Jump to content

Big 4 bank reduces lending to temporary residents


Recommended Posts

A big 4 bank has announced they will reduce their borrowings to eligible Australian temporary residents. Previously a temporary resident could borrow up to 80% of the value of the property which meant a 20% deposit was required. This particular lender has now announced that they will only lend up to a maximum of 70% to eligible temporary residents. This now means a 30% deposit will be required with this lender plus costs associated with the purchase of the property.

 

There are other lenders who will still lend up to 80% to eligible temporary residents (90% in some circumstances).

 

Also note that as a temporary resident FIRB approval is required which is an additional $5,000 see this link for more details http://www.pomsinoz.com/forum/money-finance/243972-temporary-residents-pay-5-000-buy-home.html

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Use