Hume Bank Home Loan Review for Australian Expats
Hume Bank is a customer-owned bank, meaning its customers are also its owners. It is headquartered in Albury, New South Wales, Australia. With a customer base of over 65,000 people as of 2023, the bank has an extensive branch and ATM network across New South Wales and Victoria and employs over 150 staff.
Is Hume Bank the lender for your Australian expat home loan?
- Borrow up to 95% of the property purchase price
- Competitive interest rates
- Flexible lending criteria
Hume Bank Home Loan Options
Hume 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
Low Doc Home Loan
Variable rate home loans have an interest rate that can fluctuate up and down over time. Hume Bank offers a range of variable rate home loans, with different interest rates and features.
Fixed rate home loans have a fixed interest rate for a set period of time, typically one to five years. This can provide expats with certainty about their monthly repayments, which can be helpful when budgeting from overseas.
Low doc home loans are designed for people who have difficulty providing documentation to support their income or assets. Hume’s low doc home loan option has stricter lending criteria and higher interest rates than a standard home loan.
Hume Bank Home Loan Review
Here are the pros and cons of choosing Hume Bank to buy property in Australia.
| Pros | Cons |
|---|---|
Variety of loan products to choose from | Branch network limited to NSW and Victoria |
Flexible repayment options | Not as well-known as some of the other major Australian banks |
No early repayment penalties | May be more difficult to get approval with a poor credit history or high debt-to-income ratio |
Flexible lending criteria |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Hume Bank Home Loan Features
Hume Bank can help you get the following home loan features.
| Feature | Details |
|---|---|
Flexible Repayment Options | Offers flexible repayment options, including weekly, fortnightly, and monthly repayments. This allows you to choose a repayment schedule that works best for your budget. |
No Early Repayment Penalties | No early repayment penalties are charged, which means that you can repay your loan early without having to pay a fee. |
Variety of Loan Options | A variety of home loan products to choose from, including variable rate, fixed rate, and interest-only loans. This allows you to choose the loan product that best suits your individual needs and financial situation. |
Facts About Hume Bank
Hume Bank was founded in 1955 as the Hume Co-operative Building & Investment Society Ltd by a group of Albury residents who were dissatisfied with the availability of funds for housing and wanted to help local people purchase their own homes. Hume provided a local alternative for housing finance, which was becoming increasingly difficult for prospective homeowners due to regulatory rationing.
In 1998, Hume Co-operative Building & Investment Society Ltd changed its name to Hume Building Society Ltd.
In 2013, Hume Building Society Ltd sought approval from its customers and the governing body APRA (Australian Prudential Regulation Authority) to change its name to Hume Bank. The name change was approved and took effect on 1 July 2014.
How Do I Apply for an Expat Mortgage with Hume Bank?
To apply for an Australian expat home loan with Hume Bank, you can follow these steps.
- Contact a Mortgage Broker: A mortgage broker can help you identify the best home loan and lender options depending on your unique requirements.
- Provide Initial Information: Provide your mortgage broker with your personal and financial information. This includes your name, address, date of birth, income, employment status, and assets and liabilities.
- Complete the Mortgage Application Form: Fill in and complete Hume Bank’s home loan application form with the help of your broker.
- Provide Supporting Documentation: You will be required to provide supporting documentation, such as your income statements, employment contract, and savings account statements.
- Pay the Application Fee: Hume Bank charges a non-refundable application fee.
- Mortgage Application Assessment: The bank will assess your home loan application and let you know if you have been approved. If you are approved, you will receive a loan offer, which needs to be signed and returned before settlement.
Here are some additional tips for Australian expats, permanent residents, or foreign investors living overseas who are applying for an Australian expat home loan with Hume Bank.
- Make sure you have a good credit history in Australia. You can obtain a copy of your credit report from Equifax, Experian, or Illion.
- Gather all of the necessary documentation for your home loan application. This includes your income statements, employment contract, and savings account statements. Be prepared to provide additional information about your financial situation in your overseas country of residence.
- Work with a mortgage broker who specialises in home loans for Australian expats. They can help you find the best lender and loan product for your needs.
