**Please also review Our Blog page which has many relevant articles explaining different mortgage features available.
Q. How can MAP organise a loan for new arrivals to Australia when no one else can?
A. MAP specialises in non resident / temporary resident home loans and loans for expats both abroad and moving home. Most brokers do not specialise in non resident / temporary resident loans and therefore have not invested their time to investigate all possible lending options.
Q. When borrowing over 80% does the lender/s vary their products, interest rates or fees?
A. There is no differentiation between products and rates when lending over 80%. The only difference is that lenders mortgage insurance is charged when borrowing over 80% which is charged whether you are a non resident / temporary resident or not.
Q. Will my interest rate or fees be higher because I am a non resident / temporary resident?
A. No. The only difference is that you have a limited number of lenders to choose from when you are not a permanent resident. 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, if not some of the cheapest on the market.
Q. What is the Maximum loan to value ratios I can borrow?
A. Up to 95%. To calculate the loan to value ratio (LVR/ LTV) divide the required loan amount by the purchase price.
Q. Why is it difficult to borrow over 80% even though I am in stable employment etc?
A. 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 when the LVR is greater than 80%.
Q. How often do I pay Lenders Mortgage Insurance (LMI)?
A. 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.
Q. What are the main requirements for lending over 80%?
A. An applicant must be in stable employment; preferably in a profession; with a strong asset to liability position and 5% genuine savings.
Q. What costs must I cover?
A. 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.
Q. Can the lenders mortgage insurance be added on to the loan?
A. Yes, in the majority of cases.
Q. Can I apply for the First Home Owners Grant?
A. Possibly. At least one applicant needs to be a permanent resident of Australia, an Australian citizen or a New Zealand citizen living in Australia intending to take up residence in the property within one year of purchase and occupy for 6 months as principle place of residence. Those on business visas such as a 457 or 422 are ineligible to apply however many states in Australia will allow you to apply up to 1 year after purchasing a property so if a temporary resident was to obtain permanent residency within this time they could apply post purchase directly to the OSR.
Q. What does MAP charge for this service?
A. 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.