Foreign National Loans
Typically you will need to put down around 25% to 40% of the purchase price and most lenders have a minimum loan of $100k although it is possible to get a mortgage for less. For a minimum loan of $100k, the interest rates will be somewhere between 4.6% and 5.75% with no penalties to pay off capital. Loans are usually amortised over 30 yrs. Fixed rate loan options are available.
You will need to prove all of the normal things, income , deposit, credit history etc.
You should also allow 5.5% for closing costs and pre-paid items, which will include:
- Title and legal fees
- Purchase taxes (like stamp duty)
- Property valuation/survey
- Termite inspection
- Title insurance to protect against defective title Lender application and underwriting fees Broker fees.
- Prepaid House insurance,
- Prepaid Interest
The normal process is to get pre-qualified prior to finding a property, so that an offer can be made when you find somewhere. You make not be looking just yet, but you can review the attached a pre-qualification application.
If you would like to complete this and email it back to us we can pre-qualify you within 24 hours. This will give you a good idea about how much you may be able to borrow. If you are not looking to come out until later in the year, you can pre-qualify you now and then just update the letter when you come over.