First Mortgage Services Review for Expats
First Mortgage Services (FMS) is a leading provider of mortgage processing and administration services in Australia and New Zealand. They are committed to providing their clients with the highest quality services and are constantly innovating to improve their offerings.
Learn if FMS is the lender you’re looking for to purchase or invest in Australian property from overseas.
- Borrow up to 95% of the purchase price
- Competitive interest rates
- Dedicated support for Aussie expats living overseas
First Mortgage Services Home Loan Options
First Mortgage Services offers the following home loan products for expat borrowers.
Variable Rate Home Loan
Fixed Rate Home Loan
Construction Loan
The First Mortgage Services Variable Rate Home Loan allows flexibility on interest rates, which can fluctuate up or down over the loan term based on market conditions. This benefits borrowers who may want to make additional repayments to pay off their loan faster when rates are low.
Repayments will change in line with RBA rate movements. Approval depends on meeting First Mortgage Services' standard credit criteria for expats using foreign income. This loan is ideal for overseas borrowers who desire flexibility.
The First Mortgage Services Fixed Rate Home Loan allows expats to lock in an interest rate for a set period of 1 to 5 years. This provides certainty over the repayment amount for the fixed rate period chosen.
At the end of the fixed term, the interest rate reverts to the standard variable rate. Locking in a fixed rate gives payment security to overseas borrowers while entering the Australian property market. Credit approval is still based on First Mortgage Services' lending criteria.
The Construction Loan from First Mortgage Services provides financing for expat investors looking to build a property in Australia while residing abroad. Funds are paid out in stages based on construction progress.
Features include using foreign income for eligibility, online management of construction payments, and a dedicated construction finance specialist for guidance. With approval, the construction loan can convert to a standard home loan upon completion of the property build.
First Mortgage Services Home Loans Review
Here are the pros and cons of going with a First Mortgage Services home loan to buy property in Australia.
| Pros | Cons |
|---|---|
Online applications for convenience. | Can have strict credit policies. |
Access to help from expat support team. | Added fees for international transfers. |
Use foreign income for eligibility. | Limited branch access internationally. |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
First Mortgage Services Home Loan Features
First Mortgage Services offers the following home loan features.
| Feature | Details |
|---|---|
Offset Account | A linked offset account allows you to reduce interest by using the balance to offset against the home loan. Any funds in the offset account work to reduce the loan principal on which interest is calculated. |
Top Up | The Top Up feature gives you the ability to increase your existing home loan amount even after settlement. This allows flexibility to draw down extra funds if needed for renovations or other purposes without having to reapply. |
Online Access | First Mortgage Services offers customers secure online banking access to manage their home loan. This allows Aussie expats residing overseas to check balances, make payments, update details and more at any time. |
Loan Portability | The Portability feature allows you to transfer your existing First Mortgage Services home loan to a new property in the future. This avoids having to refinance and reapply if switching properties down the track. It offers a streamlined process for existing customers. |
Facts About First Mortgage Services
First Mortgage Services has over 30 years of experience providing home loans to Australians, including a long history of assisting expat borrowers.
First Mortgage Services is an authorised deposit-taking institution regulated by APRA, providing peace of mind for borrowers.
In 2021, First Mortgage Services won the MFAA Excellence Award for Lender of the Year, recognising their outstanding service and products.
How Do I Apply for an Expat Mortgage with First Mortgage Services?
Here are the steps to apply for an expat mortgage with First Mortgage Services to purchase property in Australia.
- Contact First Mortgage Services: Contact the company or an accredited mortgage broker to discuss your borrowing needs and get pre-qualified. This will ensure you meet basic eligibility criteria.
- Gather the Required Documents: Documents such as proof of income, assets, identification, and evidence of residency outside Australia. Your broker can provide a checklist.
- Fill in the Application Form: Complete the online mortgage application form via First Mortgage Services’ website. Your broker can also submit this for you. Make sure all details are accurate.
- Assessment: First Mortgage Services will assess your application and request any additional documents or clarifications if required. Respond promptly.
- Approval: If approved, you will receive a letter of conditional approval outlining further steps. This may include property valuations, lenders mortgage insurance, etc.
- Arrange Related Services: Arrange related services like currency exchange, property insurance, conveyancing services etc. Your broker can refer recommended providers.
