Basically the calculator takes the policies of the four major Australian lenders we at Mortgage Broker Australia commonly recommend to non-residents.
It then determines if you are eligible for an Australian mortgage to purchase or refinance real estate or property in Australia by checking your situation against the policies.
Our Calculator
[NonResidentCalculator]
Ways to make the most of this calculator
Receiving a “Declined” response: This is likely because your %LVR is too high. This means you are borrowing too high a percentage value of the property. Change the amount to a maximum of 80% and a lender should be able to consider your loan.
Make sure you have genuine savings: These are funds or shares that have been held or saved up over a period of three months or more. This indicates to the banks that you are able to look after you money, lowering how much of a risk you are considered. Lenders in Australia prefer that you have saved up a minimum of 5% of the purchase price.
Enquire online and ask us for help: Even if you are declined using the calculator, all hope it not lost! Our mortgage brokers can let you know if you are eligible for a home loan.
Some things to consider when assessing your results
Please note: There are some a number of things within bank policies that are not taken into account by this calculator. These include the different ways banks and lenders assess different temporary resident visas as well as the potential tax issues caused by being a resident of some countries.
The calculator can only act as a guide so be careful how you interpret the results. Instead of rushing out to a bank or lender, ask us for help. We can give you specific advice tailored to your situation as our mortgage brokers are experts in non-resident lending.
Head to our homepage to find out more about Australian mortgage brokers. Ready to apply for a loan? Enquire online to talk to a broker today!
