Australian Unity Home Loan Review for Australian Expats

Australian Unity Home Loan Options

Australian Unity offers the following home loan products to Australian expats living overseas.

Australian Unity’s variable rate home loan offers overseas borrowers a flexible option with no lock-in contracts. The interest rate moves up and down with market conditions. This helps savvy investors take advantage of potential rate drops.

The lender’s fixed rate home loans allow expats to lock in an interest rate for 1 to 5 years. This provides certainty over the repayment amount for the fixed period chosen before reverting to the standard variable rate.

A line of credit gives expats access to revolving finance that can be drawn down as required up to the approved limit. This provides flexibility to access funds needed for renovations, investments or other cash flow needs.

Australian Unity Home Loan Review

Here are the pros and cons of choosing an Australian Unity home loan to buy property in Australia.

Pros Cons
Long history and track record.
High fees.
Wide range of financial products and services.
Complex products.
Strong financial position.
Not as well-known as some other financial services companies.
Dedicated overseas customer service team.
Limited branch access for overseas borrowers.

Allow us to find you the perfect home loan.

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

Australian Unity Home Loan Features

Australian Unity offers the following home loan features.

Feature Details
Offset Accounts
Offset accounts allow you to link your home loan to a savings account. Any money that you have in your savings account will be deducted from your home loan balance, which can save you money on interest.
Loan Splitting
Split loans allow you to have a combination of variable and fixed rate interest. This can be a good option if you want to lock in a fixed rate for some of your loan, but still have the flexibility of a variable rate for the rest of your loan.
Redraw Facility
The redraw facility allows borrowers to access any extra repayments they have made towards their home loan. These extra funds can then be withdrawn back out of the loan account and used for other purposes if needed. It provides flexibility in accessing extra payments.
Loan Portability
Loan portability means borrowers can transfer their existing home loan to a new property without having to reapply or be reassessed. For example, if an expat took out a home loan with Australian Unity and then wanted to upgrade to a new house, they could port the loan across to the new property without a full application.

Facts About Australian Unity

Australian Unity has been in business for over 180 years. It is one of the oldest and largest financial services companies in Australia.

It is a mutual financial services company, meaning it is owned by its members, rather than by shareholders.

In recent years, the lender has been expanding its operations overseas. It has opened offices in Singapore, Malaysia, and China. Australian Unity is also looking to expand into other markets in the future.

How Do I Apply for an Expat Mortgage with Australian Unity?

To apply for an Australian expat home loan with Australian Unity while living overseas, you will need to:

  • Contact Australian Unity: You can contact Australian Unity by phone, email, or through their website. When you contact them, you will need to provide your contact information and your interest in applying for an expat home loan. Alternatively, it’s far easier to take the help of a specialist mortgage broker.
  • Gather Your Documents: You will need to gather a number of documents to support your application, such as your passport and proof of income.
  • Complete the Application Form: Australian Unity will provide you with an application form that you will need to complete. The application form will ask you for information about your financial situation and your property purchase plans.
  • Submit Your Application: Once you have completed the application form, you will need to submit it to Australian Unity. You can submit your application by mail, fax, or email.

Australian Unity will review your application and will let you know if you are approved for a loan. If you are approved, you will need to sign the loan documents and provide a deposit.

Here are some additional tips for applying for an Australian expat home loan with Australian Unity while living overseas.

  • Start Your Application Early: The application process can take several weeks, so it is important to start your application early.
  • Be Prepared to Provide Documentation: Australian Unity will need to see documentation to support your application. Make sure you have all of the required documentation ready before you submit your application.
  • Work With a Mortgage Broker: A mortgage broker can help you understand the different expat home loan options available and can help you submit your application.

We specialise in home loans for Australian expats, permanent residents, and (non-residents) living overseas, and can help you secure a home loan to buy property in Australia.

Who is Eligible?

Australian Unity offers a variety of home loans to Australian residents and citizens, including expats and permanent residents living overseas. However, there are some eligibility requirements that must be met in order to qualify for a home loan with Australian Unity.

Eligibility requirements for Australian residents and citizens:

  • You must be a permanent resident of Australia or a citizen of Australia.
  • You must have a valid Australian passport.
  • You must have a good credit history.
  • You must have a stable income.
  • You must have a deposit of at least 20% of the purchase price of the property.

