Health Professionals Bank Home Loans Review for Australian Expats
Health Professionals Bank (HPB) is a mutual bank in Australia that provides a range of banking and financial services to health professionals and their families. It was established in 1987 as a division of Teachers Mutual Bank, and became its own independent bank in 2001.
Is Health Professionals Bank the lender for your Australian expat home loan?
- Borrow up to 80% of the property purchase price
- Competitive interest rates and fees
- Personalised customer service
Health Professionals Bank Home Loan Options
Health Professionals Bank 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
Guarantor Home Loan
A variable rate home loan is a type of home loan where the interest rate can fluctuate over time. This is because the interest rate is linked to the Reserve Bank of Australia's (RBA) official cash rate. When the RBA raises the cash rate, the interest rate on your variable rate home loan will also increase. Conversely, if the RBA lowers the cash rate, the interest rate on your variable rate home loan will also decrease.
Variable rate home loans are typically more flexible than other types of home loans, such as fixed rate home loans. For example, you may be able to make additional repayments or redraw on your loan without penalty. However, you should be aware that the interest rate on your variable rate home loan can go up, as well as down. This means that your monthly repayments could also increase or decrease over time.
A fixed rate home loan is a type of home loan where the interest rate is fixed for a set period of time, typically one to five years. This means that your monthly repayments will remain the same for the duration of the fixed rate period.
Fixed rate home loans can be a good option for borrowers who want to budget for their home loan repayments. They can also be a good option for borrowers who are concerned about rising interest rates. However, it is important to note that fixed rate home loans are typically less flexible than variable rate home loans. For example, you may be charged a penalty for making additional repayments or redrawing on your loan during the fixed rate period.
HPB offers guarantor loans, which can be a good option for Australian expats who have a small deposit or who have a limited credit history in Australia. A guarantor home loan is a type of home loan where someone else (the guarantor) agrees to repay your loan if you are unable to do so.
Guarantor home loans can be used to purchase a home or to invest in property. The guarantor must typically have a good credit history and sufficient equity in their own home.
Health Professionals Bank Home Loans Review
Here are the pros and cons of choosing Health Professionals Bank to buy property in Australia.
| Pros | Cons |
|---|---|
Flexible repayment options | Limited branch network |
No foreign exchange fees | Higher interest rates on larger loans |
Online and phone banking | Not accessible by foreign investors |
Personalised customer service |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Features of Health Professionals Bank Home Loans
Health Professionals Bank can help you get the following home loan features.
| Feature | Details |
|---|---|
No Foreign Exchange Fees | HPB does not charge foreign exchange fees on its home loans, which can save expats money on their repayments. |
Flexible Repayment Options | HPB offers a range of flexible repayment options, so that expats can choose the option that best suits their needs. For example, expats may be able to make additional repayments, redraw on their loan, or split their loan into two parts. |
Online and Phone Banking | Expats can manage their finances from anywhere in the world using HPB's online and phone banking services. |
Offset Accounts | HPB offers offset accounts, which can help expats to save money on their interest repayments. |
Facts About Health Professionals Bank
Health Professionals Bank (HPB) is a member-owned bank, meaning that its profits are returned to its members in the form of lower interest rates, higher dividends, and other benefits.
HPB is also a customer-owned bank, meaning that its customers have a say in how it is run.
HPB has over $10 billion in assets under management, with a branch network of over 40 branches across Australia.
How Do I Apply for an Expat Mortgage with Health Professionals Bank?
To apply for an Australian expat home loan with Health Professionals Bank, you can follow these steps.
- Become a Member of HPB: This is a relatively simple process and can be done online.
- Contact HPB’s Lending Team: You can do this by phone, email, or online.
- Provide HPB with Your Personal and Financial Information: This will include your income, expenses, assets, and liabilities.
HPB will assess your application and let you know whether you have been approved. If you are approved for a home loan, they will work with you to finalise the loan and settle the purchase of your property.
Here are some tips for applying for an Australian expat home loan with HPB.
- Have a Good Credit History: This means making all of your loan and credit card repayments on time and in full.
- Have a Stable Income: This could be from employment, investments, or rental income.
- Have a Deposit: The larger your deposit, the smaller your loan will be and the more likely you are to be approved.
