Australian Mortgage Review for Expats
Australian Mortgage, also known as Australian Mortgage Marketplace (AMM), is a digital non-bank lender that specialises in providing competitive white-label products and outstanding service to the Australian mortgage finance industry. AMM uses blockchain mortgage technology to provide cheaper and faster home loans.
Unfortunately, AMM does not currently offer direct mortgage products to Australian expats living overseas.
Australian Mortgage Review
Australian Mortgage has been a prominent player in the Australian loan market for over a decade. With a commitment to simplifying the lending process and providing competitive rates, AMM has garnered praise from clients across the globe.
Australian Mortgage Marketplace does not directly lend to Australian expats living overseas. However, AMM does partner with a number of lenders that offer home loans to expats. Some of the lenders that AMM partners with that offer home loans to expats include:
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Facts About AMM Expat Mortgages
In 2022, Australian Mortgage was acquired by Volt Bank, a digital bank that is also using blockchain technology to provide mortgage products.
AMM is a member of the Australian Financial Services Association (AFSA) and the Australian Securities and Investments Commission (ASIC).
AMM's platform is PCI DSS compliant, which means that it meets the highest security standards for the processing of credit card data.
How Do I Apply for an Expat Mortgage?
Here are the steps on how an Australian expat living overseas can apply for a home loan to buy property in Australia.
- Research Lenders: There are a number of lenders that offer home loans to Australian expats living overseas. It is important to research different lenders to find the one that offers the best terms and conditions for your individual circumstances.
- Gather Documentation: You will need to provide certain documentation to support your home loan application, such as proof of income, assets, and employment. You may also need to provide a letter from your employer stating that you are allowed to work overseas.
- Apply for a Home Loan: Once you have gathered all of the required documentation, you can apply for a home loan. You can apply directly to a lender or through a mortgage broker.
- Wait for Approval: The lender will review your application and decide whether to approve it. The approval process can take a few weeks.
- Sign the Loan Documents: If your application is approved, you will need to sign the loan documents. The lender will then disburse the funds to the seller of the property.
Who is Eligible?
Australian expats living overseas can get a home loan to buy property in Australia. However, there are some eligibility requirements that you must meet, which include the following.
- You must be an Australian citizen or permanent resident.
- You must have a valid Australian passport.
- You must have a stable income from a foreign source.
- You must be able to provide proof of funds for the down payment and other costs associated with buying a property in Australia.
The amount that you can borrow depends on your individual circumstances, including your income, assets, and credit history. However, in general, you may be able to borrow up to 95% of the purchase price of a property, subject to Lenders Mortgage Insurance (LMI).
What Documents Do I Require?
Here are some of the documents that an Australian expat living overseas may need to provide when applying for a home loan to buy property in Australia.
Proof of Identity
This could be a copy of your passport, driver's license, or other government-issued ID.
Proof of Income
This could be a copy of your payslips, tax returns, or other documentation that shows how much money you earn.
Proof of Assets
This could be a copy of your bank statements, investment statements, or other documentation that shows what assets you own.
Letter from Your Current Employer
This letter should state your employment status, salary, and any other relevant information.
Visa Documentation
If you are on a temporary visa, you will need to provide documentation that shows how long your visa is valid for.
Proof of Residence
This could be a copy of your utility bills, lease agreement, or other documentation that shows where you live.
Lenders Mortgage Insurance (LMI)
If you need LMI, you will need to provide documentation that shows your home loan amount and the value of the property you are buying.
The specific documents that you need to provide will vary depending on the lender. However, these are some of the most common documents that are required. It is important to note that you may also need to provide additional documentation, such as a letter from your accountant or financial advisor. It is a good idea to contact the lender in advance to ask about the specific documentation that they require.
Secure a Mortgage to Buy Property in Australia
Looking to secure your dream home Down Under as an Australian expat or foreign buyer living overseas? Although Australian Mortgage doesn’t provide home loans for overseas expats, you have no reason to worry!
As an experienced mortgage broker specialising in Australian expat home loans, Odin Mortgage has the expertise and connections to find the perfect mortgage solution for you. Our dedicated team is happy to work tirelessly to ensure you get the best deal and a smooth home buying process.
Don’t let distance deter you from owning a home in Australia. Get in touch with us and take the first step towards making your homeownership dreams come true. Let’s find the right mortgage for you together!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About AMM Home Loans
Can Australian expats living abroad apply for AMM Home Loans?
Unfortunately, no. Australian Mortgage does not provide home loans to Australian expats and non-residents living overseas.
What documents do I need as an expat to apply for an Australian expat home loan?
As an expat applicant, you’ll need to provide identification documents, income proof, and other relevant financial documentation to support your loan application.
Are AMM home loans available for foreign buyers?
No, AMM home loans are not accessible to foreign buyers looking to invest in the Australian property market. You will have to go with other lenders, which we can help you narrow down.
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