MA Money Home Loan Review for Australian Expats

MA Money Home Loan Options

MA Money 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.

The variable rate home loan is where the interest rate can fluctuate over the life of the loan. This means that your monthly repayments can go up or down depending on changes in the market interest rate.

Variable rate home loans are typically offered with introductory periods where the interest rate is fixed for a certain period, such as one, two, or five years. After the introductory period ends, the interest rate will adjust periodically based on a benchmark rate, such as the Australian Bureau of Statistics (ABS) cash rate.

The fixed rate home loan is where the interest rate is fixed for the entire term of the loan. This means that your monthly repayments will remain the same for the life of the loan, regardless of changes in the market interest rate.

Fixed rate home loans can provide peace of mind and make it easier to budget for your mortgage repayments.

The first home buyer loan is specifically designed for first-time home buyers. These loans often come with government assistance, such as first home buyer grants and concessions. First home buyer loans may also have lower interest rates than standard home loans.

MA Money Home Loan Review

Here are the pros and cons of choosing MA Money to buy property in Australia.

Pros Cons
Fast and easy online application process
Limited availability of products
Dedicated expat mortgage specialists
Higher interest rates for some borrowers
No upfront fees
Potential for delays and additional documentation
Flexible lending criteria

Allow us to find you the perfect home loan.

Apply online to get expert recommendations with real interest rates and repayments.

Features of MA Money Home Loans

MA Money can help you get the following home loan features.

Feature Details
Redraw Facilities
Allows you to access any extra repayments you have made on your home loan. This can be useful for funding renovations, unexpected expenses, or simply having access to extra cash.
Additional Repayments
Make additional repayments on your home loan to reduce the principal amount owing and pay off your loan faster. This can save you money on interest in the long run.
Professional Package Discounts
Get professional package discounts if you are a specific professional, such as a doctor, lawyer, or accountant. These discounts can save you on your interest rates.
Interest Only Home Loans
Allows you to only pay the interest on your loan for a fixed period of time, typically five or ten years. This can make repayments more affordable during the early years of the loan, when you may be on a tighter budget.

Facts About MA Money

MA Money was established in 2018 as a response to the growing demand for alternative lending solutions in Australia. The company has quickly grown to become one of the largest non-bank lenders in the country, with over $2 billion in loans under management.

In 2020, MA Financial Group acquired a 47.5% stake in MKM Capital, and in 2022, it acquired full ownership. This acquisition has strengthened MKM Capital's financial position and has allowed it to expand its product offerings.

The lender offers a wide range of loan products to suit different needs and budgets, including a willingness to lend to borrowers with non-traditional credit histories.

How Do I Apply for an Expat Mortgage with MA Money?

The application process for an Australian expat home loan with MA Money is relatively straightforward and can be completed online. Here’s a step-by-step guide.

  • Check Your Eligibility: Before you begin the application process, it’s important to check whether you meet the eligibility criteria for an Australian expat home loan. You can do this by speaking with a specialist mortgage broker.
  • Gather Your Documents: You will need to gather a number of documents to support your application, such as proof of income (payslips, tax returns, etc.) and proof of assets (bank statements, property valuations, etc.).
  • Complete the Online Application Form: Once you have gathered your documents, you can complete the online application form or get your broker to do it. The form will ask you for your personal information, income details, and property details.
  • Provide Additional Documentation: The lender may require you to provide additional documentation depending on your individual circumstances. This may include documents such as those to verify your foreign income.
  • Attend a Valuation: Once your application has been assessed, the lender will arrange for a valuation of the property you are purchasing. This is to ensure that the property is worth the amount you are borrowing.
  • Receive Your Loan Offer: If your application is approved, you will receive a loan offer. The loan offer will outline the terms and conditions of your loan, including the interest rate, loan amount, and repayment schedule.
  • Finalise Your Loan: Once you have accepted the loan offer, you will need to finalise your loan by providing the required documentation and paying any applicable fees.

