Firstmac Home Loan Options
Firstmac 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.
Standard Variable Home Loan
Fixed Rate Loan
The standard variable home loan offers a combination of flexibility and competitive interest rates, making it a popular choice for borrowers seeking a balance between rate stability and the ability to make additional repayments without penalty.
Here are some of its key features.
- Competitive Interest Rates: The standard variable rates are consistently among the most competitive in the Australian market.
- Flexibility: Borrowers can make unlimited additional repayments without penalty, allowing them to reduce their loan balance faster and save on interest.
- Offset Sub-account Option: You can link an offset sub-account to your loan, allowing you to offset your everyday savings against your loan balance, further reducing interest payments.
- Online Account Management: You can easily manage your loan account online, including making repayments, checking balances, and tracking your progress.
The fixed rate loan provides you with the certainty of knowing your interest rate will remain fixed for a predetermined period, typically ranging from one to five years. This can be an attractive option if you are seeking protection against interest rate fluctuations and predictable repayments.
Here are some of its key features.
- Fixed Interest Rates: You lock in a fixed interest rate for your chosen term, providing protection against rising interest rates.
- Predictable Repayments: Fixed repayments remain the same for the duration of the fixed-rate term, ensuring consistent budgeting and financial planning.
- Variety of Fixed-rate Terms: You can choose from a range of fixed-rate terms to suit your individual circumstances and risk tolerance.
Bridging loans are designed to bridge the gap between selling an overseas property and purchasing a new one in Australia. The lender provides short-term financing to help expats manage their property transitions smoothly.
Firstmac Home Loan Review
Here are the pros and cons of choosing Firstmac to buy property in Australia.
Online application and document submission
Not as well-known as some of the major lenders
Flexible home loan options
Limited branch network
Dedicated customer service
Higher interest rates for some loan types
Specialisation in expat home loans
Features of Firstmac Home Loans
Firstmac can help you get the following home loan features.
Linked savings account that is directly connected to your home loan. Any funds held in the offset account are offset against the outstanding balance of your loan, effectively reducing the amount of interest you need to pay. The more money you keep in your offset account, the less interest you will accrue on your loan.
Allows you to access funds from your home loan balance that you have previously repaid. This can be useful for covering unexpected expenses, funding renovations, or making lump sum repayments. However, redraws may incur fees or interest charges.
Allows you to accelerate your debt repayment and potentially save thousands of dollars in interest over the life of your loan.
Facts About Firstmac
How Do I Apply for an Expat Mortgage with Firstmac?
Australian expats, permanent residents, or foreign investors living overseas can apply for an Australian expat home loan with Firstmac by following these steps.
- Determine Eligibility: Check if you meet the basic eligibility criteria, which typically include having Australian citizenship or permanent residency, overseas residency with a valid visa, and minimum annual income of $100,000.
- Gather Required Documents: Collect the necessary documents, such as passport and visa copies and overseas employment verification documents (e.g., pay stubs, tax returns).
- Choose a Loan Product: Explore their expat home loan options, considering factors like interest rates, repayment terms, and eligibility requirements.
- Pre-Approval: Get a pre-approval to gauge your borrowing capacity and strengthen your position when making an offer on a property.
- Complete Online Application: Initiate the application process by filling out Firstmac’s online application form, providing accurate and complete information.
- Document Submission: Upload or submit scanned copies of the required documents electronically through Firstmac’s secure portal.
- Credit Assessment: The lender will conduct a credit assessment to evaluate your financial situation and repayment ability.
- Valuation and Approval: The property will be appraised to determine its market value. Upon satisfactory assessment and approval, you will receive a formal loan offer.
- Provide Final Documents: Submit any additional documents required to finalise the loan, such as insurance policies and property settlement details.
- Loan Funding and Settlement: Once all conditions are met, the lender will disburse the loan funds, and the property settlement will be completed.
Remember, it’s advisable to contact a specialist mortgage broker such as Odin Mortgage for guidance and assistance throughout the application process.
Who is Eligible?
Australian expats and permanent residents living overseas can get a home loan from Firstmac. They offer specialised expat home loans with competitive rates and flexible options tailored to the unique needs of borrowers living abroad.
Firstmac also considers foreign investors living overseas for home loans. However, they may have stricter eligibility criteria and may require additional documentation, such as proof of foreign income and assets.
Regardless of residency status, borrowers need to meet certain general eligibility criteria:
- Australian citizenship or permanent residency (for expats and permanent residents)
- Valid visa (for expats)
- Minimum annual income of $100,000
- Good credit history
- Adequate deposit (typically 20% of the property value)
Below are some additional considerations.
- Income Assessment: The lender considers overseas income from employment, investments, and rental properties when assessing borrowing capacity.
- Employment Verification: Overseas employment verification may be required, and documentation such as pay stubs, tax returns, and employment contracts may be needed.
- Property Location: The lender may have restrictions on financing properties located in certain areas.
It is always advisable to contact mortgage specialists to discuss your specific eligibility and requirements for a home loan as an expat, permanent resident, or foreign investor living overseas.
What Documents Do I Require?
The specific documents required for a Firstmac home loan from overseas may vary depending on your individual circumstances and the type of loan you are applying for. However, there are some general documents that are typically required for all expat home loan applications.
It is important to note that this is not an exhaustive list, and there may be additional documents required depending on your specific circumstances. Contact our mortgage specialists for a more tailored list of documents required for your home loan application from overseas.
Other Related Products from Firstmac
Firstmac’s construction loans are designed to help you finance the construction of your new home in Australia. They offer flexible options to suit your individual needs, including the following.
- Construction Progress Payments: Receive funding as your construction progresses, ensuring you have the funds to cover each stage of the build.
- Flexible Loan Terms: Choose from a range of loan terms to align with your construction timeline and financial situation.
- Expert Support: Get guidance and assistance from their construction loan specialists throughout the process.
Low Doc Loans
Low doc loans cater to expats who may have limited documentation available due to their overseas employment or residency status. The lender assesses alternative forms of evidence to verify income and employment, making it easier for expats to qualify for a home loan.
If you already own a property in Australia, the lender offers top-up loans for expats to access additional equity for renovations, investments, or other financial needs.
Need a Mortgage With Firstmac?
Firstmac’s success can be attributed to its customer-centric approach, innovative products, and strong financial management. The company has consistently demonstrated its ability to adapt and thrive in the ever-changing financial landscape, and it is well-positioned to continue its growth trajectory in the years to come.
Connecting with the right lending solutions can be challenging, but we’re here to help. Our overseas home loan specialists have years of experience liaising with lenders like Firstmac. Contact us today to start reviewing your options!
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FAQs About Firstmac
Yes, Firstmac offers specialised expat home loans for Australian citizens or permanent residents who are currently living overseas. They have a dedicated team of experts who understand the unique needs and challenges faced by expat borrowers.
The specific documents required will vary depending on your individual circumstances, but typically, you will need to provide documents related to identification and income verification. You can check these out in detail in the relevant section above.
Firstmac allows expat borrowers to borrow up to 80% of the property’s purchase price. This means that you will need to make a deposit of at least 20%.