Page Title: Tips on Applying for Mortgage as an Immigrant in Australia Meta Description: Use this helpful information to be better prepared when applying for a mortgage as an immigrant in Australia. Get closer to finding your new home. Tips for Immigrants When Applying for a Mortgage in Australia The Land Down Under is a top destination for immigrants across the world. With a stunning natural beauty, a favourable climate, a strong and growing economy, a world-class education system, and a multicultural society, it is no wonder so many are attracted to work, study, or live in Australia. Buying a New Home in Australia The local government has introduced policies to make it easier for immigrants to settle into life in Australia. And with housing being a basic need for newcomers, the government has several programmes for …show more content…
Banks and lenders in Australia provide loans for immigrants and may even have special mortgage products or ‘non-resident loans’. However, you should take note that because immigrants generally don’t have credit files yet, banks and lenders will usually use different criteria for eligibility. This may include the following: Visa Status – Your visa type is a major factor in determining the amount you can borrow and repayment schemes. Employment – It is beneficial to have guaranteed employment in Australia before applying for a mortgage. Your local and overseas work history may also be included in the screening process. Ability to Repay – This includes your minimum income, living expenses, and repayment of other current debts. Assets – They may assess your assets and liabilities and compare these with your age and income. Security – They may assess the value and saleability of the property (usually the one you are buying) that you are giving as security for your