Granite Home Loans Review for Australian Expats
Granite Home Loans was established in Sydney in 2018 and launched its first home loan product in 2019. The non-bank lender offers a range of home loan products to Australian citizens, permanent residents, and foreign investors living overseas. Although relatively new in the Australian market, it has quickly established itself as a leading provider of home loans.
Is Granite the lender for your Australian expat home loan?
- Borrow up to 95% of the property purchase price
- Flexible lending criteria
- International customer service
Granite Home Loan Options
Granite 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.
Variable Rate Home Loan
Fixed Rate Home Loan
Flexible Home Loan
Their variable rate home loan has an interest rate that can change over time. This means that your monthly repayments could go up or down, depending on market conditions. However, variable rate home loans typically have lower starting interest rates than fixed rate home loans.
Here are some of its common features.
- Low starting interest rate
- Flexible repayment options
- Offset account
Their fixed rate home loan has an interest rate that is fixed for a set period of time, usually between one and five years. This means that your monthly repayments will be the same for the duration of the fixed rate period. Fixed rate home loans can offer peace of mind, as you know exactly how much your repayments will be each month. However, they typically have higher interest rates than variable rate home loans.
Here are some of its common features.
- Fixed interest rate
- Guaranteed repayments
- Early repayment flexibility
Their flexible home loan offers you the ability to make changes to your repayments, such as making additional repayments or skipping a repayment. This can be helpful if your financial circumstances change.
Here are some of its common features:
- Flexible repayment options
- Offset account
- Loan splitting
Granite Home Loans Review
Here are the pros and cons of choosing Granite Home Loans to buy property in Australia.
| Pros | Cons |
|---|---|
Flexible lending criteria | Not all expats may qualify |
Strong reputation for customer service | More expensive than some other lenders |
Competitive interest rates | Not as well-known as some other lenders |
No early repayment fees |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Granite Home Loans Features
Granite can help you get the following home loan features.
| Feature | Details |
|---|---|
No Early Repayment Fees | Pay off their loan early without having to pay any additional fees. This can save you money in the long run. |
100% Offset Account | Offset your home loan balance with any money that is held in the offset account, which can save you money on interest. |
No Valuation Fees | Save money on the upfront costs of getting a home loan. |
Facts About Granite Home Loans
Granite Home Loans is a non-bank lender that was established in 2018 by three mortgage industry executives with over 50 years of experience.
The company is headquartered in Sydney, Australia and offers a range of home loan products to owner-occupiers and investors.
In 2022, they were awarded the "Best Non-Bank Lender" award by Money Magazine.
How Do I Apply for an Expat Mortgage with Granite?
Here are the steps on how an Australian expat, permanent resident, or foreign investor living overseas can apply for an Australian expat home loan with Granite Home Loans.
- Get in Touch With a Mortgage Broker: A mortgage broker can help you assess your individual circumstances and find the best home loan for your needs. They can also help you with the application process.
- Gather Your Documents: You will need to gather a range of documents to support your application, such as your passport, visa, proof of income, and proof of employment.
- Complete the Application Form: You will need to complete an application form with Granite Home Loans. This form will ask for information about your financial situation and your borrowing needs.
- Provide Supporting Documents: You will need to provide supporting documents to Granite Home Loans to verify the information you have provided in your application form. This may include copies of your passport, visa, proof of income, and proof of employment.
- Wait for Approval: Granite Home Loans will assess your application and let you know if you have been approved for a home loan. If you are approved, they will provide you with a loan offer.
- Sign the Loan Documents: Once you have accepted the loan offer, you will need to sign the loan documents. These documents will outline the terms of your loan.
- Receive Your Funds: Once the loan documents have been signed, Granite Home Loans will release the funds to your solicitor. Your solicitor will then use these funds to purchase the property on your behalf.
It is important to note that the application process for an Australian expat home loan with Granite Home Loans may vary depending on your individual circumstances.
Here are some additional tips for applying for an Australian expat home loan with Granite Home Loans:
- Make sure you have all of the required documents ready before you start the application process.
