jonese19

Hi Guys

Just when you thought you would never have to worry again about restrictions on your Aussie visa again !!

So me (PR) and my partner (partner visa 820/801 as of June 2010) are just about to buy a house all the paper work gone through but then.... the lender then says "we can't give you a mortgage unless you have 20% full deposit for your house! As you don't qualify for the Lenders Mortgage Insurance due to the fact your partner isn't PR/Citizen ! "

Does anyone know of any lender that will give non-residents mortgages? We could save for the 20% deposit but it's $80,000!!! We could wait another year and a half until my partner gets PR but we want to get married next year etc and want to buy our house NOW

Apologies if this thread isn't in the right place!

Cheers

Emma & Dave

jonese19

Hi Guys

Just when you thought that you never have to worry about your visa again !

So Me (PR) and my partner (granted partner visa 820/801 June 2010) are now ready to buy a house.

So got all the paper work sorted and was about to get pre approval when the lender says "We can't give you your mortgage because of your partners visa. This is because non-residents don't qualify for the Lenders Mortgage Insurance and in order to qualify or erase this issue you need to both have residency or 20% cash deposit !"

Does anyone know of a bank that helps non-resident immigrants get home loans? I mean we could save the 20% but it's $80,000... that'll take ages and we want to get out of renting and get married next year !

Please help guys!

Cheers

Emma

Bermudashorts

He is surely a temporary resident not a non-resident which is very different.

I know people on 457 visas, which are also temporary manage to get mortgages so there must be a way and hopefully somebody that has been through the process will assist shortly.

jonese19

Oh yes sorry just to clarify he is a Temporary resident ... sorry.

I just spoke with the broker and he said the banks aren't concerned if we have a 20% deposit.... But still it means we will have to save around $80,000 but we are renting and will take ages. We delayed buying a house for two years because of the move to Australia and now I just hope it doesn't delay it further!

Surely there has to be a way around this??

Thanks for your help

Emma

Bermudashorts

Can I recommend you ask a moderator to move your thread into the Australia forum, more people already living in Australia will see it in there.

You are in the immigration forum, most people reading in here regualrly don't even have a visa yet or perhaps have only just got it and won't have much, if any, experience of getting a mortgage in Australia.

Unfortunately, I am not too confirdent that there "surely has to be a way around this". The GFC started with irresponsible lending and banks have really tightened up on that since. I hasten to add, I don't think everyone without a deposit is a bad risk, indeed my first mortgage was 100% and I have not missed a payment on this or any other loan in 15 years, but the bank's do have their rules. A broker is your best bet of finding somebody that offers something suited to your situation. Or, if you get the thread moved, you might get a few more responses.

jonese19

I put a post out last night and asked as to where I should put this thread and a moderator suggested here?? She gave me the link through her post? Can you or someone else move it please?

We are currently with a broker who is looking into it for us but he said that things don't look good as this no LMI for non/temp residents seems to be the case with most lenders? We currently have a 5% deposit, we don't have any other loans, credit cards etc so this is most frustrating ! We are both in good jobs and full time.

Cheers

Emma

Pollyana

I've moved the thread to the main Aus forum but left a redirect in Immigration cos someone may pick it up in there.

Was in exactly the same situation as you a few years back. People kept telling me not to be so daft, of course we could get a mortgage. We tried loads of places but always with a result. Have to say in the end we gave up, but things might have changed now.

JAJ

Have you thought about the risk of being in negative equity if you have a less than 20% deposit? If you are planning to take on a $400k property purchase with only $20k down, you are putting yourself in a vulnerable financial position. Especially if you have no other savings to cover emergencies.

I'm not sure what getting married has to do with it ... you can get married and continue to rent.

Scotty1

Two suggestions for you - go back to the mortgage company and ask to speak to the underwriter or whoever decided this (not the sales person who took you through the loan to start with ) and talk to them about the visa your fiancee has and how its a much more secure visa than a normal temp visa and you are just starting out and desperate to buy a house now etc etc. A combination of why their normal criteria of not lending to temp visa holder isn't really applicable in this case and a sob story may work.

If not suggest you use a broker - who is more likely to know who can lend with this type of criteria.

Good luck

lonndongeek

Try BankSA/St George. When I was on a 309 (Temp spouse visa), my wife (Citizen) and I were given a mortgage with a 10% deposit.

From memory the difference was that BankSA/St George self insure for LMI so they can be more flexible.

Cheers

Steve

JAJ

Already discussed at:
http://britishexpats.com/forum/showthread.php?t=700792

jonese19

Hi Guys

Well I have some good news! I have found a company called Map Mortgage Brokers......

"MAP Mortgage Brokers is often contacted by Australian temporary residents seeking a home loan to borrow over 80% of the purchase price. They have often approached their own bank and possibly one or two mortgage brokers and have been advised that their maximum lend is 80%.

MAP specialises in assisting temporary residents with organising home loans to 95% at normal bank interest rates where they are purchasing with an Australian Citizen or Permanent Resident spouse or on a 457 Visa with an application for Permanent Residency lodged. We can organise a home loan / mortgage finance up to 15% higher than our competitors because we specialise in temporary resident home loans / mortgages."

http://www.mapmortgagebrokers.com/temporary-non-resident-loan.aspx

This service is free, they use big recognised lenders like St George, ANZ, NAB, Suncorp and many many more. You are not charged higher interest rates, commission or locked in for a certain time!

Thanks SCOTTY1 & LONDONGEEK for your help!

JAJ - your response didn't really answer my initial question. We are MORE than capable of meeting the repayments on a 400K loan thank you, just because we have a low deposit doesn't mean to say we can't meet those repayments! The reason why we have a low deposit is that we have fully furnished our home, bought 2 cars out right, payed for ours visa, payed for shipping, flights and everything else to get here out of our OWN pocket. No loans, no credit cards no financial assistance ! We DO have money for emergencies in a separate account and not that I have to explain but rather than spending money on a wedding first we would prefer spending it on getting our house!

Steve2009

I'd be more confident of using that brokerage if they could do basic maths. They can lend 15% more? Nonsense.

Pollyana

Threads merged

isgraham

Its all very impressive that you managed to do all of that on your own but you will probably find that most people on here did the same thing. I wouldn't want to put words into JAJ's mouth but you do seem to be very keen to buy into what many people believe is an asset bubble hence negative equity if it bursts. If you are prepared to take the risk best of luck to you.