Two years in, and taking another loan from a bank in Australia, they realised they could qualify with an Australian bank for a home loan. So, as the fixed-rate period for their investment property was nearing soon, they decided to refinance with a bank instead of refinancing to a variable rate with their current specialist lender.
As busy working professionals, they did not have the time to research multiple banks or home loans. So, they reached out to Home Loan Experts. We quickly connected them with one of our expert mortgage brokers, who worked with his team to help their case.
Here’s what our team did to get the expat investment property loan to settlement:
- Found the couple their top match for banks. Of the three options, they chose ANZ, as it gave the best interest rate and features. ANZ also factored in 100% of their income while servicing their loan and offered the highest LVR limit of 80% to expats, which was a plus for them.
- Filled out all the paperwork on their behalf.
- Lisa was getting a pay raise in some months, so she wanted to show that while assessing her borrowing power. But, this was against ANZ's policy. So, our broker advised her to reduce her credit-card limit from $23,000 to $3,000 for the time being instead. This way, the couple's combined borrowing power for the home loan increased.
- Liaised with ANZ's team to ensure they met their Service Level Agreement (SLA) for each step in the home loan application process.
- Gave the couple frequent updates on any developments in the loan process.
This way, our broker and his team could quickly and efficiently get the couple refinanced with ANZ. The loan amount they refinanced their property for was $460,000, $391,500 of which was put towards paying off the existing lender, and the remaining loan amount was cashed out. Additionally, ANZ offered them a refinance rebate of $4,000 and gifted them 300,000 Qantas Frequent Flyer (QF) points. The expat couple got an 80% LVR loan for a term of 30 years, at a 4.04% variable interest rate, which is a far better deal than what their existing lender was willing to offer.