Need Finance ASAP? Please help..

[CairnsInvestor]

Hello,

Anyone know of any financial institutions that will lend on 10% deposit for purchasing land & building a house in QLD for a UK couple with a 457 visa (temporary residents)? In the process of applying for permanent residency.

Many thanks.

 

[tobe]

No. LMI providers will not lend to temporary residents, and therefore you need at least a 20% deposit.

 

[tobe]

If you are building, you have to settle on the land first, and then have the finance to build. If your 10% overall deposit is enough for 20% of the land value, you may be able to secure a loan at 80% for the land, and then once your residency is through secure the funding for the build. What are the settlement terms on the land? Has the title been released yet/subdivision registered?

 

[Spectre]

Nab used to do them but have reduced them to 80% now.

 

[CairnsInvestor]

If you are building, you have to settle on the land first, and then have the finance to build. If your 10% overall deposit is enough for 20% of the land value, you may be able to secure a loan at 80% for the land, and then once your residency is through secure the funding for the build. What are the settlement terms on the land? Has the title been released yet/subdivision registered?

Land yet to title - will be in Aug/Sept; but subject to getting FIRB approval first.

 

[Peter_Tersteeg]

They need to get permanent residency or another 10% plus purchase costs. Mortgage insurers won't go near it.

 

[tobe]

the beauty of land andd building is you have time on your side. If you can either raise another 10% or get permanent residency before you build, you can secure the land now. Its a bit of a risk, and you might have trouble getting a lender to do even 80% on vacant land for a non resident, but its not impossible.

 

[CairnsInvestor]

I found this mortgage broker online: mapmortgagebrokers.com which specialise in this sort of financing up to 95% lend, so I might try them. Thanks for everyone's help so far.

 

[tobe]

From the map website,

MAP specialises in assisting temporary residents with organising home loans to 95% where they are purchasing with an Australian Citizen / Permanent Resident. We can organise a home loan / mortgage finance up to 15% higher than our competitors because we specialise in temporary resident home loans / mortgages


Note the part where it says, where they are purchasing with an australian resident? If one applicant to a loan is a resident you can borrow over 80%. If neither are, its very dificult as LMI providers wont insure non residents.

 

[Spectre]

Maybe do an equity draw in the UK, bring $ across then reduce lvr to skip the LMI.

Or get a guarantor
Or a personal loan for your missing 10% if servicing allows.

Wheres the pros here for a bank and insurer? Non resident, a block of land still to settle, needs FIRB...
Not as cushy as a nice Aussie they can stick their claws into if things go wrong

 

[CairnsInvestor]

From the map website,

MAP specialises in assisting temporary residents with organising home loans to 95% where they are purchasing with an Australian Citizen / Permanent Resident. We can organise a home loan / mortgage finance up to 15% higher than our competitors because we specialise in temporary resident home loans / mortgages


Note the part where it says, where they are purchasing with an australian resident? If one applicant to a loan is a resident you can borrow over 80%. If neither are, its very dificult as LMI providers wont insure non residents.

Sorry missed that part - DOH! Rang MAP but they don't think they can help until permanent residency is approved.

 

[God_of_Money]

Cairns...most contributors here are very experienced
If they said no.. then probably the chance is almost ZERO

 

[Rolf Latham]

Sorry missed that part - DOH! Rang MAP but they don't think they can help until permanent residency is approved.

There is always a nice little catch with most of the fish and chip financiers.

Saw one multi broker business the other day who espoused themselves to be specialist in some field, and that they had more than 75 mill in loans approved since they started.

On my side of the fence, at that level, with a typical 70% settlement ratio youd be just getting out of your apprenticeship as a single operator.


ta
rolf

 

[davo6253]

I don't know if anyone else is familiar with this but I am under the belief that Westpac has a migrant banking program that can offer higher LVR's for certain types of people on visa's including Cairns'?