Buying property & getting a home loan in Australia for UK Citizens

Moving to live in Australia and wanting to get a home loan to purchase a home here?

Having a mate on the ground to help out and explain the process, makes it feel a lot less daunting. At Mates Rates Mortgage Brokers we have been helping Aussies and expats with their home loans since 2005 and with our exclusive Mates Rates cash back, we’ve also been helping them to pay off their home faster.

We are here to help you and guide you through the process….after all, our company is founded on the intrinsically Aussie value of “Mates helping Mates”!

As the original cash back mortgage broker, we not only save you time and hassle, provide you with expert advice, and give you a wide choice of lenders and loan products… but we also credit cash back to your home loan each month and every month for the life of your loan!

So, let’s take a look at the rules around buying a property and getting a home loan in Australia.

Buying property & getting a home loan in Australia for UK Citizens

If you become a permanent resident or citizen of Australia you are allowed to buy residential property or to obtain a home loan from most of the big banks.

You can also buy residential property in Australia if your spouse or partner is either an Australian citizen or a permanent resident and you are buying the property together as “joint tenants”.

All other “non-Australians” are permitted to buy property in Australia as investments once they obtain approval from the Foreign Investment Review Board (FIRB), however, there are some limitations in place.

The property must be a new property or vacant land to build a new property – it cannot be an established dwelling. You will be required to live in the property and then sell it if you move and no longer live there.

There are also additional fees you’ll need to pay, including a FIRB application fee and the Foreign Citizen Stamp Duty.

Can UK citizens obtain an Australian home loan?

Some Australian lenders that operate in Australia will offer home loans to UK citizens who are relocating to Australia, however they have strict rules and tighter lending criteria.

Home loan lenders will usually:

• Ask for a higher interest rate
• Require a larger deposit of around 30-40%
• impose restrictions on using foreign income to repay the loan

At Mates Rates Mortgage Brokers we take the hard work out of sourcing home loans for UK residents looking to purchase property in Australia.

How much money can you borrow as a UK citizen living in Australia?

The amount you can borrow for your home loan will depend upon the size of income, expenses, liabilities and your employment terms.

It’s up to the home loan lender or financial institution to decide whether or not you qualify for a home loan as well as how much they will lend you, however this is a general criteria most of them follow:

Up to 80% of the property value if you are a temporary visa holder and allowed to work in Australia for at least 12 months.

Up to 90% of the property value if you are a temporary visa holder and allowed to work in Australia on a longer term visa with a good income and stable employment contract.

Up to 95% of the property value if you’re in a spousal relationship (married or de facto) with an Australian citizen or permanent resident, regardless of your type of visa.

It will all come down to the credit policies of the home loan lender as to how much you can borrow or if you can borrow at all.

How does Mates Rates Mortgage Brokers help UK citizens purchase property in Australia?

Regardless of whether you’re looking to buy a home or investment property in Australia, our services will save you time and money and unlike other brokers and the lenders themselves, we work in your best interests, not our own!

Firstly, we’ll assess your eligibility for buying property and obtaining a home loan in Australia.

If you are eligible, we’ll then help you get approved with the best lender at the most attractive rates.

And finally, as a mate that looks after our mates, we’ll even make a cash payment to your home loan every month for the life of your loan with our Mates Rates cash back home loan.

How does our Mates Rates Mortgage Brokers “Cash-Back” home loan work?

At Mates Rates Mortgage Brokers, we like to do things a bit differently and reward our clients, because we believe that mates should always pay less…and that applies to our pommie friends too!

All mortgage brokers are paid an upfront commission as well as ongoing monthly trail commissions once a home loan is approved. We’ve decided in the spirit of Aussie mateship to pass on these trailing commissions to our customers, creating the world’s first ever “cash back” home loan.

Since 2005 we have paid over $10 million of these trail commissions to our mates, and we currently give back over $100,000 every month!

If you’re a UK citizen looking to buy a home in Australia, we’re here to help.

We do all the heavy lifting for you at no additional cost to you and update our website DAILY with the Hottest Variable Rate Home Loan. You can also check out our cash back-calculator to find out how much you could get back on your home loan.

To begin your home loan application process and start paying off your home loan soon with our cash back home loan, get in touch with our friendly team Call 1300 558 161, email to info@matesratesmortgages.com.au or enquire online.

Welcome to Australia, mate!