Please note that Hume Bank may have additional requirements for Australian expats, permanent residents, or foreign investors living overseas who are applying for an Australian expat home loan. Contact a mortgage broker to discuss all this.
Who is Eligible?
To be eligible for a home loan with Hume Bank in Australia, you must generally meet the following criteria:
- You must be an Australian citizen, permanent resident, or foreign investor.
- You must be at least 18 years old.
- You must have a regular income.
- You must have a good credit history.
- You must have a deposit of at least 5% of the purchase price of the property.
Australian expats and Aussie permanent residents living overseas can get a home loan from Hume Bank, but they may need to meet additional requirements. For example, Hume Bank may require expat borrowers to have a higher deposit or to provide more supporting documentation about their financial situation in their overseas country of residence.
What Documents Do I Require?
The documents that Hume Bank in Australia requires for a home loan from overseas will vary depending on your individual circumstances. However, some general documents you may need to provide include the following.
Proof of Identity
This generally includes a passport or driver's license.
Proof of Income
This generally includes your most recent payslips or tax returns.
Proof of Assets and Liabilities
This generally includes bank statements and investment statements.
A Signed Contract of Sale
This is for the property you are planning to purchase, if applicable.
As an Australian expat, permanent resident or foreign investor living overseas, you’re typically required to provide additional documentation such as the following.
- Evidence of your residency status in your overseas country of residence
- Evidence of your income and assets in your overseas country of residence
- A letter from your employer confirming your employment and income
- A copy of your credit report from your overseas country of residence (if applicable)
It is important to contact a mortgage broker to discuss your individual circumstances and requirements, and to get a list of the specific documents that you need to provide.
Other Related Products from Hume Bank
Construction Loan
Construction loans are designed for expats who are planning to build a new home in Australia. It allows expats to draw down funds on their loan as needed as the construction of their home progresses.
Investment Loan
Investment loans are designed for expats who are planning to purchase a property in Australia to rent out. It typically has higher interest rates than a standard home loan, but it can provide expats with a source of income.
Interest Only Loan
Interest only loans allow expats to only pay the interest on their loan for a set period of time, typically one to five years. This can reduce their monthly repayments, but it is important to be aware that the total amount of interest they pay over the life of the loan will be higher.
Need a Mortgage With Hume Bank?
Hume Bank offers a viable solution for Australian expats seeking to purchase property in their home country. Their flexibility in lending criteria, various loan products, and willingness to work with expats can make the dream of owning property in Australia a reality for those living abroad. However, as with any financial decision, it’s important for expats to conduct thorough research and seek personalised advice to determine if Hume Bank’s home loans align with their unique financial situation and goals.
Our team of specialists have years of experience in securing home loans for overseas Aussie expats, PRs and foreign investors. Contact our team today to receive tailored lender recommendations and advice for your particular situation. Let us help you meet your property ownership goals in the Land Down Under!
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 Hume Bank
What is Hume Bank's lending criteria for expatriates looking to purchase property in Australia?
Hume’s lending criteria for expatriates may vary, but generally, they are open to working with expatriates. They consider various factors, including your income, employment stability, and credit history. Check out the respective section above for details.
What types of home loans does Hume Bank offer to Australian expats living overseas?
Hume typically offers a range of home loan products, including variable rate, fixed-rate, and interest-only options. Expats can choose the type of loan that best fits their needs and financial situation. Each loan type may have its eligibility criteria and features, so it’s advisable to review the details of each loan product or consult with their lending specialists.
Can I apply for a Hume Bank home loan if I have a non-Australian source of income?
Yes, Hume is known to consider applications from expats with non-Australian sources of income. However, they may have specific requirements and documentation needed to verify your income. Expatriates should be prepared to provide evidence of their income, such as tax returns, payslips, or financial statements, from their country of residence.
Are there any additional fees or charges that Australian expats should be aware of when applying for a Hume Bank home loan?
Yes, when applying for a Hume Bank home loan, Australian expats should be aware of potential additional fees and charges. These can include application fees, establishment fees, legal fees, valuation fees, and ongoing service fees. The specific fees and charges can vary depending on the loan product and terms. It’s crucial for expatriates to review the loan terms and fee schedule provided by Hume Bank before committing to a loan.
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