Ruth7862 Posted April 9, 2017 Share Posted April 9, 2017 We are planning to move to Melbourne on a PR parent visa in a few years at age 65. We have three rental properties in the UK and our own home. We did think of selling two or three properties to buy outright in Melbourne but wondered if it would be possible to get a mortgage based on the rental income of the UK properties instead if we had a decent deposit. This would save the costs of selling and potential currency exchange issues. Is there a limit to what age you can have a mortgage until? We could just use the UK rent to rent in Melbourne but would prefer to buy if possible. Any guidance or observations would be helpful thanks. Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted April 10, 2017 Share Posted April 10, 2017 Hello Ruth It is becoming increasing difficult (dare I say ALMOST impossible) to get a mortgage in Australia using foreign income to service it. As far as I am aware Citibank seem to be the only lender considering foreign income currently (there could be others smaller/alternative lenders, not sure). Link to comment Share on other sites More sharing options...
Ruth7862 Posted April 10, 2017 Author Share Posted April 10, 2017 Thanks Andrew. At least I know now that is probably not the right strategy. Perhaps another way would be to mortgage against the UK buy to lets before we leave to raise the capital to buy in Australia. Link to comment Share on other sites More sharing options...
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