**Please also review Home Loan Articles page which has many relevant articles explaining different mortgage features available.
How can MAP organise a loan over 80% when no one else can?
MAP specialises in home loans for Australian Citizens and Permanent Residents living and working abroad. Most brokers do not specialise in mortgages for expats and therefore have not invested their time to investigate all possible lending options.
When borrowing over 80% does the lender/s vary their products, interest rates or fees?
There is no differentiation between products and rates for home loans to Australian expats over 80% LVR. The only difference is that lenders mortgage insurance is charged when borrowing over 80% however this would be charged whether you were living in Australia or not.
Will my interest rate or fees be higher because I am an Australian expat?
No. The only difference is that you have a limited number of lenders to choose from when you are living and working overseas. The interest rate will be exactly the same with those lenders regardless of your residency status and you will find that they are very competitive and have some of the cheapest rates on the market.
What is the Maximum loan to value ratios I can borrow?
Australian expats can still obtain a home loan up to 95% case by case and 90% is available for most applicants subject to normal credit criteria. To calculate the loan to value ratio (LVR/ LTV) divide the required loan amount by the purchase price.
Why is it difficult to borrow over 80% even though I am in stable employment etc?
Australian lenders have to comply with the policies and guidelines set by their lending mortgage insurers. Most standard loans are insured when the Loan to Value ratio (LVR) is greater than 80%. It is therefore the mortgage insurers who have imposed the strict lending criteria on Australian expats seeking home loans in Australia with an LVR greater than 80%.
How often do I pay Lenders Mortgage Insurance (LMI)?
Once. LMI is deducted at time of settlement and is, in most cases, added to the loan so you do not need to pay for it upfront.
What are the main requirements for lending over 80%?
An applicant must be in stable employment; preferably in a profession; with a strong asset to liability position and 5% genuine savings.
What costs must I cover?
Costs can be divided into 3 main areas: i. Lender - application fee and lenders mortgage insurance ii. Government - mortgage registration, land transfer, stamp duty on the purchase price and possibly the loan amount iii. Miscellaneous - legal (solicitor / conveyancing), building and pest, home insurance etc.
Can the lenders mortgage insurance be added on to the loan?
Yes, in the majority of cases.
What does MAP charge for this service?
MAP does not charge clients for our service. MAP receives a commission from the lender should your loan settle. Please note that using our services does not impact the fees or rates charged by the lenders.
Can I apply for the First Home Owners Grant?
Possibly providing you plan to move back to Australia within 1 year and reside in the property for at least 6 months.