- Finalise: Once all conditions are cleared, contracts can be signed and the settlement date confirmed. The lender will arrange mortgage documents.
- Settlement: The purchase price is paid, and property ownership is transferred to you. Congrats on your new home in Australia!
Our experienced brokers at Odin Mortgage will liaise with First Mortgage Services to simplify the application and approval. We can negotiate better deals, provide guidance and support you all the way through to settlement and beyond.
Who is Eligible?
The eligibility criteria for an Australian Expat Home loan with First Mortgage Services are as follows.
- Must be an Australian citizen or permanent resident visa holder
- Requires proof of residency outside Australia
- Applicants need a minimum credit score of 600+
- Self-employed expats must show 2+ years of income
- First home buyers need a minimum 5% deposit
- Must meet the debt-to-income ratios of First Mortgage Services
What Documents Do I Require?
Here are the documents that you need to provide First Mortgage Services for an Australian Expat Home loan.
- Certified copy of passport
- Proof of overseas residency (utility bills, rent contract)
- Income statements, employment contract
- Two years of tax returns and assessments
- Three months of bank statements
- References from employer and previous landlord
Other Related Products from First Mortgage Services
Investment Loan
The First Mortgage Services Investment Loan is designed for Australian expats looking to purchase residential property in Australia for investment purposes while living overseas. Some key features include:
- Can use rental income to help service loan repayments
- Allows borrowing up to 80% of property value
- Interest-only repayments available for flexibility
- Rate discounts for bigger loans above $1 million
- Nil early repayment fees for flexibility
- Access to a property management gateway for hassle-free renting out
Bridging Loan
The First Mortgage Services Bridging Loan provides short-term financing to bridge the gap between buying a property and selling an existing property when the transactions are misaligned. Features include:
- Up to 90% of property value
- Term of 1 to 12 months
- Fast approval for existing customers
- Uses property as security until sold
- Ideal for expats in property transition
Line of Credit
The First Mortgage Services Line of Credit provides overseas borrowers with flexible ongoing access to funds that can be used for any purpose, including property investment. Key features include:
- Credit limit up to $150,000
- Interest-only repayments on what you use
- Redraw available as you repay the balance
- Minimum 4% of limit must be paid monthly
- Top up available anytime by reapplication
Need a Home Loan with First Mortgage Services?
Purchasing Australian property can be a smart wealth creation strategy for expats living overseas. With over 30 years of experience assisting Australian expats, First Mortgage Services can help you follow through with your plans.
As home loan specialists for Australian expats and foreign buyers, the team at Odin Mortgages can guide you through the entire financing process with ease. Whether you’re looking to buy your first home, purchase an investment property or construct a new build, our experienced mortgage brokers are happy to help.
Get in touch today to discuss your specific situation, and our brokers will negotiate the best deals for your needs.
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 (LENDER)
Can Australian expats living overseas apply for a home loan with First Mortgage Services to purchase property in Australia?
Yes, Australian expats living overseas can apply for a home loan with First Mortgage Services to buy property in Australia. The company offers specialised loan products tailored to meet the unique needs of expatriates seeking to invest in the Australian property market.
What documentation is required for Australian expats to apply for a home loan?
Australian expats will typically need to provide essential documents such as valid identification, proof of income, bank statements, tax returns, and any relevant residency or visa documents. The specific requirements may vary, so it’s best to consult with an expat mortgage broker to get a comprehensive list.
Are there any restrictions on the type of property Australian expats can purchase using the home loan?
First Mortgage Services does not typically impose restrictions on the type of property Australian expats can buy using their home loan. Whether it’s residential, investment, or commercial property, eligible expatriates have the flexibility to choose the property that aligns with their investment goals.
How does First Mortgage Services assess the borrowing capacity of Australian expats living overseas?
First Mortgage Services assesses the borrowing capacity of Australian expats based on various factors, including their income, expenses, credit history, and the property’s value. The company takes into account the foreign currency income of the applicant and converts it to Australian dollars for the loan assessment.
Can Australian expats access the same interest rates and loan features as resident borrowers?
Yes, First Mortgage Services typically offers Australian expats competitive interest rates and a range of loan features comparable to those available to resident borrowers. However, it’s essential to note that the interest rates and loan terms may differ based on individual circumstances and market conditions.
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