Prime Capital Home Loans Review
Here are the pros and cons of choosing a Prime Capital home loan to buy property in Australia.
Variable Rate Home Loan
Fixed Rate Home Loan
The Prime Capital Variable Rate Home Loan allows expats the flexibility of an interest rate that moves up or down with market changes. This gives overseas borrowers the option to make additional repayments when possible to pay the loan off sooner. Approval is based on meeting their standard credit criteria for expats.
Prime Capital's Fixed Rate Home Loan lets Australian expats lock into an interest rate for a set period of 1 to 5 years. This allows certainty over the exact repayment amount for the fixed rate term chosen. At the end of the fixed rate period, the interest rate then reverts back to their standard variable rate. Ideal for overseas borrowers who want payment certainty when entering the Australian property market.
The Prime Capital Construction Loan helps Australian expats living overseas to build a property in Australia. Features include using overseas income to qualify, loan terms up to 2 years, and a minimum 20% deposit required. Additional fees apply, such as the monthly service fee and settlement fee. This is great for expats who want to build their dream home in Australia.
Online applications for faster processing.
Higher interest rates than major banks.
No ongoing mortgage insurance fees.
Added fees for international transfers.
Access to dedicated relationship managers.
Lower maximum loan amounts.
Settlement within 10 business days.
Limited branch access.
Prime Capital Home Loan Features
Prime Capital offers the following home loan features.
100% Mortgage Offset Facility
Borrowers can link savings and transact accounts to offset interest charges.
Free Extra Repayments
No penalties apply for making additional repayments on the loan balance.
Allows access to extra repayments made on the home loan.
Visa Debit Card
Card gives access to loan funds anywhere Visa is accepted.
Facts About Prime Capital
How Do I Apply for an Expat Mortgage with Prime Capital?
Applying for a home loan with Prime Capital is a smooth and streamlined process. They have dedicated teams that handle expat loan applications, ensuring quick processing times and efficient communication throughout the process.
Applying for an expat home loan with the lender involves:
- Completing the online application form on their website
- Uploading the required documents like proof of income and ID
- Waiting for them to assess the application and requested documents
- Receiving conditional approval subject to valuations and checks
- Signing the final loan documents provided once all conditions are met
- Settling the loan and finalising the mortgage for your Australian property
Our expat mortgage brokers can handle the entire application process for you and help Aussie expats get the best home loan deal.
Who is Eligible?
To qualify for a Prime Capital home loan as an Australian expat, you’ll need to meet the following criteria:
- Australian citizenship or permanent residency
- Overseas residency status
- Income over $75,000 per year
- Good credit history with no defaults
- 20% deposit for the property purchase
- Ability to meet their debt-to-income ratios
The lender’s team of financial experts possesses in-depth knowledge of expatriate finances, including tax implications and currency exchange considerations. This expertise allows them to offer tailored advice and solutions to expat clients.
What Documents Do I Require?
Documents required by Prime Capital for Australian expats generally include:
- Passport copy
- Proof of overseas address
- Pay slips covering the past 6 months
- Recent bank statements and savings evidence
- Tax returns and financials for the past 2 years
- Copies of existing property ownership, if applicable
The lender provides excellent customer service to all their clients. Their dedicated support team is readily available to answer queries and guide expats through the loan application process.
Other Related Products from Prime Capital
Line of Credit Loan
The Prime Capital Line of Credit works like a credit card with interest payable only on the amount drawn. Allows flexible access to funds for purposes like renovations. Australian expats can borrow up to 80% of the home value after meeting eligibility criteria.
With Prime Capital’s personal loan, Aussie expats can borrow up to $75k for any purpose, such as debt consolidation or a holiday. Repayments are made over 1 to 7 years with fixed interest rates. Applying is 100% online with a fast approval process. Income eligibility over $75k per year still applies.
Expat Investor Loan
The Expat Investor Loan is a good option for Australian expats who want to invest in property in Australia. The loan has a competitive interest rate and a long repayment term, which can make it easier to afford the monthly payments. The loan has a maximum LVR of 75% and a maximum term of 25 years. You are also generally required to have a minimum income of AUD $50,000 per year.
Need a Home Loan with Prime Capital?
Whether it’s their variable, fixed, or construction home loans, Prime Capital offers a great financing solution for Australian expats living overseas. Their expat-friendly lending criteria, online applications, and dedicated relationship managers provide a smooth home buying journey.
Contact us today to speak with the Aussie expat mortgage experts at Odin Mortgage and find the most competitive Prime Capital home loans for your situation. With access to exclusive deals, our brokers take the stress out of financing Australian property from abroad.
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FAQs About Prime Capital Mortgage
Yes, Prime Capital caters to Australian expats living overseas who wish to invest in the Australian property market. They understand the unique financial circumstances of expatriates and have tailored their services to meet their needs. Whether you are living in the United States, the United Kingdom, Canada, or any other country, you can apply for a home loan in Australia.
The loan amount you are eligible for will depend on several factors, including your income, credit history, employment status, and existing financial commitments. Our expert team can assess your financial situation and guide you through the process, helping you determine the maximum loan amount you can secure based on your unique circumstances.
As an expatriate applicant, you may be required to provide additional documentation compared to residents applying for home loans. Documents such as your passport, visa details, proof of income from foreign sources, and overseas tax returns may be necessary to support your application. Our specialised team can assist you in compiling the required documentation to streamline the application process.
Prime Capital offers flexible loan terms, allowing you to choose a repayment period that suits your financial goals. The maximum loan term may vary based on individual circumstances, but it typically extends up to 30 years. A longer loan term can result in lower monthly repayments, but it’s essential to consider the total interest paid over the life of the loan.
Yes, Prime Capital offers pre-approval services for Australian expats even before they return to Australia. Pre-approval gives you an advantage in the property market as it allows you to know your borrowing capacity and make confident offers on properties. It’s a valuable tool in ensuring a smooth and swift property purchase process when you eventually relocate.
Prime Capital provides home loans for various types of residential properties, including houses, apartments, townhouses, and vacant land. Whether you are looking to purchase your dream home or invest in rental properties, they can help you with the financing.
Generally, there are no location-based restrictions on the properties you can purchase with a Prime Capital home loan. You can invest in properties across Australia, from major cities to regional areas. However, it’s essential to check with Prime Capital for any specific lending policies related to certain regions or types of properties.
Yes, Prime Capital offers the flexibility to make extra repayments on your home loan. Making additional payments can help you reduce the overall interest you pay and potentially shorten the loan term. It’s a great option for expats with fluctuating income or those who receive periodic bonuses.
Yes, Prime Capital provides offset accounts as a feature with some of their home loan products. An offset account is a savings or transaction account linked to your home loan, and the balance in this account is offset against your outstanding loan amount. This can help you save on interest while still having easy access to your funds.
If you encounter financial difficulties that affect your ability to make loan repayments, it’s essential to contact Prime Capital as soon as possible. They understand that circumstances can change, and they may be able to provide assistance, such as temporary repayment arrangements or financial advice.