Mortgages for Foreign Borrowers in Australia

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Over the last few weeks we have been seeing a change from the major lenders in regards to the way they are approaching foreign applicants. This is a policy excerpt from one of the big 4 banks in Australia. Considering that just a few months ago 80% LVR was common among the lenders and some even going to higher LVRs.

  1. Maximum LVR for foreign applicants is 60%
  2. Shading of 40% on foreign income    (this means they will only consider 60% of the income)
  3. Self-employed foreign income not accepted
  4. Cash out no longer accepted
  5. An independent employer search is completed by the assessor, as well as a verbal employment check
  6. If you have an Australian or New Zealand permanent resident residing overseas, I can consider 70% lend, subject to normal credit scoring.

As you can see this is likely to sway some borrowers from getting lending in Australia. However the main point we would like to point out is that there are still options out there, though it is getting harder.

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