Bank of Sydney Home Loans Review for Australian Expats
Bank of Sydney is a subsidiary of Westpac Banking Corporation. It is a retail bank that offers a range of personal and business banking products and services to customers in New South Wales and the Australian Capital Territory. It is seen as a reliable and trustworthy bank with a long history of serving the community. However, it is not as well-known as some of the larger banks in Australia, such as Commonwealth Bank, NAB, and Westpac.
Is Bank of Sydney your lender of choice for an Australian expat home loan?
- Borrow up to 80% of the property purchase price
- Well-established bank with a good reputation
- Wide range of home loan offers available
Bank of Sydney Home Loan Options
Bank of Sydney offers the following home loan products to Australian expats living overseas.
Australian Expat Home Loan
International Investor Home Loan
Flexi Home Loan
The Australian expat home loan is designed for Australian expats who are looking to buy property in Australia. It offers a maximum loan-to-value ratio (LVR) of 80% and a variable interest rate. Borrowers must have a minimum income of AUD $100,000 per year and a minimum deposit of 30% of the purchase price.
The international investor home loan is designed for foreign investors who are looking to buy property in Australia. It offers a maximum LVR of 80% and a variable interest rate. Borrowers must have a minimum income of AUD $200,000 per year and a minimum deposit of 40% of the purchase price.
This can be useful for borrowers who may experience changes in their financial circumstances over time. Some of the features of Bank of Sydney's flexi home loans that may be attractive to Australian expats living overseas include:
- Variable interest rates
- Offset accounts
- Redraw facility
- Loan portability
It is important to note that the interest rates and lending criteria for Bank of Sydney's flexi home loans may vary depending on the borrower's individual circumstances. It is always best to contact Bank of Sydney directly to discuss the specific home loans that are available to you.
Bank of Sydney Home Loans Review
Here are the pros and cons of choosing a Bank of Sydney home loan to buy property in Australia.
| Pros | Cons |
|---|---|
Low fees. | May not offer the lowest interest rates on home loans. |
Flexible repayments. | May have stricter lending criteria than other lenders. |
Easy application process. | May require more documentation from Australian expats than other lenders. |
Dedicated team of expat experts available. |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Bank of Sydney Home Loan Features
Bank of Sydney offers the following home loan features.
| Feature | Details |
|---|---|
Fixed or Variable Interest Rates | Choose between a fixed interest rate, which will stay the same for the life of your loan, or a variable interest rate, which can change over time. |
Offset Account | Linked to your home loan and allows you to offset your loan balance with the money in your offset account. This can save you money on interest. |
Redraw Facility | Allows you to withdraw money from your home loan, up to a certain limit. This can be useful if you need to make unexpected expenses or want to consolidate debt. |
Loan Portability | Allows you to transfer your home loan to another property, without having to pay any early exit fees. This can be useful if you want to move to a new property. |
Facts About Bank of Sydney
Tracing its history back to 1986 as a representative office of the Laiki Bank of Cyprus, the Bank became a fully serviced and licensed bank under the name ‘Laiki Bank Australia’ in 2000, with retail branches in Sydney, Melbourne, and Adelaide.
In 2011, Laiki Bank Australia Ltd was acquired by the Bank of Beirut group, becoming the Beirut Hellenic Bank and subsequently rebranded in 2013 to Bank of Sydney.
It is a member of the Australian Banking Association and is regulated by the Australian Prudential Regulation Authority (APRA).
How Do I Apply for an Expat Mortgage with Bank of Sydney?
Here are the steps on how to apply for an Australian expat home loan with Bank of Sydney while living overseas.
- Contact a Mortgage Broker: The first step is to contact a mortgage broker or advisor. They will be able to help you understand the eligibility criteria and lending requirements for home loans with Bank of Sydney, and they can also help you gather the required documentation.
- Gather the Required Documentation: Once you have spoken to a mortgage advisor, you will need to gather the required documentation, such as proof of identity and income.
- Submit Your Application: Once you have gathered the required documentation, you can submit your application to Bank of Sydney. You can do this online, by mail, or in person at a Bank of Sydney branch.
- Wait for Approval: Once your application has been submitted, Bank of Sydney will review it and make a decision. This process can take several weeks or even months.
- Sign the Loan Documents: If your application is approved, you will need to sign the loan documents. This will formalise the loan agreement between you and Bank of Sydney.
- Fund Your Loan: Once you have signed the loan documents, Bank of Sydney will fund your loan. This means that they will send the money to the seller of the property.
- Complete the Settlement Process: The final step is to complete the settlement process. This is when you will officially purchase the property and become the new owner.
