What is a Non-Resident Loan and How Does it Work?

Understanding the purpose and process of a non-resident loans, including the requirements, eligibility, and documentation needed to apply.

A non-resident loans, also known as a foreign national loan or an ex-pat loan, is a type of loan that is specifically designed for individuals who do not currently reside in Australia. These loans are typically used for the purpose of purchasing a property in Australia, whether it be for investment or personal use. Understanding the purpose and process of a non-resident loans is important for those who are looking to apply for one.

The requirements for a non-resident loans are generally stricter than those for a standard loan. This is because the lender is taking on a higher level of risk when lending to someone who does not currently reside in Australia. Generally, non-resident borrowers will need to provide a larger deposit, have a higher credit score, and provide more documentation than resident borrowers.

Eligibility for a non-resident loans will depend on a number of factors, including income, credit history, and the type of property being purchased. Nonresident borrowers will also typically need to provide documentation such as proof of income, proof of identity, and proof of address.

At Mortgage Street, we understand the unique needs of our non resident clients. That’s why we offer our liberal products that can assist with a non resident loan, providing them with more options when it comes to purchasing property in Australia.

If you’re a non resident looking to purchase a property in Australia and have any questions about the non resident loan process, please don’t hesitate to reach out to one of Mortgage Street’s accredited mortgage brokers. They will be more than happy to help you understand the requirements, eligibility, and documentation needed for a non resident loan and assist you in finding the best solution for your needs.