Loan Ave Home Loan Options
Loan Ave 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 Loan
Fixed Rate Home Loan
On a variable rate loan, the interest rate fluctuates based on market changes, potentially increasing or decreasing over the loan term. It offers the potential for lower interest rates compared to fixed rate loans. Future repayments can fluctuate, making budgeting more challenging.
This is suitable for borrowers comfortable with potential interest rate fluctuations and seeking the chance to benefit from future rate drops.
On a fixed rate home loan, the interest rate remains fixed for a pre-determined period, typically 1-5 years. It provides stable and predictable monthly repayments, eliminating concerns about rising interest rates. However, this may have slightly higher interest rates than variable rate loans.
This is suitable for borrowers seeking stability and peace of mind with predictable repayments and protection against rising interest rates.
A bridging loan is a temporary financing option to bridge the gap between selling your current property and purchasing a new one. The lender offers short-term solutions to help you manage your property purchase timeline. This typically has higher interest rates and repayment terms compared to standard loans.
Loan Ave Home Loan Review
Here are the pros and cons of choosing Loan Ave to buy property in Australia.
Flexible loan options
Limited branch network
Less brand awareness
Stricter lending criteria
No foreign currency conversion fees
Features of Loan Ave Home Loans
Loan Ave can help you get the following home loan features.
100% Interest Offset Accounts
This feature allows you to link your transaction account to your home loan, which offsets your interest charges and potentially saves you thousands of dollars over the loan term.
Redraw funds from your loan account for any purpose, like home renovations, holidays, or unexpected expenses. Maintains the flexibility to manage your finances effectively and utilise your extra payments.
Make unlimited additional repayments without penalty on your variable rate loan. Reduce your loan principal faster, saving interest and potentially shortening your loan term.
Divide your loan into separate fixed and variable rate portions. Benefit from the stability and predictability of fixed rates for a portion of your loan. This offers customisation to suit your individual risk tolerance and financial goals.
Facts About Loan Ave
How Do I Apply for an Expat Mortgage with Loan Ave?
Here’s the general process for applying for an Australian expat home loan with Loan Ave.
- Contact a Mortgage Broker: Loan Ave does not offer direct application services. You’ll need to connect with a specialist mortgage broker to help guide you through the process and assist with loan selection, paperwork, and communication with the lender.
- Gather Required Documents: Be prepared to provide documentation to verify your identity, income, employment, and financial situation. This can include documents such as your passport and Australian citizenship/permanent residency documentation, foreign income tax returns and payslips, and the property purchase contract.
- Complete the Loan Application: Your mortgage broker will guide you through the online application process, which involves submitting your information and documentation.
- Credit Assessment and Loan Approval: The lender will assess your financial situation and credit history to determine your eligibility and loan terms. This may involve verifying your income and foreign currency exchange rates.
- Pre-approval and Settlement: Once approved, you’ll receive a pre-approval letter confirming your loan amount and interest rate. Final loan approval occurs upon property valuation, land registration, and completion of any required legal documents.
Odin Mortgage is a specialist mortgage broker that can help you throughout the process to address any questions or concerns.
Who is Eligible?
Here’s the eligibility criteria for Australian citizens and permanent residents who want a home loan with Loan Ave:
- Individuals with a stable income and good credit history are generally eligible.
- Self-employed borrowers may face additional requirements.
- Loan Ave considers various income sources, including salary, wages, investment income, and rental income.
Australian expats living overseas can apply for home loans with Loan Ave. Your eligibility depends on factors like:
- Country of residence
- Currency of income
- Employment status
- Credit history in Australia and/or resident country
- Loan-to-value ratio (LVR) requirements may be stricter for expats than residents.
- Expats typically need a minimum deposit of 10%.
Foreign investors living overseas can also apply for home loans with Loan Ave, but criteria are stricter. Requirements may include:
- Higher deposit of 20-30%
- Stronger credit history
- More stringent income verification procedures
- Proof of non-resident tax status
- Foreign income may be assessed differently than Australian income.
Below are some additional factors influencing eligibility.
- Age: Loan applicants must be at least 18 years old.
- Property Type: Loan Ave offers financing for various property types, including residential, investment, and construction projects.
- Loan Amount: Your borrowing capacity will depend on your income, debt, and other financial commitments.
It’s best to always consult a specialist mortgage broker for personalised assessment and advice on your specific eligibility.
What Documents Do I Require?
When applying for a home loan with Loan Ave from overseas, you will need to provide a range of documents to verify your identity, income, employment, and financial situation. The specific documents required may vary depending on your individual circumstances, but here are some of the most common.
It’s important to provide accurate and complete information to ensure a smooth and timely application process.
Other Related Products from Loan Avenue
Build your dream home with a dedicated construction loan tailored to your project. Loan Ave provides progressive drawdown options as construction progresses.
Access financing for land acquisition, construction costs, and associated fees.
Maximise your rental income with interest-only investment loan options or traditional principal and interest repayments. Access interest-only periods of up to 5 years, depending on your circumstances.
The lender offers competitive interest rates and flexible loan terms for investment properties.
Line of Credit
Access a revolving line of credit secured by your property for ongoing expenses or renovations. Draw down funds as needed and only pay interest on the amount you use.
The lender offers competitive interest rates and flexible repayment options for line of credit products.
Need a Mortgage With Loan Ave?
While Loan Ave currently operates solely within Australia, its success story offers valuable insights for lenders around the world. Their focus on innovation, customer service, and specialisation in a specific market segment demonstrates a viable approach to thriving in the competitive landscape of mortgage lending.
Odin Mortgage specialises in home loans for Australian expats, permanent residents and foreign investors living overseas looking to buy property in Australia. Speak with us today to discuss your needs and unique situation so you can find the best deals!
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FAQs About Loan Ave
Yes, Loan Ave offers home loans to Australian expats living overseas. However, eligibility depends on factors like your country of residence, income source, credit history, and deposit amount. Speak with one of our specialist mortgage brokers for a personalised assessment.
You will need documentation to verify your identity, income, employment, and financial situation. This typically includes documents that prove your identity, your financial situation and any other additional documents as required.
Yes, Loan Ave offers a range of loan options for expats, including investment loans, construction loans, non-conforming loans, and low doc loans.