Emoney Home Loans Review for Australian Expats
Emoney Home Loans is a non-bank lender that has been operating in Australia for over 26 years. They offer a variety of home loans, including fixed rate, variable rate, and interest-only loans. They also offer loans to first home buyers, self-employed borrowers, and borrowers with adverse credit.
Is Emoney Home Loans the right lender for your mortgage to buy property in Australia?
- Borrow up to 70% of the property purchase price
- Flexible lending criteria
- Competitive interest rates
Emoney Home Loan Options
Emoney can help you secure the following home loan products. Some of these may not be available to all Australian expats living overseas. Rest assured as we can help you figure things out and secure the right home loan for you.
Variable Rate Home Loan
Fixed Rate Home Loan
Redraw Home Loan
A variable rate home loan is a loan where the interest rate fluctuates with the market. This means that the interest rate on your loan can go up or down, depending on the Reserve Bank of Australia's (RBA) cash rate. Variable rate loans typically have lower interest rates than fixed rate loans in the initial stages. However, the interest rate on your loan can go up, which can increase your monthly repayments.
A fixed rate home loan is a loan where the interest rate is fixed for a set period of time, usually between 1 and 5 years. This means that the interest rate on your loan will not change during the fixed rate period, regardless of what happens to the RBA's cash rate. Fixed rate loans typically have higher interest rates than variable rate loans in the initial stages. However, the interest rate on your loan will not go up during the fixed rate period, which can provide peace of mind.
A redraw home loan is a loan that allows you to redraw money from your loan after you have made repayments. This can be useful for borrowers who need access to cash in an emergency or who want to make a large purchase. However, it is important to note that redrawing money from your loan can increase the interest you pay on the loan.
Emoney Home Loans Review
Here are the pros and cons of choosing Emoney Home Loans to buy property in Australia.
| Pros | Cons |
|---|---|
Flexible lending criteria | Possibility of higher fees |
Competitive interest rates | Not available in all states and territories |
Wide range of loan products | The application process can be lengthy |
24/7 customer support |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Emoney Home Loan Features
Emoney can help you get the following home loan features.
| Feature | Details |
|---|---|
Offset Account | Linked savings account that can be used to offset the interest on your home loan. This means that for every dollar you deposit into your offset account, you will save a dollar on your interest repayments. |
Redraw Facility | Allows you to access the extra money you have paid off your home loan. This can be useful if you need to make a large purchase or if you have an unexpected expense. |
Extra Repayments | Make extra repayments on your home loan at any time without penalty. This can help you to pay off your loan faster and save money on interest. |
Loan Portability | Allows you to transfer your home loan to another lender without incurring any fees. This can be useful if you are moving to a new property or if you find a better deal with another lender. |
Facts About Emoney Home Loans
Emoney Home Loans was founded in 1996 as Australian First Mortgage (AFM) and later acquired National Mortgage Company(NMC), Emoney Home Loans was born via the mergers of its powerful privately owned predecessor companies.
It is Australia’s largest privately-owned home loan lender, with over 26 years of expertise in the home loan industry
They have settled over $10 Billion in home loans and helped over 80,000 satisfied customers.
How Do I Apply for an Expat Mortgage with Emoney?
To apply for an Australian expat home loan with Emoney Home Loans while living overseas, you can follow these steps.
- Contact a Mortgage Broker: The first step is to contact a mortgage broker to discuss your situation and needs. It’s recommended to do this because they will be able to answer your questions about the application process and the documentation you will need to provide.
- Gather Your Documentation: You will need to provide a number of documents to support your application, such as proof of identity and residency and proof of income.
- Complete the Application Form: Once you have gathered your documentation, you can complete the application form online.
- Provide Your Consent: You will need to provide your consent for Emoney Home Loans to obtain a credit report and to contact your referees.
- Wait For a Decision: Emoney Home Loans will assess your application and will contact you with a decision within a few days.
If your application is approved, you will need to sign the loan documents and pay the upfront fees. Once the loan documents are signed and the fees are paid, the funds will be released to the vendor.
Here are some additional things to keep in mind when applying for an Australian expat home loan with Emoney Home Loans:
- The application process can take longer for expats, so it is important to start early.
- You may need to provide additional documentation, such as a letter from your employer stating that you are allowed to work overseas.
