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  • For some, securing a mortgage is a foreign experience

    Australians are a well-travelled lot. Just like their national symbol, the kangaroo, they like to bounce from one place to another, never content to stay in one place for too long.

    If you believe the numbers, there are anything from around 760,000 to over a million Aussies currently overseas. In 2013/14 alone, 383,100 Australians left permanently or long-term, according to the Australian Bureau of Statistics.

    Travelling is important for broadening one’s horizons and educating yourself about the world. It’s why the “big OE” is practically a national tradition for curious Aussies all around the country. But where it can be disadvantageous is when these wandering Aussies decide they want to come back and settle down in their motherland.

    Mortgageport deals regularly with non-resident home loans, and we’re well aware of the trials and tribulations the average Aussie has in securing financing, whether their first home loan or an investment loan, while in another country. That’s why we have a service that’s specially catered to help Aussies in this position achieve their property aspiration.

    The trouble with non-resident loans 

    There’s no shortage of situations when someone might need a home loan from overseas. Perhaps they’re a an ex-pat who’s still got some time to go in their second home before moving back, but wants to jump on a particularly good opportunity. Or maybe they’ve made money overseas that they now want to put towards a real estate purchase in their birth country.

    “What’s quite common is, while they’re overseas – say in Hong Kong – with a very low tax rate, it means they’ve got the ability to save a lot of money, most of them then want to buy a house and come back and live in it when they come home,” Mortgageport Managing Director Glen Spratt explained in a recent interview.

    Mr Spratt went on to say that Aussie ex-pats were instead forced to take out these loans remotely, a process that can be painstaking, frustrating and potentially loaded with pitfalls.

    Before they know it, they’re loaded onto a fun-ride of call centres, telling the same information to different people yet never seeming to progress in their loan application. They’re stuck trying to reach people at all hours in the night to make up for the time difference, and can face roadblocks if the lender can’t work out their income from foreign pay slips or needs documents they can’t provide.

    Many borrowers try to use their families back home – but they tend to also get bounced around from centre to centre, as they’re not the specific individual taking out the loan.

    What’s an ex-pat home buyer to do?

    Mortgageport understands non-resident borrowers

    Mortgageport understands the issues non-resident buyers have – their frustration and their inability to rely on anyone to get their mortgage off the ground. Mortgageport has dealt with many of these loans in the past and understands the uniqueness of such clients.

    As a mortgage manager, we do loans for ex-pats, and we’re able to do it by email and telephone and we’ll look after the process all the way through,” Mr Spratt explained.

    The team at Mortgageport has the experience to deal with the particular challenges of getting a non-resident loan approved, along with being flexible with time-zones. Not only that, but getting a loan with Mortgageport means dealing with one person the whole way through, rather than being thrown from call to call like a hot potato.

    So if you’re an ex-pat hoping to secure yourself a piece of the Australian dream, there’s no one else you need to call.

    Talk to an Expert. Find the best rate and deal that suits your needs. No charge, no obligation, at a time that suits you.

    1 Response To For some, securing a mortgage is a foreign experience

    Andrew

    So we have just shifted out of Australia and were looking for information on non-resident loans when we came upon this article. We were worried about losing out on a good opportunity while working overseas. Now that we have read of the different scenarios that we might face, we will be better prepared. My wives parents live in Sydney, but we would not like to bother them with the running around. Is it really possible to get the best deal by sitting so far from your native country? The important thing to do is to look for a reliable broker.

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