Mortgages For Singaporean Investors

Can Singaporean investors buy property in Australia?

Yes, they can.

Australian banks and lenders favour Singaporean investors because:

• Singapore has a stable and robust economy and political climate.
• Singapore has a strong currency and Singapore Dollar (SGD) is a preferred currency by most lenders.
• Some lenders will even assess your income using Singapore tax rates, which allows you to borrow more.
• Singapore has a strong job and employment market.
• The income tax laws and policies are well organised and easy for Australian banks to ascertain.
• Income documents are easy to verify. Employers provide documents like payslips and tax office provides Notice of Assessments.

You can read our guide on buying a property in Australia as a non-resident, which also outlines the reasons why Australian real estate is a safe place to invest.

How much can I borrow?

As a Singaporean investor, you can borrow up to:

• 75% LVR up to a loan amount of $2,500,000
• 70% LVR up to a loan amount of $5,000,000
• 60% LVR for high rise or inner-city apartments
• If you’re married to an Australian citizen, then you might be able to borrow more.

Our mortgage brokers are experts in non-resident home loans. Please call us on 1300 889 743 or fill in our free assessment form.

How to get approved?

Ensure you can get the following documents:

• IDs (Passport and an additional ID required by the bank)
• Payslips
• Notice of Assessment
• Between 3 to 6 months worth of bank statements
• Employment letter or contract
• 3 to 6 months statement of debt and liabilities
• Singapore credit file

What if I’m self-employed?

Self-employed Singaporeans are accepted if you can provide the following:

• A minimum of 2 to 3 years of trading history.
• A minimum of 2 years of income tax and company financials.
• At least 6 to 12 months of bank statements for the company and the individual.

If you have a stable employment history and income, strong asset position and have saved up a large deposit, then it increases your chances of loan approval.

What properties can I buy?

The Foreign Investment Review Board (FIRB) ensures that foreign investment in Australia is directed towards applications that add to housing stock, and they have restrictions on properties that non-residents can purchase.

The type of properties that Singaporeans can purchase in Australia are:

• New dwellings
• Off the plan properties under construction that are yet to be built.
• Vacant land for construction if construction begins within 24 months.
• Non-residents or foreigners cannot buy established dwellings.

Furthermore, most banks and lenders have postcode restrictions on where you can buy.

Most of them will accept Category 1 locations, which are metro areas and capital cities of each state.

How to apply for FIRB?

You will need to fill in a foreign investment application form from the Australian Tax Office (ATO) website.

Application fees are applicable, and it starts from $5,800 for properties worth $1 million or less. The fees increase as the property price bracket increases.

FIRB approval can take a minimum of 30 days.

As a Singaporean citizen, you cannot purchase any property in Australia without getting approval from FIRB.

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Tips for Singaporean investors buying property in Australia

• Get the help of a conveyancer to handle all the legal work for you. We have a list of recommended conveyancers in each state.
• Make sure you have FIRB approval before starting your property buying journey.
• You can get your loan pre-approved so you don’t waste time looking for a property you can’t get a loan for.
• Since there are property restrictions for Singaporeans buying real estate in Australia, take the help of a buyer’s agent.

We're here to help

Our mortgage brokers are experts at home loans for non-residents.

We know which banks can lend to Singaporean investors and the documents you’ll need to submit for loan approval.

Call us on 1300 889 743 or complete our free assessment form to discover if you qualify.