- You may need to pay higher interest rates than Australian residents.
We can help you with your home loan application to buy property in Australia from overseas.
Who is Eligible?
Generally, Australian expats and Aussie permanent residents living overseas must meet certain eligibility criteria, such as:
- Have a valid Australian passport.
- Have a valid Australian bank account.
- Have a stable income and employment history.
- Have a good credit score.
- Have a deposit of at least 20% of the purchase price of the property.
- Have a letter from their employer stating that they are allowed to work overseas.
- Have a letter from their bank stating that they have sufficient funds to support the loan repayments.
Foreign investors living overseas may also be eligible for a home loan with Emoney Home Loans, but the eligibility criteria will be more stringent. Foreign investors must typically have a higher income and deposit than Australian borrowers.
What Documents Do I Require?
The documents required for a home loan from overseas with Emoney Home Loans in Australia may vary depending on the borrower’s circumstances. However, some of the documents that may be required include the following.
Proof of Identity and Residency
This could include a passport, birth certificate, or driver's license.
Proof of Income
This could include payslips, tax returns, or bank statements.
Proof of Employment
This could include a letter from your employer stating your position, salary, and length of employment.
Proof of Assets
This could include bank statements, property titles, or investment statements.
Proof of Expenses
This could include utility bills, credit card statements, or rent receipts.
Letter From Your Bank
This is a letter from your bank stating that you have sufficient funds to support the loan repayments. This is particularly important for expats and foreign investors.
Other Related Products from Emoney
First Home Buyer Loan
A first home buyer loan is a loan designed for borrowers who are buying their first home. They typically have lower interest rates than other types of loans, and they may have government grants or other incentives available.
The eligibility criteria for Emoney Home Loans’ First Home Buyer Loan are:
- Be a first home buyer.
- Have a valid Australian passport.
- Have a stable income and employment history.
- Have a good credit score.
- Have a deposit of at least 20% of the purchase price of the property.
Investment Property Loan
An investment property loan is a loan designed for borrowers who are looking to buy an investment property in Australia. They typically have higher interest rates than owner-occupied loans, but they can be a good option for borrowers who are looking to generate rental income.
The eligibility criteria for Emoney Home Loans’ Investment Property Loan are:
- Have a valid Australian passport.
- Have a stable income and employment history.
- Have a good credit score.
- Have a deposit of at least 20% of the purchase price of the property.
Self-Employed Home Loan
A self-employed home loan is a loan designed for borrowers who are self-employed. They may have higher interest rates than loans for borrowers with traditional employment, but they can be a good option for borrowers who are self-employed and have a good credit history.
The eligibility criteria for Emoney Home Loans’ Self-Employed Home Loan are:
- Be a self-employed borrower.
- Have a valid Australian passport.
- Have a stable income and employment history.
- Have a good credit score.
- Have a deposit of at least 20% of the purchase price of the property.
Need a Mortgage With Emoney Home Loans?
Emoney Home Loans emerges as a beacon of support for Australian expats aiming to achieve their homeownership dreams. Its expat-centric approach, streamlined process, and personalised guidance make it a great choice in the realm of home financing. However, you may still find it challenging to secure your home loan from overseas.
Odin Mortgage is here to help!
We specialise in home loans for overseas borrowers who are looking to invest in or buy property in Australia. Contact our team to discover how we can help you get the ideal home loan for your situation with the lender that’s best for you. Get your foot in the door today!
Other Australian Lender Reviews
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FAQs About Emoney Home Loans
Can I apply for an Emoney home loan while residing overseas?
Absolutely. Emoney caters to Australian expats living abroad, and their application process is tailored to accommodate international applicants.
What types of properties can I finance with Emoney?
Emoney covers various property types, including houses, apartments, and townhouses. The property should meet standard criteria for approval.
Do I need a substantial credit history in Australia to be eligible?
Emoney considers various factors during the assessment, including credit history. While a credit history in Australia can be helpful, other aspects of your financial profile are also taken into account.
How long does it take to receive loan approval?
The timeline for loan approval varies based on individual circumstances. However, Emoney aims to provide prompt responses and streamline the approval process.
Are Emoney's interest rates competitive with other lenders?
Yes, Emoney offers competitive interest rates tailored to the unique needs of Australian expats. Rates may vary based on market conditions and individual profiles.
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