Not In Australia?
Non- Resident lending refers to loans in Australlian Dollars made to people who do not live in Australia to assist with the purchase of investment property in Australia.
Non-Residents can be divided into two categories
- Australian Citizens and Permanent Residents temporarily living overseas
- Non Citizens
The main difference between category 1 & category 2 is the amount which can be borrowed. Category 1 borrowers can borrow up to 95% of the purchase price of the property in some cases. Category 2 borrowers are restricted to a maximum of 80% of the value of the property being purchased. In many cases this is reduced to 70%.
Non Citizens (including temporary residents) are required to obtain approval from the Foreign Investment Review Board (FIRB) when purchasing property in Australia.