly we need to know what are your plans  eg: “buying investment 2 br unit in Melbourne Docklands for $560,000 at auction”.  Please be as specific as you can as the type, location and price of the property can exclude some lenders.

In addition we need to know for all applicants

  • your citizenship/ residency status in regards to Australia,
  • your base salary with bonuses/overtime listed separately,
  • your employment history if you have been with current employer for less than two years,
  • funds you have available for deposit, please state a $ amount rather than percentage,
  • existing property location, value, mortgage balance, repayments and interest rate,
  • existing other loans (incl. credit cards) balance, limit, repayments and interest rate,
  • an estimate of your essential living costs eg: food, rent and utilities ( do not include loan repayments),
  • your marital status and number of dependants,
  • any other details that may be pertaining to your inquiry.

Your broker will  analyse your scenario and  come back to you with detailed options telling you which lenders are most likely to satisfy your needs. We will include information on interest rates, fees and charges and an explanation as to why we came to our conclusion.  Then and only then if you want to proceed will we ask you for the supporting documents that they will need in order to start the formal application process.