- Be Prepared to Provide Additional Documentation: This can include documents such as tax returns and employment contracts.
With careful planning and preparation, Australian expats and permanent residents living overseas can successfully apply for a home loan with Health Professionals Bank. Odin Mortgage can help you with this, even if you are a foreign investor.
Who is Eligible?
To be eligible for a home loan with Health Professionals Bank in Australia, you must be:
- An Australian citizen or permanent resident
- A health professional or a member of the family of a health professional
- Employed or self-employed
Australian expats and Aussie permanent residents living overseas can get a home loan from Health Professionals Bank. However, they must meet the same eligibility criteria as Australian residents. Foreign investors living overseas are not eligible for a home loan from Health Professionals Bank.
What Documents Do I Require?
The specific documents that Health Professionals Bank (HPB) requires for a home loan from overseas will vary depending on your individual circumstances. However, some of the most common documents include the following.
Proof of Identity
This could be your passport, driver's license, or another government-issued ID.
Proof of Income
This could include your tax returns, payslips, or employment contract.
Proof of Assets
This could include bank statements, investment statements, or property title deeds.
Proof of Liabilities
This could include credit card statements, loan statements, or mortgage statements.
Foreign Exchange Report
This is a report from a registered foreign exchange dealer that shows the current exchange rate between the Australian dollar and the currency of your home country.
Letter from Employer or Accountant
This letter should confirm your income and employment status.
In addition to these documents, HPB may also ask for other information, such as your travel plans or your plans for managing your loan repayments while you are overseas.
Other Related Products from Health Professionals Bank
Construction Loan
HPB offers construction loans, which can be used to build a new home or renovate an existing property. A construction loan is a type of home loan that can be used to build a new home or renovate an existing property. Construction loans are typically paid out in stages, as the work progresses. This means that you only have to pay interest on the money that has been drawn down from the loan.
Construction loans can be a good option if you are building a new home or renovating an existing property. However, it is important to note that construction loans can be more complex and expensive than other types of home loans.
Investment Loan
HPB offers investment loans, which can be used to purchase a property that you intend to rent out to tenants. An investment loan is a type of home loan that can be used to purchase a property that you intend to rent out to tenants. Investment loans typically have higher interest rates than other types of home loans, such as owner-occupied home loans. This is because investment loans are considered to be riskier for lenders.
Investment loans can be a good option if you are looking to invest in property. However, it is important to do your research and understand the risks involved before applying for an investment loan.
Low Doc Loan
HPB offers low doc loans, which require less documentation than other types of home loans. This can be a good option for Australian expats who are self-employed or who have a complex income structure. A low doc loan is a type of home loan that requires less documentation than other types of home loans. This can be a good option if you are self-employed or who have a complex income structure.
Low doc loans typically have higher interest rates than other types of home loans. This is because low doc loans are considered to be riskier for lenders.
Need a Mortgage With Health Professionals Bank?
Health Professionals Bank understands the unique financial needs of Australian expatriates living abroad who aspire to invest in property back home. With competitive interest rates, flexible loan terms, exceptional customer service, and a focus on healthcare professionals, Health Professionals Bank is an excellent choice for expats looking to secure a home loan in Australia.
However, you may still find difficulty getting approved, and if you’re a foreign investor, you’ll need to find another lender. That’s where we come in!
Our team of home loan specialists have years of experience in securing mortgages for overseas Aussie expats, PRs and foreign investors. Speak with us today for tailored recommendations and advice for your unique circumstances!
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 Health Professionals Bank Home Loans
Can Australian expats living abroad apply for Health Professionals Bank home loans?
Yes, Health Professionals Bank offers home loan solutions tailored to Australian expats living overseas.
What types of home loans does Health Professionals Bank offer?
Health Professionals Bank provides both variable rate and fixed rate home loans to suit different financial preferences.
What are the eligibility criteria for expats applying for home loans with Health Professionals Bank?
Eligibility criteria may include a steady income, a good credit history, and the ability to provide necessary documentation from abroad.
How can I apply for a home loan with Health Professionals Bank while living overseas?
You can begin the application process online, and their team will guide you through each step.
Is online banking with Health Professionals Bank user-friendly for expats living abroad?
Yes, Health Professionals Bank offers a seamless online banking experience, making it easy for expats to manage their loans from overseas.
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