Non-residents and temporary residents (TR Expats).

Non-residents and temporary residents (TR Expats).

This information should be particularly useful for your clients seeking unconventional funding solutions in Australia.

Eligibility Criteria:

Applicant Types: Only Non-Resident & TR Expat applicants are eligible.

Loan-to-Value Ratio (LVR): Maximum of 70% LVR, with no risk fee.

Loan Amount: Up to $750,000 per security, applicable across NSW, VIC, QLD, SA, etc.

Age & Credit History: Borrowers and guarantors must be under 55 years old and possess a clear credit history, with a minimum Australian Veda Credit Score of 600.

Financial Management: Access to Zank Financial's Customer Online Portal and a Redraw Account is available.

Loan Term: Options available up to 30 years.

Security: Only Metro or Non-Metro residential properties are accepted as security.

Visa Requirements:

Applicants must hold one of the following visas to be eligible:

- Permanent and various Temporary Visas (420, 422, 160, 423, 161, 428, 162, 444, 163, 457, 164, 461, 165, 475, 188, 476, 300, 482, 309, 485, 310, 487, 401, 491, 403, 494, 405, 500, 407, 590, 410, 790, 415, 820, 416, 884, among others).

Additional Requirements:

Australian Credit Report: An up-to-date credit report is required.

Contract of Sale: Necessary for purchases.

Council Rates and Loan Statements: For refinancing, the last 6 months of loan statements and current council rates are needed.

Proof of Income: Applicants must provide the following, if employed full-time:

  - Three months of bank statements, translated into English by a NAATI accredited translator.

  - Employment letter, also translated into English by NAATI.

  - The last three months of payslips.

Loans may be considered for both temporary and permanent residents, provided they hold a valid visa granted by the Department of Immigration and Citizenship. The visa should remain valid for at least 6 months from the time of application. Consideration is also given to applicants with a bridging visa or those who have lodged a formal application for permanent residency with approval pending.

Important Duty Information for Foreign Persons:

Additionally, it's crucial to note that if you are considered a foreign person and acquire residential-related property in NSW, you must pay surcharge purchaser duty. Surcharge purchaser duty is currently calculated at 8% of the dutiable value (the greater of the purchase price or value of the property) and is paid in addition to transfer duty. This significant surcharge underscores the importance of understanding all financial obligations when investing in property in NSW.

I trust this comprehensive information will be beneficial to our clients and assist in navigating their funding options in Australia. Should you or your clients require any further assistance or clarification on these matters, please feel free to reach out.

Giorgio Primiceri | Finance Broker | Prince Capital Solutions
*: Suite 7, Level 14, 447 Kent Street, Sydney NSW 2000
(: 0460 590 355 | 8: giorgio@princecapital.com.au  

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