When it comes to homeownership, non-Australians do not have anything to worry about. Even though they are not natural citizens of the country, they will still be able to purchase a property that they can call home.
The government provides equal opportunity to Australian citizens and its foreign residents for homeownership. No one has to be denied the right to have his or her own home. One example is the Australian permanent resident mortgage.
This is a mortgage loan that is provided to people who are not Australian but live permanently in the country. This simply means permanent residents can avail of home loans the same way citizens do. There is no discrimination. Everyone gets a fair opportunity to acquire a property.
Can non-Australians take out a loan to buy a house?
Foreigners who are permanent resident of Australia can buy a house. They can take out a mortgage from lenders and even enjoy competitive rates as long as they meet the standards set forth by the lender.
It does not matter what their citizenship is as long as they are permanent residents. How to buy a property in Australia should not be a problem for them because they are treated like natural-born Australians.
Besides, even foreigners who do not live in the country are allowed to purchase properties. They just have to follow certain guidelines, like getting FIRB approval first.
This approval is required to ensure that the foreign investment is going to benefit the country. It can be used to purchase dwellings, vacant lots, and established properties that are meant for redevelopment.
Permanent residents can borrow as much as 95% LVRas long as they meet the standards. That means the borrower has to be in a very good financial position. There has to be proof of stable income as well as an impressive credit history. But getting a huge chunk of cash to buy a house will come with a little catch.
Borrowing more than 80% of the property value will require the payment of lenders mortgage insurance (insurance that protects the lenders in case the borrower fails to pay off the loan).
Why are foreign individuals considered risky?
Although there are many lenders in the country, not all of them will approve loan applications from non-Australians. This is because some lenders consider foreigners risky. Lenders can be very conservative when it comes to assessing risk factors of borrowers.
They do not want to lose money on defaulting loans. Even though foreigners may have the money to repay the loan, there is a chance that they leave the country anytime and that is what lenders are afraid of.
This is why they make it hard for some individuals to qualify for a loan.
It should not be hard to do especially when you meet all the requirements. But for a permanent resident who wants to ensure nothing stands in his way of becoming a homeowner, it would be better to get help from a mortgage broker.
Brokers are in the best position to help permanent residents take out a loan. They know how to deal with any issue that may come up due to their status. A mortgage broker knows a lot of lenders that offer mortgages even to non-Australians and they can greatly assist in fixing everything so your application gets approved.
Every one is equal in eyes of God then why this discrimination is done by human being he is also a small creator from God side why dont understand that why this earth created?
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