cheryh79 Posted September 30, 2013 Share Posted September 30, 2013 Hi, I would like to know more about the mortgage loan of a TR. Can TR take a mortage loan? How many percentage? and the max yrs of loan? Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted September 30, 2013 Share Posted September 30, 2013 (edited) Hi cheryh79 Temporary Residents in Australia can obtain a mortgage, the percentage is usually restricted to a maximum of 80% loan to value (LVR) however there are some lenders that can consider up to 90% LVR. The default term for a mortgage (home loan) here is 30 years. Of course your individual circumstances would also have to be assessed to confirm eligibility. Just a side note, a temporary resident also needs to acquire approval from the Foreign Investment Review Board (FIRB) http://www.firb.gov.au/content/real_estate/real_estate.asp for permission to buy Real Estate. If you are living in Australia and the house is going to be your own home then this is normally just a tick box exercise. Hope this helps. Regards Andy Edited September 30, 2013 by Andrew from Vista Financial Quote Link to comment Share on other sites More sharing options...
cheryh79 Posted September 30, 2013 Author Share Posted September 30, 2013 Hi Andy, So a PR will have the same rulings? or only TR needs to apply from FIRB? Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted September 30, 2013 Share Posted September 30, 2013 Yes only a TR need apply a PR does not require permission. Also it's worth noting that if someone is a TR and purchases but fails to obtain PR for whatever reason it is likely that they will need to sell the house (if an established home) when they leave Australia. In relation to rules for mortgages for PR then it is possible to secure 90% mortgages and in some case 95%, again depending on lender and the individuals situation. Regards Andy Quote Link to comment Share on other sites More sharing options...
Siddhi Sat B Posted September 30, 2013 Share Posted September 30, 2013 Hi, I would like to know more about the mortgage loan of a TR. Can TR take a mortage loan? How many percentage? and the max yrs of loan? This website http://www.themortgageadvice.com/ deals with mortage. Does anyone know if they are the best resource for mortage loan? I was looking for a site that has had a lot of real user activity or stats to back up what they do. If someone has any ideas please post here or PM me, thanks! Quote Link to comment Share on other sites More sharing options...
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