FASTLend Home Loans Review for Australian Expats

FASTLend Home Loan Options

FASTLend can help you secure the following home loan products.

The interest rate on a variable rate home loan fluctuates with the market. This means that your monthly repayments can go up or down, depending on the interest rate.

Variable rate home loans are a good option if you are comfortable with the risk of interest rates going up.

The interest rate on a fixed rate home loan stays the same for a set period of time, usually 1 to 10 years. This means that your monthly repayments will stay the same for the length of the fixed rate period.

Fixed rate home loans are a good option if you want to know exactly how much your monthly payments will be for the next few years.

A split rate home loan is a combination of a variable rate home loan and a fixed rate home loan. The interest rate on the variable rate portion of the loan fluctuates with the market, while the interest rate on the fixed rate portion of the loan stays the same for a set period of time.

Split rate home loans can be a good option if you want to get the benefits of both variable rate and fixed rate home loans.

FASTLend Home Loans Review

Here are the pros and cons of choosing a FASTLend home loan to buy property in Australia.

Pros Cons
Fast and easy application process
Not a lender itself
Convenient online platform
May have hidden fees and high break costs
Excellent customer service
May have higher interest rates

Allow us to find you the perfect home loan.

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

FASTLend Home Loan Features

FASTLend can help you get the following home loan features.

Feature Details
Loan Portability
Allows you to transfer your home loan to a new property without having to pay any early repayment fees. This can be a good option if you are moving to a new property and want to keep your existing home loan.
Flexible Repayments
Make extra repayments on your home loan whenever you want, without having to pay any early repayment fees. This can help you pay off your loan faster and save money on interest.
Unlimited Redraw Facility
Allows you to redraw funds from your home loan at any time, as long as you have enough equity in your property.
Offset Account
Allows you to link your home loan to a savings account so that the interest earned on the savings account is offset against the interest on the home loan. This can help save money on interest.

Facts About FASTLend

FASTLend is operated by Advantedge Financial Services Pty Ltd. and was founded in 2009, with its headquarters located in Melbourne, Australia.

It is a member of the National Australia Bank Group (NAB), one of the largest broker groups in Australia, and has lent over $10 billion in home loans since it was founded.

Their loans are only available through brokers accredited with the aggregator FAST.

How Do I Apply for an Expat Mortgage with FASTLend?

Here are the steps on how to apply for an Australian expat home loan with FASTLend while living overseas.

  • Contact FASTLend or Advantedge: You will first need to contact someone from FASTLend or Advantedge to start the home loan application process with them.
  • Provide Your Financial Information: You will need to provide FASTLend with information about your income, expenses, and assets. You will also need to provide evidence of your income, such as payslips or bank statements.
  • Provide Information About Your Property: You will need to provide FASTLend with information about the property you want to buy, such as the address, purchase price, and estimated value.
  • Submit Your Application: Once you have provided all of the required information, you can submit your application. FASTLend will assess your application and will contact you with a decision within a few days.
  • Sign Documents: If your application is approved, FASTLend will arrange for you to meet with a lender who can discuss the terms of your loan in more detail. You will then need to sign the loan documents and make your first repayment.

FASTLend is great with Australian citizens and permanent residents currently living in Australia, but you may find it challenging if you’re applying from overseas. Odin Mortgage can help you better in this case because we specialise in home loans for Australian expats, permanent residents, and foreign investors living overseas.

Who is Eligible?

Australian expats and Aussie permanent residents living overseas can get a home loan from FASTLend. However, you will need to meet certain eligibility criteria, such as:

  • Must be a permanent resident of Australia or have an Australian citizenship.
  • Must have a valid Australian tax file number (TFN).
  • Must have a good credit history.
  • Must have a minimum deposit of 20% of the purchase price.
  • Must be able to service the loan repayments.

FASTLend may also require expats to provide additional documentation, such as a letter from their employer stating that they are employed and that they will continue to be employed after they buy the property.

Foreign investors living overseas can also get a home loan from FASTLend, but they will need to meet even stricter eligibility criteria. In addition to the criteria listed above, foreign investors will also need to:

  • Have a minimum deposit of 30% of the purchase price.
  • Be able to demonstrate that they have a significant financial interest in Australia.
  • Be able to demonstrate that they have a good understanding of the Australian property market.

Please note that the eligibility criteria for home loans can vary from lender to lender.

What Documents Do I Require?

FASTLend in Australia requires the following documents for a home loan from overseas with them.

Personal Identification

This could be a copy of your passport, driver's license, or other government-issued ID.

Proof of Residency

This could be a copy of your visa, permanent residency card, or utility bill.

Proof of Income

This could be payslips, bank statements, or tax returns.

Proof of Employment

This could be a letter from your employer stating your position, salary, and length of employment.

Proof of Assets

This could be a copy of your investment statements, property titles, or other financial documents.

Property Valuation

This is a document that estimates the value of the property you want to buy.

If you are an Australian expat or foreign investor, you may also need to provide additional documentation, such as a letter from your bank stating that you have sufficient funds to cover the deposit and the first few months of repayments.

Other Related Products from FASTLend

First Home Guarantee (FHG) Scheme Loan

FASTLend can help you get a FHG scheme loan. The FHG scheme is a government scheme that helps first home buyers with a deposit. If you are eligible for it, you can borrow up to 15% of the purchase price of your home without having to pay Lenders Mortgage Insurance (LMI). This can save you thousands of dollars.

To be eligible for the FHG scheme, you must:

  • Be a first home buyer
  • Have a deposit of at least 5% of the purchase price of your home
  • Be able to service the loan repayments
  • Not have owned a property in the past five years

Low Doc Loan

A low doc loan is a loan designed for borrowers who do not have a lot of documentation to support their application. This could be because you are self-employed, have recently changed jobs, or have a poor credit history. Low doc loans typically have higher interest rates and fees than other types of loans.

To be eligible for a low doc loan, you must:

  • Have a good credit history
  • Be able to service the loan repayments
  • Provide the lender with the documentation they require

Self-Employed Loan

A self-employed home loan is a loan that is designed for borrowers who are self-employed. Self-employed borrowers typically have a more difficult time getting a home loan than other borrowers, because lenders have less information about their income and expenses. Self-employed home loans typically have higher interest rates and fees than other types of loans.

To be eligible for a self-employed home loan, you must:

  • Have a good credit history
  • Be able to service the loan repayments
  • Provide the lender with documentation of your income and expenses

Need a Mortgage to Buy Australian Property From Overseas?

In the rapidly evolving landscape of financial technology, platforms like FASTLend offer innovative solutions that cater to the changing preferences of borrowers. This can be a valuable resource, but it’s essential for borrowers, especially Australian expats, to thoroughly understand the platform’s role, limitations, and the implications of their financial decisions.

However, you have no reason to fear because Odin Mortgage is here!

We are specialists in home loans for Australian expats, permanent residents, and foreign investors living overseas looking to buy or invest in Australian property. Contact us today and find out how we can help you secure the right home loan for your situation and meet your homeownership or property investment goals in Australia.

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 FASTLend

No, FASTLend is an online platform that acts as a mediator between borrowers and lenders in Australia.

Yes, Australian expats, permanent residents, and foreign investors living overseas can generally apply for home loans in Australia. However, their eligibility criteria and requirements might differ from those of resident borrowers.

Yes, there are lenders in Australia that specialise in offering home loans to non-resident borrowers, including Australian expats and foreign investors. These lenders often have products tailored to the unique needs of these borrowers.

Non-resident borrowers typically must provide proof of identity, residency status, income, credit history, property details, deposit proof, and other relevant financial documentation.

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