Overseas income and loans

[goldfish]

Hello all...

A question that I have failed to find the answer to in any of the previous threads.

I currently live and work in Europe. I have Australian permanent residency and I own an Australian IP.

IP: loan $290000 value $350000 (bank valued it in March)
Initial loan was at 95% with LMI on top of that.

So I thought, well time to start looking for IP #2. Contacted my mortgage broker in Australia, just to be told that because I have an overseas income banks will only lend me 80%. (according to him due to LMI not being available to overseas investors)

Question #1 Any chance that I will find a lender that will lend me more than 80% for IP2?

Question #2 Do you think that the bank at least will let me "top up" (separate loan of course) the existing loan to 90% given it was initially taken out with LMI?


Any thoughts or ideas?


Cheers,
Goldfish

 

[Rolf Latham]

Hi Goldfish

Welcome

Depends...............

If you can verify your income ( the lender standards) and u earn money in a stable currency, there are some 90 % loan options.

Many of the lenders where we coul get 90 % previously have contracted their policy to 80 or even 70 %.

There are still lenders that will do 90 %

ta
rolf

 

[goldfish]

Thanks for your answer Rolf.


If I can find a lender that will do 90% that definitely gives me some options for IP2 sooner.


Will it make a difference to the lender whether I am based in Australia or not? Or is it solely the fact that my income is from overseas?


Cheers,

G.

 

[Rolf Latham]

Hi

If you are located in Aus, then you would not be non resident for tax purposes and would have aus tax rtns for that income, OR some other offshore rtn ,

Would likely still be an issue, but does depend on the style of income.

ta
rolf

 

[goldfish]

Hmm, thanks again... lots of things to consider. I am not thinking of coming back to Australia for good but maybe my current job will bring me back to Australia for perhaps 6 months, which I then figured would be a good time to look for IP2.

I will probably have to wait for the value of IP1 to increase a bit more, before it is realistic to consider IP2.


Cheers.