Aussie Expat in UAE - 90% Lend Possible

Hi All,

Long time lurker on the boards here. I am looking for some information on the maximum LVR achievable for an Australian expat living in the UAE. From recent dealings with CBA (contract fell over today - c'est la vie), I was told that GE Money won't touch anyone who earns income in UAE Dirhams?

So I guess my question is, is it possible to achieve a 90% LVR on an IP purchase in Australia, if earnings are paid in AED?

A bit of background info on my situation:
- Working in UAE for three years, same company and role I previously worked in back in Brisbane (total of 4.5 years with the company)
- Salary is quoted in USD and converted to AED for payment. Allowances are quoted and paid in AED.
- Currently own two IPs at a combined LVR of around 78% (value $381k + $510k)
- My wife and I earn around a combined AU $270k + bonus (tax free) inc. allowances
- Looking to buy in Brisbane around $500k at 90% lend if achievable

Are there any brokers here who are familiar with this sort of situation that could offer any advice?

Thanks in advance!
 
CBA have a very limited list of currencies they will accept.

Westpac will accept UAE Dirhams but max LVR is 80%.

I would try and pull some equity from other properties so that you can do the deal at 80% LVR.
 
Thanks Shahin. The problem with that approach is that the existing loans are with CBA, and refinancing them would take them above 80% LVR (hence trigger LMI). So it's not really an option as we run in to the same problem - they won't do LMI for someone with income in UAE Dirhams (the re-fi is actually what crashed the contract today)...
 
Dirhams is not on the list of acceptable currencies with CBA period (LMI or no LMI) but credit may consider it so it looks like credit have previously signed off on it.

Anyways - what if you did a modelled valuation with say Westpac and it came back higher than the existing CBA val and you were able to put out enough equity at 80% and thus do the purchase at 80%?
 
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