Better Choice Home Loan Review for Australian Expats
Better Choice is a prominent non-bank Australian lender established in 1994 and headquartered in Surfers Paradise, Queensland. The company has garnered a reputation for providing innovative and tailored mortgage solutions to a diverse range of borrowers. Over the years, it has grown into a significant player in the Australian mortgage market.
Is this the right lender for your overseas mortgage to buy property in Australia?
- Borrow up to 90% of the property purchase price
- Tailored solutions for expats
- No application fees
Better Choice Home Loan Options
Better Choice offers the following home loan products. Please note that these may not be available for borrowers from overseas. Speak with us to discuss your best options.
Variable Rate Loan
Fixed Rate Loan
Investment Loan
Variable rate home loans offer flexible interest rates that can fluctuate with market conditions. They may be suitable if you are comfortable with the possibility of interest rate changes.
Fixed rate home loans offer fixed interest rates for a set period, providing you with stability and predictability. They may be suitable if you prefer to avoid interest rate fluctuations.
Investment loans are designed for expats who are purchasing a property in Australia as an investment. They can provide financing for both residential and commercial investment properties.
Better Choice Home Loan Review
Here are the pros and cons of choosing Better Choice to buy property in Australia.
| Pros | Cons |
|---|---|
Tailored solutions for expats | Limited product range |
Competitive interest rates | Not all countries are eligible |
Fast and efficient processing | More stringent income verification requirements |
Excellent customer service |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Features of Better Choice Home Loans
Better Choice can help you get the following home loan features.
| Feature | Details |
|---|---|
Offset Accounts | Allows you to link your savings account to your home loan, reducing the interest payable on the loan. The interest earned on the savings account offsets the interest charged on the home loan, effectively reducing the overall cost of borrowing. |
Extra Repayments | Allows you to make additional repayments beyond your minimum monthly repayments without penalty. This can help you pay off your home loan faster and save on interest. |
Redraw Facility | Allows you to access funds from your home loan that you have already repaid. This can be useful for financing unexpected expenses or emergency needs. |
Online Account Management | You can manage your home loan account online, making repayments, checking balances, and tracking your loan progress. |
Facts About Better Choice
Better Choice is a non-bank lender that has been providing home loans to Australian residents and expatriates overseas for over 25 years.
They are committed to responsible lending practices, having a stringent credit assessment process in place to ensure you can afford to repay your loans.
The lender has been recognised for its commitment to customer service and innovation, receiving numerous awards, such as Australian Lending Awards - Best Non-Bank Lender (2021, 2022), Canstar Outstanding Home Loan Provider (2023), and the Mozo Experts Choice Award for Best Low-Doc Home Loan Provider (2023).
How Do I Apply for an Expat Mortgage with Better Choice?
An Australian expat, permanent resident, or foreign investor living overseas can apply for an Australian expat home loan with Better Choice by following these steps.
- Check Eligibility: Make sure you are eligible for a home loan with the lender before you apply. This means you must at least have a regular income from employment or self-employment, have a good credit history, and be able to provide documentation to verify income, assets, and liabilities.
- Contact a Mortgage Broker: Contact a specialist mortgage broker like Odin Mortgage to get the home loan process going. We can also help if you’re in a tough predicament with unique circumstances at the moment.
- Provide Your Information: Provide your broker with your personal information, employment details, and financial information. They will assess your eligibility and help you get pre-approved.
- Provide Required Documentation: Provide the required documentation, such as proof of income, proof of identity, and proof of residency.
- Complete the Home Loan Application: Provide your broker with the completed home loan application form, sign the necessary documentation, including the loan contract and mortgage documents, and provide any additional information requested.
- Receive Approval and Funding: Once the lender has reviewed your application and documentation, they will provide you with a formal loan approval. Your broker will work with you to finalise the loan documentation and arrange for funding. Once the loan is funded, you can purchase your property in Australia.