A specialist mortgage broker, such as Odin Mortgage, can help you understand your options and find the best home loan for your needs. They can also help you with the application process and ensure you provide all the required documentation.

Who is Eligible?

Australian expats who are living overseas can apply for MA Money home loans. The lender is willing to consider a wider range of income sources for expats, such as foreign income, commission income, and self-employment income.

Foreign investors who are living overseas can also apply. The lender has a team of dedicated expat mortgage specialists who can help foreign investors understand their options and get the best possible deal on their home loan.

To be eligible for a home loan with MA Money, you must meet the following general criteria:

  • You must be at least 18 years old.
  • You must be an Australian citizen, permanent resident, or eligible visa holder.
  • You must have a good credit history.
  • You must have a stable income.
  • You must have a deposit of at least 10-20% of the purchase price of the property.

What Documents Do I Require?

MA Money requires a variety of documents to support your application for a home loan from overseas.

Personal Information Documents

This includes documents such as your passport or driver's license (photocopied and certified), birth certificate (photocopied and certified), overseas visa (if applicable), and proof of address (e.g., utility bills, bank statements).

Income and Employment Documents

This includes documents such as payslips for the last three months (translated into English if not in English), tax returns for the last two years, a letter from your employer confirming employment and salary, and business financials for the last two years if you’re self-employed.

Asset and Property Documents

This includes documents such as bank statements, savings account statements, investment statements, and property valuation for the property you are purchasing.

Additional Documentation

This includes documents such as foreign income verification, employment verification, and asset valuations.

It is important to note that all documents must be translated into English if they are not originally in English. You may also be required to provide certified copies of all documents.

Other Related Products from MA Money

Construction Loan

MA Money offers construction loans for expats who wish to build their own home in Australia. These loans provide the flexibility to finance the construction process and ensure smooth access to funds as the project progresses.

Self Employed Home Loan

The lender understands the unique challenges faced by self-employed expats in proving their income. They have tailored self employed home loan options specifically for self-employed expats, considering alternative forms of income verification to assess their borrowing capacity.

Non-Conforming Home Loan

The lender caters to expats with non-traditional credit histories or employment situations. Their non-conforming home loans offer flexible lending criteria, allowing expats who may not meet traditional lending standards to still secure a home loan.

Need a Mortgage With MA Money?

If you are an Australian expat living overseas and considering buying a property in Australia, MA Money is a good option to consider. They offer competitive interest rates, flexible lending criteria, and a range of other benefits that can make the home loan process easier and more affordable. However, you may find some difficulty in qualifying for a better deal. That’s where we can help!

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!

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 MA Money

Yes, MA Money offers home loans to Australian citizens and permanent residents who are living overseas. We have a team of dedicated expat mortgage specialists who can help you understand your options and get the best possible deal on your home loan.

To be eligible for a home loan with this lender, you must meet the following general criteria:

  • You must be an Australian citizen or permanent resident.
  • You must be at least 18 years old.
  • You must have a good credit history.
  • You must have a stable income.
  • You must have a deposit of at least 10-20% of the purchase price of the property.

They may also require you to provide additional documentation, such as proof of foreign income, employment verification, and asset valuations.

The application process for a home loan with MA Money from overseas is relatively straightforward and can be completed online. You will need to provide a number of documents to support your application, including proof of identity (passport or driver’s license), proof of income (payslips, tax returns, etc.), proof of assets (bank statements, property valuations, etc.), and overseas visa (if applicable).

Once your application has been submitted, the lender will assess your application and provide you with a decision. If your application is approved, you will receive the loan offer. Please note that we can help you throughout the process, from before applying to beyond settlement.

See What You Qualify For

Featured In
Geo Expat Logo
Asia xpat Logo
Expat.com Logo
Expat Living Logo
AAHK Logo
Easy Expat Logo
FREE GUIDE

10 Best Tips for Australian Expats to Maximise Borrowing Power & Approval Success