Non Residential Property Loans
Can a Non Australian Resident purchase property in Australia?
Yes you can. Several Australian lenders will accommodate non-residential borrowers to purchase property here in Australia.
A Non Residential Individual can borrow depending on lender criteria who are:
- Permanently residing out of Australia and is not an Australian citizen, or
- Is holding any type of Australian Permanent Resident visa and is not an Australian citizen and is not residing in Australia, or
- Is residing in Australia, does not have permanent residency, and is not an Australian or New Zealand citizen.
How must deposit do I need?
For non-resident loans most lenders will offer an 80% residential loan to the value of the property purchased. You the purchaser or buyer will require to have available funds of 20% as a deposit to put towards the purchase and approximately an additional 5% of funds to cover the Government Stamp Duties, Fees & Charges associated with the residential purchase.
Can I use the rental income to pay towards the loan repayments?
Yes, most lenders allow the rental income generated by the investment property to assist the repayments of the loan facility.
List of Approved Countries
Lenders may lend to individual residents of the following countries:
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Austria
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Bahrain
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Belgium
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Bermuda
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Brunei
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Canada
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Cayman Islands
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China
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Denmark
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East Timor
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Falkland Islands
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Fiji
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France
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Germany
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Hong Kong
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Hungary
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Iceland
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India
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Indonesia
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Iraq
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Ireland
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Japan
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Kenya
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Kuwait
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Latvia
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Lebanon
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Macau
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Malaysia
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Malta
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Mauritius
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New Caledonia
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New Zealand
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Norway
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Oman
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Papua New Guinea
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Philippines
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Qatar
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Russia
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Samoa
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Saudi Arabia
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Singapore
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South Africa
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South Korea
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Sweden
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Switzerland
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Tahiti
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Thailand
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The Netherlands
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Trinidad and Tobago
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Turkey
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UK
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United Arab Emirates
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USA
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Vanuatu
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Vietnam
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In addition, please note, Australian diplomatic personnel are treated as Australian residents for tax purposes.
For residents of countries not listed in the above list, please contact us for clarification if you are eligible.
Do I need Foreign Investment Review Board (FIRB) approval?
If you are not a resident of Australia, however would like to purchase a property you will require approval from the Foreign Investment Review Board (FIRB) before buying residential property. See www.firb.gov.au for more information.
FIRB approval can be arranged by you or your solicitor; although you will only be able to borrow up to 80% of the value of the property and will have to show available fund to cover the 20% balance and funds to cover fees and charges. You will not receive any government benefits for example the First Home Owners Grant or receive any Government benefits and will have to pay stamp duty charges, bank fees and interest rates apply.
How to apply for a loan
We at Neomoney are specialist credit advisers that specialise in helping non-residents without Australian citizenship to apply for residential loans in Australia.
If you would like to buy a property in Australia and need to know to know how, we can help.
Please enquire online or call us on 07 3315 0381.
