A Quick Overview
| Details | Description |
|---|---|
| Customer Goal | Buying an owner-occupied property in Australia with a foreign income. |
| Problem | Securing a pre-approval with132 Visas and gathering all necessary documents. |
| Loan Amount | $700,000 |
| Security | $1,100,100 |
| LVR and Term | 64% LVR (loan to value ratio), 10 years loan term |
| Income | $346,840 |
| Solution | Finding a lender that approves 132 Visas and accepts foreign income for the purchase of owner-occupied property |
The Story
There are numerous challenges in securing pre-approval for a self-employed client earning foreign income, such as the requirement of additional documents and expansive income history. Not many lenders are willing to provide pre-approvals to customers who hold a 132 (Business Talent) Visa.
The Customer
Chuck is an expat based in Vietnam and is the chairman of a company. He frequently travels between Vietnam and Australia. He holds a 132 Visa – a permanent-resident Business Talent Visa. Due to his frequent travels, he wants to buy a property in Australia for himself, his wife, and his son.
The Difficulties In Securing A Loan
The main issue for Chuck was finding a lender who accepts 132 Visas and Vietnamese dong as foreign income, while also offering a flexible credit policy for expats. Lenders are usually stringent when it comes to pre-approvals for expats, especially with a foreign income. Additional documents and expansive income statements make the process more tedious than usual.
Securing The Best Financial Package
Home Loan Experts mortgage broker Steven Chan scoured through lenders to find the perfect match for Chuck’s needs. Steven was sure that he could get the loan approved, given Chuck’s strong finances, strong serviceability position and his employment not being affected by COVID-19.
Sure enough, Steven was able to secure pre-approval for our customer. This did come with its own complications though. During the verification process, Chuck had uploaded his foreign driver’s licence and VEVO (Visa Entitlement Verification Online) document as the wrong ID type. Relying on his expertise, Steven was able to rectify this error instantly to avoid complications at a later stage.
The financial solution Steven found for Chuck was:
- A loan of $700,000
- Loan-to-Value Ratio (LVR): 64%
- Interest rate: 3.58% a year
- Loan term: 10 years
Customer Satisfied
This loan meant a great deal to Chuck and his family. Securing a loan for an owner-occupied property gave them more flexibility. They no longer needed to worry about being thousands of kilometres apart. This was the outcome Chuck wanted and our expert broker Steven was able to deliver.
Looking To Purchase An Owner-Occupied Property?
Our expert mortgage brokers know how to help expats find their dream home. Speak with a Home Loan Experts specialist mortgage broker by giving us a call on 1300 889 743 or by filling in our short online assessment form.