Australian Mortgages in London

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Australian Mortgages in London

London

With tens of thousands of Aussies choosing London as their home, the Australian Expat community is thriving in the UK. Our broker professionals can find the perfect home loan for your personal circumstances.

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Australian Home Loans for London Expats and Citizens

Discover everything you need to know about Expats in London and secure your best Australian home loan.

Loan Types: Variable, Fixed, and Interest-Only

 

Are you a London citizen or an Expat living in London? We can help you to apply for a range of home loans including residential and investment loans. We can also help you to apply for refinancing!

Whether you are an Australian citizen, a foreign national, or a non-resident, Australian home loans are available to you.

UK citizens and Australian Expats can take advantage of interest-only home loans spanning 5 years. You can then transfer to a principal and interest home loan for the rest of the loan term.

If you hold Australian citizenship, you could apply for a fixed interest rate home loan for up to 5 Years! You could then move to a variable interest rate home loan if you wish.

Loan Size and Term

 

Do you want a home loan term of up to 30 years? As an Aussie Expat living in London, you can! We will find you an Australian home loan with the same potential loan terms that are available to Aussie citizens.

The size of your home loan will need to surpass $100,000 in Australia. Australian Expats could borrow up to 95% of the property value, although this depends on your circumstances and borrowing power. London investors purchasing property in Australia may be able to borrow up to 75% LVR.

Let Odin Mortgage find the best loan for you and your situation.

Home Loan Package: Offsets and Redraw

Australian Expats living in London are at no disadvantage to Aussie citizens and permanent residents living in Oz. Redraw facilities and offset accounts are available, although your borrowing power will dictate this. 

London investors may also attract some loan features, depending on your circumstances.

You could also benefit from telephone banking and online banking, depending on your lender and your location.

 

How Do Lenders View British Pounds Stirling?

 

British Pounds Stirling is the most common foreign currency used in Australia and so lenders are used to this currency. 

Some lenders will transfer 100% of your UK currency to Australian dollars when applying for your home loan. Other currencies may only achieve 60% - 70% of the value in the application.

Lenders are trusting of the UK currency and will value the amount of currency you have available favourably.

Pros and Cons

Here are the pros and cons of securing an Australian home loan in London:

Pros Cons
Australian citizens in London could borrow up to 95% of the property value.
Some lenders may not accept dual citizenship as Australian citizenship.
The same rates and features are open to Australian citizens, whatever your location.
Some lenders may decrease your UK currency earnings when calculating borrowing power.
UK tax rates may be used by the lender, offering a more favourable comparison to Aussie tax rates.
Some lenders may ask for an Australian Power of Attorney.
London investors may be able to secure a loan of up to 75% of the property value.
UK national married to an Aussie citizen can improve borrowing power.

Allow us to find you the perfect home loan.​

Apply online to get expert recommendations with real interest rates and repayments.

Mortgage Features

Here are the pros and cons of securing an Australian home loan in London:

Feature Details
Deposit Size
Lenders will require different sized deposits, depending on your circumstances. Generally, a 20% deposit is usually required.
Borrowing Power
When earning British Pounds Stirling, up to 100% of the amount may be considered when a lender calculates your borrowing power. This will vary from lender to lender.
Repayment Options
UK citizens may be able to access some great repayment options. Aussie citizens living in London could enjoy making additional repayments without penalty fees.
Interest Rates
Aussie Expats with Aussie citizenship can enjoy a wide range of rates, depending on their personal situation. UK citizens may be faced with higher interest rates, although Odin Mortgage will find you the best deals available.

Mortgage Features

Key Facts

There are over 1 million Australian citizens living overseas.

More than 100,000 Aussie Expats live in the UK, mainly in London.

Holding Aussie citizenship means you can access great home loans available to Aussie residents.

London investors are favoured by lenders.

Feature Details
Deposit Size
ANZ prefers a home loan deposit of 20% or more when applying for a home loan.
Offset Account
A transaction account linked to home or investment loans. This account can be used to offset the amount you owe on the loan, and ANZ will only charge the interest in the difference.
Repayment Options
Depending on your loan type, repayments can be made weekly, fortnightly or monthly via ANZ’ Internet Banking services.
Package Benefits
With ANZ packages, borrowers can access lower interest rates, free offset account, credit card and benefit from waived fees.
Interest Rates
With the Breakfree package, borrowers can access a discount up to 2.10%
Expat Information
ANZ can assist loan applications in a variety of foreign currencies.

How Do I Apply?

Do you want to apply for an Australian mortgage as a UK citizen or as an Aussie Expat in London? You must meet the following eligibility criteria:

Eligibility

  • A great credit score and credit history.
  • Proof of identity (e.g. Australian citizenship evidence if you are an Aussie Expat)
  • A sizeable deposit, particularly if you are a UK national.
  • You must be over 18 years old.

Choose Odin Mortgage when applying, offering specialist services in Australian home loans.

Documents required

  • Two ways to prove your income (payslips, tax returns, employment letter)
  • Proof of identity (passport, birth certificate, driving license)
  • Proof of expenses (living cost evidence and liability statements)
  • Property purchase details

Other Considerations

FIRB

As an Australian citizen, you don’t need FIRB approval. Your status as an Australian citizen is of paramount importance over what country you reside in.

The Foreign Investment Review Board oversees any foreign investment in Australia. The aim of the FIRB is to ensure the property market remains fair for the average Aussie citizen. 

UK citizens buying property in Australia will need to apply to the FIRB, costing several thousand dollars.

Stamp Duty Surcharge

Stamp duty fees in Australia cost tens of thousands of dollars and vary depending on the state or territory and the property value. Australian citizens will need to pay stamp duty fees and you will have 12 months after the sale completion to pay the transfer duty.

UK citizens purchasing Australian property are foreign investors and must pay the stamp duty surcharge as well as the standard stamp duty fee. This amount varies according to the state or territory but is usually 7% or 8% of the purchase price.

Some states do not charge a stamp duty surcharge, however. These states are Northern territory, Australian Central Territory, and Tasmania.

Similar Countries

Canada

Frequently Asked Questions

As long as you have Australian citizenship, you can enjoy a vast array of home loan deals and interest rates available to resident Australians. 

A wider amount of evidence will be required to prove your income and status, however.

UK citizenship means that you are a foreign buyer in Australia. Odin Mortgage can find you the best mortgages for foreign buyers and guide you every step of the way! 

You will need a sizeable deposit and a successful application to the FIRB, however.

With Australian citizenship, you could successfully be approved for a home loan up to 95% of the property value. The country you currently live in does not affect this!

Odin Mortgage brokers are specialists in Australian Expat home loans, so get in touch today!