This can catch a lot of people off guard – after all you may have spent a few years overseas gaining experience or qualifications and with any luck you were able to put a few dollars aside in order to have a healthy deposit for your home back in Oz….  take a deep breath.

The main issue is employment – lenders want stable employment and so unless you are lucky enough to work for a multi-national and can transfer then you will be unemployed on arrival.  Even if you have a job lined up it won’t count until you actually start work and earning income.  It is basically illegal in Australia to arrange finance for a person unless they have the means to repay the loan – there is no such thing as an ‘asset lend’ in terms of Australian residential lending.  Many  lenders will want to see at least six months employment in current position, although as with almost all policy there are exceptions.

If your new job is in a completely new field or profession then you can expect lenders to ask you to wait between 6 to 12 months to demonstrate that you are settled in the new role.  If you are on a probationary period many lenders will want to wait until that is over and if LMI applies then they will very likely refuse cover until probation is over.  If you are starting a new business then 12 absolute minimum and two years for the majority of lenders however, as with everything there are exceptions but not many.

Even if you are going into a similar role but have spent the last 6 months travelling many lenders will want to see some evidence that you are now “settling down” you can expect these lenders to want to see 6 to 12 months of settling down before they will accept you.

Don’t forget currency movements if you are overseas and your plans to return are some way in the future it may be wise to take advantage of appealing FX rates when they pop up and transfer what funds  you can to AUD and so remove the last minute pressure to take it or leave it.  We are often asked “can foreign currency be accepted as security”? The answer is No.

Returning home to Australia from overseas