It is important to note that the steps involved in applying for an Australian expat home loan with Bank of Sydney while living overseas may vary depending on your individual circumstances. Even if you’re in a tough spot, don’t worry! We can help you secure your overseas home loan.
Who is Eligible?
Bank of Sydney has different eligibility criteria for different types of borrowers.
Australian expats who are living overseas are eligible for a home loan with Bank of Sydney, but they will need to meet strict eligibility criteria. They will need to have a minimum income of AUD $100,000 per year, and they will need to have a minimum deposit of 30% of the purchase price of the property.
Foreign investors who are living overseas are only eligible for a home loan with Bank of Sydney if they are buying a new property. They will need to have a minimum income of AUD $200,000 per year, and they will need to have a minimum deposit of 40% of the purchase price of the property.
It is important to note that these are just the general eligibility criteria for home loans with Bank of Sydney. The lender may have additional requirements for certain borrowers, such as a minimum credit score or a maximum debt-to-income ratio.
It is important to do your research and understand the eligibility criteria and lending requirements for home loans with Bank of Sydney before you apply. Speak with a mortgage broker who can help you compare different lenders and find the best deal for you.
What Documents Do I Require?
Bank of Sydney in Australia requires the following documents for a home loan from overseas.
Proof of Identity
This could be your passport, driver's license, or other government-issued identification.
Proof of Income
This could be your payslips, tax returns, or other documentation that shows your income from overseas.
Proof of Employment
This could be a letter from your employer, or a copy of your employment contract.
Proof of Residence
This could be a utility bill, bank statement, or other document that shows your current address overseas.
Proof of Funds
This could be a letter from your bank, or a copy of your investment statements.
FIRB Approval
If you are a foreign investor, you will need to obtain FIRB approval before you can buy property in Australia.
In addition to these documents, Bank of Sydney may also require other documentation, such as a credit report or a letter from your accountant.
Here are some additional tips for applying for a home loan from overseas with Bank of Sydney.
- Start the Application Process Early: It can take several weeks or even months to get all of the required documentation together and to have your application approved.
- Get Help From a Mortgage Broker: A mortgage broker can help you compare different lenders and find the best deal for you.
- Be Prepared to Pay a Higher Interest Rate: Overseas borrowers typically pay a higher interest rate than Australian citizens and permanent residents.
- Be Prepared to Have a Shorter Loan Term: Overseas borrowers typically have a shorter loan term than Australian citizens and permanent residents.
Other Related Products from Bank of Sydney
Self-Directed SMSF Home Loan
The SMSF loan is designed for self-managed superannuation funds (SMSFs) that are looking to buy property in Australia. It offers a maximum LVR of 80% and a variable interest rate. Borrowers must have a minimum income of AUD $200,000 per year and a deposit of up to 40% of the purchase price.
Low-doc Home Loan
The low doc loan is designed for borrowers who may have difficulty providing the full documentation required for a traditional home loan. It offers a maximum LVR of 80% and a variable interest rate. Borrowers must have a minimum income of AUD $100,000 per year and a deposit of 20% of the purchase price.
Construction Home Loan
The construction home loan is designed for borrowers who are building a new home. It offers a maximum LVR of 90% and a variable interest rate. Borrowers must have a minimum income of AUD $100,000 per year and a minimum deposit of 10% of the construction costs.
Need a Home Loan with Bank of Sydney?
In the realm of home loans tailored for Australian expats, Bank of Sydney could be your trusted partner. With their expat-specific features and customer-centric approach, Bank of Sydney can help bridge the gap between overseas living and property ownership in Australia. If you’re looking to turn your property ownership dreams into reality, Bank of Sydney is a reliable choice.
Odin Mortgage has years of experience dealing with lenders regarding overseas home loans. Speak with one of us to discuss your requirements in detail and receive tailored solutions and help throughout the loan application process, even beyond settlement!
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Allow us to find you the perfect home loan.
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FAQs About Bank of Sydney
Can expats apply for home loans without being physically present in Australia?
Yes, Bank of Sydney’s expat home loan application process is designed to accommodate applicants who are living overseas.
What is the minimum income requirement for expats to qualify for these loans?
The minimum income requirement varies based on factors such as the country of residence and the specific loan product. Bank of Sydney’s team can provide precise details based on individual circumstances.
Are Bank of Sydney's interest rates competitive for expats?
Absolutely, Bank of Sydney offers competitive interest rates tailored to suit the needs of Australian expatriates.
How long does the loan approval process take?
The time for loan approval can vary based on individual circumstances and the completeness of the application and documentation. Bank of Sydney aims to process applications as efficiently as possible.
What additional support does Bank of Sydney provide for expats during the loan term?
Bank of Sydney offers dedicated customer support for expats, assisting them throughout the loan term, and addressing any concerns they may have.
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