Eligibility requirements for Australian expats and permanent residents living overseas:

  • You must be a permanent resident of Australia or a citizen of Australia.
  • You must have a valid Australian passport.
  • You must have a good credit history.
  • You must have a stable income.
  • You must have a deposit of at least 25% of the purchase price of the property.

Eligibility requirements for foreign investors living overseas:

  • You must be a citizen of a country that has a reciprocal investment arrangement with Australia.
  • You must have a valid passport from your home country.
  • You must have a good credit history.
  • You must have a stable income.
  • You must have a deposit of at least 30% of the purchase price of the property.

It is important to note that these are just the general eligibility requirements for a home loan with Australian Unity. The specific requirements may vary depending on the type of loan you are applying for and your individual circumstances.

What Documents Do I Require?

Australian Unity requires the following documents for a home loan from overseas.

Copy of Passport

You must provide a copy of your valid passport that shows your current nationality and visa status.

Proof of Income

You must provide documentation that shows your current income, such as payslips, tax returns, or bank statements.

Proof of Assets

You must provide documentation that shows your current assets, such as property titles, investment statements, or bank statements.

Proof of Employment

You must provide documentation that shows your current employment, such as a letter from your employer or a copy of your employment contract.

Letter from Employer

If you are employed overseas, you must provide a letter from your employer stating that you are employed overseas and that your employment is ongoing.

Tax Residency Certificate

You must provide a tax residency certificate from your home country stating that you are a tax resident of that country.

In addition to these documents, Australian Unity may also require other documents, such as a credit report or a letter from a financial advisor.

Other Related Products from Australian Unity

Kick Starter Home Loan

The Kick Starter Home Loan is designed for first home buyers with a low deposit. It offers a low interest rate and flexible repayment options. The minimum deposit required for this loan is 5% of the purchase price of the property. The interest rate on this loan is variable, so it can go up or down depending on the market. However, Australian Unity offers a discounted variable rate for this loan, which can save you money on interest.

The repayment options on this loan are also flexible. You can choose to make regular repayments, or you can make larger repayments when you can afford to. You can also make extra repayments at any time without penalty.

Wealth Builder Investor Loan

The Wealth Builder Investor Loan is designed for investors who are looking to buy property in Australia. It offers a competitive interest rate and flexible repayment options. The minimum deposit required for this loan is 20% of the purchase price of the property. The interest rate on this loan is variable, so it can go up or down depending on the market. However, Australian Unity offers a discounted variable rate for this loan, which can save you money on interest.

The repayment options on this loan are also flexible. You can choose to make regular repayments, or you can make larger repayments when you can afford to. You can also make extra repayments at any time without penalty.

Health Wealth Happiness Home Loan Package

The Health Wealth Happiness Home Loan Package is a combination of a home loan and life insurance. It offers a discounted variable rate, free redraws, and the ability to split your loan into variable and fixed rate portions. The minimum deposit required for this loan is 20% of the purchase price of the property. The interest rate on this loan is variable, so it can go up or down depending on the market. However, Australian Unity offers a discounted variable rate for this loan, which can save you money on interest.

The repayment options on this loan are also flexible. You can choose to make regular repayments, or you can make larger repayments when you can afford to. You can also make extra repayments at any time without penalty.

Need a Home Loan with Australian Unity?

Australian Unity offers promising home loan solutions for Australian expats looking to invest in property back home. With its expat-centric features, competitive rates, and dedicated support, it addresses the unique challenges faced by expat buyers.

Odin Mortgage specialises in mortgages for Australian expats living overseas. We can help you secure a home loan to buy property in Australia. 

Contact the expat home loan specialists at Odin Mortgage to discuss your Australian property plans in more detail. With years of experience assisting Australian expats, permanent residents, and foreign investors – our brokers can help you secure the ideal mortgage deal. Get in touch today!

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 Australian Unity Mortgage

Yes, Australian expats can apply for the Australian Unity Home Loan even if they are currently living abroad.

The minimum deposit required for Australian expats might vary based on factors such as the property’s location and the borrower’s financial profile. It is best to check with Australian Unity for specific details.

Yes, it might be possible to refinance your existing home loan to Australian Unity. However, this will depend on your individual circumstances and eligibility.

The loan approval process can vary, but Australian Unity strives to process applications efficiently. It is advisable to inquire about estimated timelines during the application process.

If an expat borrower faces financial difficulties, it is crucial to communicate with Australian Unity as soon as possible. They may offer solutions or support tailored to individual circumstances.

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