- Be prepared to answer questions about your financial situation and your borrowing needs.
- Be honest and upfront with Granite Home Loans about your circumstances.
- Work with a mortgage broker who has experience with Australian expat home loans.
Who is Eligible?
Granite Home Loans offers a range of home loan products to Australian citizens, permanent residents, and foreign investors living overseas. However, the eligibility criteria may vary depending on the product and the borrower’s individual circumstances.
In general, to be eligible for a home loan with Granite Home Loans, you must:
- Be an Australian citizen, permanent resident, or foreign investor with a valid visa to live and work in Australia.
- Have a minimum income of $50,000 per year (or equivalent).
- Have a minimum deposit of 20% of the property value (or more, depending on the loan product).
- Have a good credit history.
- Be able to demonstrate a genuine need for a home loan.
If you are an Australian expat, permanent resident, or foreign investor living overseas, you may also need to provide additional documentation to support your application, such as proof of your visa status, proof of your income, and proof of your employment.
It is important to note that the eligibility criteria for a home loan with Granite Home Loans are subject to change. You should always check with the lender for the latest information.
What Documents Do I Require?
Granite Home Loans in Australia requires the following documents for a home loan from overseas with them.
Passport
A copy of your passport, which must be valid for at least six months beyond the end of your home loan term.
Visa
A copy of your current visa, which must allow you to live and work in Australia for the duration of your home loan term.
Proof of Income
Proof of your income from the past 12 months, such as payslips, tax returns, or bank statements.
Proof of Employment
Proof of your employment, such as a letter from your employer or a recent payslip.
Proof of Assets
Proof of your assets, such as bank statements, investment statements, or property valuations.
Credit Report
A copy of your credit report from your home country.
Property Valuation
A valuation of the property you are purchasing, which must be conducted by a registered valuer.
Application Form
A completed application form from Granite Home Loans.
In addition to these documents, Granite Home Loans may also require additional documentation depending on your individual circumstances.
Other Related Products from Granite
SMSF Home Loan
SMSF home loans are designed for self-managed superannuation funds (SMSFs) that are looking to buy property. These loans offer a range of features that are tailored to the needs of SMSFs, such as no early repayment fees and no exit fees.
Interest Only Home Loan
Interest only home loans only require borrowers to repay the interest on their loan each month. This can be a good option if you are looking to minimise your monthly repayments, but it is important to note that the loan will not be paid down until the principal is repaid.
Offset Account Home Loan
Offset account home loans allow you to offset your home loan balance with any money that is held in an offset account. This can help save money on interest by reducing the amount of money that you are borrowing.
Need a Mortgage With Granite Home Loans?
Granite Home Loans emerges as a promising choice for Australian expats seeking to purchase property in their homeland. A comprehensive range of loan options, flexible repayment features, and an international customer service team make Granite a competitive player in the market.
If you need help securing a home loan in Australia or finding the right mortgage and lender option, we’re here for you! Our specialist mortgage brokers are experts in home loans for overseas Australian expats, permanent residents, and foreign investors.
Our team specialises in home loans for Australian expats, permanent residents, and foreign investors living overseas looking to buy or invest in property Down Under. Contact us today and receive tailored lender suggestions for your particular situation. Let us help you achieve your property ownership and investment dreams 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 Granite Home Loans
Can I apply for a Granite home loan while residing overseas?
Yes, Granite Home Loans facilitates the application process for expats regardless of their current place of residence.
What is the maximum loan term offered by Granite?
Granite offers loan terms of up to 30 years, providing flexibility in repayment timelines.
How do I make repayments on my mortgage?
Repayments can be made through online banking, direct debit, or salary deductions, depending on your convenience.
Are there any penalties for early loan repayment?
Granite typically charges early repayment fees, which vary based on the loan type. It’s essential to clarify this before finalising the loan.
How long does the loan approval process typically take?
The approval process can take several weeks, considering the verification of overseas documents and the complexity of expat applications.
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