Connective Home Loans Review for Australian Expats
Connective Home Loans (CHL) is a non-bank lender that provides home loans, investment loans, and commercial loans to borrowers in Australia. Their home loans are exclusively available through Connective mortgage brokers. However, this shouldn’t be a problem, as around one-quarter of mortgage brokers in Australia are members of Connective.
Discover if Connective Home Loans is the right non-bank lender to consider for your home loan from overseas.
- Borrow up to 80% of the property purchase price
- No upfront application fees
- Flexible lending criteria
Connective Home Loans Options
Connective Home Loans offers the following home loan products. However, they may not be available to all Australian expats borrowing from overseas. You can contact us to confirm and find the right deal for you.
Connective Essentials Home Loans
Connective Advance
Connective Elevate
Connective Essentials Home Loans is a competitively priced home loan product with essential features. Customers can make extra payments at no cost and redraw those extra repayments when it suits them.
The loans are funded by Advantedge, a large wholesale funder owned by NAB. They typically have low variable interest rates and close to market-leading fixed rates.
Connective Advance is a simple, cost-effective loan solution for commercial and SMSF borrowers. It is funded by ThinkTank, a leading non-bank lender in Australia.
Connective Advance offers a range of features that make it a good option for commercial and SMSF borrowers, including no upfront fees, offset account and early repayment flexibility.
Connective Elevate is a range of flexible home loan options that are funded by Bluestone, a non-bank lender in Australia. The loans are available to a wider range of customers, including those with a lower credit score or a smaller deposit.
Here are some of the loan options available under Connective Elevate:
- Prime: This is the most common type of loan and is available to borrowers with a good credit score and a 20% deposit.
- Near prime: This type of loan is available to borrowers with a lower credit score or a smaller deposit.
- Specialist: This type of loan is available to borrowers with specific needs, such as self-employed borrowers or borrowers with a poor credit history.
Connective Home Loans Review
Here are the pros and cons of choosing a Connective Home Loans home loan to buy property in Australia.
| Pros | Cons |
|---|---|
Good reputation for customer service | Not a major bank |
Fast loan approval | LMI can be expensive |
Longer loan term | Postcode restrictions |
Range of home loans |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Connective Home Loans Features
Connective Home Loans can help you get the following home loan features.
| Feature | Details |
|---|---|
Competitive interest rates | Offers competitive interest rates on both variable and fixed-rate loans. This means that you could potentially save money on your monthly repayments. |
Flexible lending criteria | Has flexible lending criteria, which means that they may be able to approve you for a loan even if you have a lower credit score or a smaller deposit. |
No upfront fees | Does not charge any upfront fees, which can save you money. This is especially helpful if you are on a tight budget. |
100% offset account | Offers a 100% offset account, which means that you can offset your loan balance with your savings account. This can help to reduce the interest that you pay on your loan. |
Facts About Connective Home Loans
Connective Home Loans is headquartered in Melbourne, Australia. It has a team of over 100 staff and operates in all states and territories of Australia.
CHL is a product of Connective, a mortgage broker aggregator and represents the majority of independent mortgage brokers in Australia. It was established in 2003
CHL is a member of the Australian Financial Services Association (AFSA) and is regulated by the Australian Securities and Investments Commission (ASIC).
How Do I Apply for an Expat Mortgage with Connective Home Loans?
Here are the steps on how to apply for an Australian expat home loan with Connective Home Loans while living overseas.
- Contact a Mortgage Broker: A mortgage broker can help you compare different lenders and find the best option for your needs. They can also help you with the application process.
- Gather the Required Documentation: The lender will require you to provide a number of documents to support your application, such as proof of income from overseas and a copy of your passport.
- Complete the Application Form: They will provide you with an application form that you will need to complete. The form will ask for your personal details, financial information, and the details of the property you are looking to buy.
- Submit Your Application: Once you have completed the application form, you will need to submit it to the lender. You can do this online, by mail, or in person at one of their branches.
- Wait for Approval: They will assess your application and let you know if you have been approved. If you are approved, they will issue you a loan contract.
- Sign the Loan Contract: Once you have received the loan contract, you will need to sign it and return it to the lender. Once they have received your signed contract, they will release the funds to you.
We can support you throughout your home loan journey, from initial assessment and application to settlement and beyond.
Who is Eligible?
Connective Home Loans offers home loans to a wide range of borrowers, including Australian expats and Australian permanent residents living overseas. However, there are some eligibility criteria that borrowers must meet in order to qualify for a loan.
To be eligible for a home loan with Connective Home Loans, you must:
- Be a permanent resident of Australia or a citizen of Australia who has been living overseas for less than 12 months.
- Have a minimum deposit of 20% of the purchase price of the property.
- Have a good credit history.
- Be able to demonstrate that you have sufficient income to repay the loan.
Foreign investors living overseas are also eligible for home loans. However, they will need to meet stricter eligibility criteria, such as a minimum deposit of 30% of the purchase price of the property. They may also need to provide additional documentation, such as a letter from their financial advisor verifying their assets.
It is important to note that the eligibility criteria for a home loan with Connective Home Loans may change from time to time. It is always best to speak to a mortgage broker to get the latest information on eligibility criteria and interest rates.
What Documents Do I Require?
Connective Home Loans requires the following documents for a home loan from overseas with them.
Proof of Income from Overseas
This can be a letter from your employer verifying your salary, or a bank statement showing your recent income.
Proof of Residency Outside of Australia
This can be a copy of your visa, or a letter from your landlord verifying your address.
Proof of Identity
This can be a copy of your passport, or a driver's license.
Proof of Assets
This can be a copy of your bank statements, or a letter from your financial advisor verifying your assets.
A Copy of Your Passport
This is a mandatory document that you need to provide to any lender in Australia.
In addition to these documents, you may also be required to provide other documentation, such as:
- A letter from your accountant verifying your tax returns.
- A letter from your lawyer verifying that you have the right to purchase property in Australia.
- A letter from your bank stating that you have sufficient funds to cover the deposit and closing costs.
Other Related Products from Connective Home Loans
Split Home Loans
Connective Home Loan’s split home loans are a combination of a variable-rate loan and a fixed-rate loan. This can be a good option for borrowers who want to lock in a fixed interest rate for part of their loan, but also want the flexibility of a variable-rate loan for the rest of their loan.
Offset Accounts
CHL’s offset accounts allow you to offset your loan balance with your savings account. This can help to reduce the amount of interest that you pay on your loan.
Line of Credit
This is a revolving loan that you can draw on as needed. A line of credits loan is a good option for borrowers who need access to cash for unexpected expenses or who want to consolidate their debts. They can also be used to finance a major purchase, such as a car or a home renovation.
Need a Home Loan with Connective Home Loans?
Connective Home Loans understands the unique needs of Australian expats looking to invest in the property market back home. They offer flexible repayment options, competitive interest rates, and a streamlined application process to make the journey of buying property from overseas a smooth experience.
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!
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 Connective Home Loans
What is Connective Home Loans?
Connective Home Loans is a non-bank lender that provides home loans to Australian borrowers. It is a wholly owned subsidiary of Connective Finance, which is a financial services company that also offers a range of other financial products, such as car loans and personal loans.
What are the interest rates for home loans with Connective Home Loans?
The interest rates for home loans with Connective Home Loans vary depending on the type of loan you are applying for and your credit score. However, in general, CHL offers competitive interest rates.
How do I apply for a home loan with CHL?
You can apply for a home loan with CHL online or through a mortgage broker. To apply online, you will need to provide some basic information about yourself and your finances. Once you have submitted your application, CHL will assess your eligibility and will contact you if they need any further information.
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