You may find some difficulty securing your home loan from overseas due to unforeseen situations, but that’s exactly why we’re here. Simply contact one of our mortgage brokers to get on the fast track to homeownership in Australia.
Who is Eligible?
The following people are eligible for a home loan with Better Mortgage.
- First Home Buyers: Australian citizens and permanent residents purchasing their first home are eligible for a range of home loan products, including low-doc loans and loans with low LVRs (loan-to-value ratios).
- Existing Homeowners: Australian citizens and permanent residents who are existing homeowners are also eligible for a range of home loan products, including refinancing loans, construction loans, and investment loans.
- Australian Expats: The lender offers expat home loans to Australian citizens and permanent residents who are living overseas.
- Foreign Investors: Foreign investors who are not Australian citizens or permanent residents can get a home loan but may need to provide a higher deposit of around 20-30%.
In addition to the above citizenship and residency requirements, all applicants must meet the following eligibility requirements.
- Be over 18 years of age
- Have a regular income from employment or self-employment
- Have a good credit history
- Be able to provide documentation to verify income, assets, and liabilities
What Documents Do I Require?
The specific documents required for a home loan from Better Choice in Australia from overseas will vary depending on your individual circumstances, but they will typically include the following.
Proof of Identity
This includes documents such as a copy of your passport, birth certificate, and Australian driver's licence.
Proof of Residency
This includes documents such as overseas utility bills, bank statements or credit card statements, and rental agreements.
Proof of Income
This includes documents such as payslips or employment contracts, tax returns, and profit and loss statements for self-employed individuals.
Proof of Assets
This includes documents such as bank statements, investment statements, and superannuation account statements.
Proof of Liabilities
This includes documents such as credit card statements, loan statements, and other debt obligations.
Evidence of Foreign Currency Exchange
If you are borrowing in a different currency than the Australian dollar, you will need to provide evidence of the exchange rate at the time of application.
In addition to these general documents, Better Choice may also require additional documentation depending on your specific circumstances. For example, if you are a foreign investor, you may need to provide additional documentation to verify your visa status and source of income. It is always best to speak with one of our specialist mortgage brokers directly to confirm the specific documents required.
Other Related Products from Better Choice
Construction Loan
Construction loans are designed for expats who are planning to build a property in Australia. They can provide funding for the entire construction process, from land acquisition to completion.
Low Doc Loan
Low doc loans are designed for expats who have limited documentation to verify their income. They may be suitable for expats who are self-employed or who have difficulty obtaining payslips or tax returns from their overseas employer.
Line of Credit
Line of Credit loans provide borrowers with a flexible line of credit that they can draw on as needed. They may be suitable for expats who require access to additional funds for renovations or other expenses.
Need a Mortgage With Better Choice?
Better Choice has established itself as a trusted and reliable non-bank lender in the Australian market. Its commitment to innovation, customer focus, and providing tailored solutions has earned it a strong reputation among borrowers and industry professionals alike.
We can help you secure your overseas home loan with Better Choice or any other lender that could be more suitable for your specific circumstances. Please speak with us today to discuss your situation and requirements!
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 Better Choice
What is the maximum loan-to-value ratio (LVR) that Better Choice offers for expat home loans?
Better Choice Australia offers one of the highest LVRs for expat home loans in Australia, with a maximum LVR of 90%. This means that expats can borrow up to 90% of the property value, and they will only need to provide a deposit of as little as 10%.
Can I apply for a Better Choice expat home loan from overseas?
Yes, you can apply for an expat home loan from overseas. The application process is similar to the application process for any other home loan. You can apply online or through a mortgage broker.
What are the interest rates for Better Choice expat home loans?
Better Choice offers competitive interest rates on expat home loans. Interest rates will vary depending on the loan product, the LVR, and the borrower’s credit history. However, Better Choice Australia is known for offering some of the lowest interest rates for expat home loans in the Australian market. Please contact us to learn about this in detail.
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