Home Loan in Australia
- 24 Nov 2021
- Market Update
In 2021, Australian local banks such as Commonwealth bank, St George, Westpac, NAB and ANZ can no longer provide mortgage loans to foreigner.
However, there are several ways to get a mortgage through private lenders, non-banks or financial institutions.
The interest they charge tends to be higher than the interest on loans for local buyers. But this way is quite effective to be able to get a loan of money and buy property instead of paying in full at once.
Usually they can lend 60-70% of the value of the property you buy.
Another alternative is, Vendor finance, or borrow from the developer. Usually only a few developers offer this type of loan (vendor finance) and usually only applies for a short period of time, about 2 to 3 years until it is paid off.
This finance vendor is used as a bridge in preparing funds to pay off property in the near future.
Contact us to be introduced to a reliable mortgage broker.