Rabobank Home Loans Review for Australian Expats
Rabobank Australia, a subsidiary of the international Rabobank Group, is a leading rural and agribusiness bank in Australia. Founded in 1917, the bank has a rich history of supporting the Australian agricultural sector and has grown to become a significant player in the country’s financial landscape.
The bank’s success has not gone unnoticed on the international stage. The bank has been recognised for its innovative approach to banking, its commitment to sustainability, and its strong financial performance. Rabobank Australia has been awarded numerous accolades, including the “Best Rural Bank in Australia” award from Euromoney for several years running.
Is this the right lender for your overseas mortgage to buy property in Australia?
- Borrow up to 90% of the property purchase price
- Expertise in lending to expats
- Online application and pre-approval
Rabobank Home Loan Options
Rabobank 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 Loan
Combination Loan
Variable rate loans offer an interest rate that can fluctuate up or down with market conditions. This can be a good option for expats who are comfortable with some risk, as they may be able to save money if interest rates fall.
Fixed rate loans offer a fixed interest rate for a set period of time, typically 1 to 5 years. This can provide expats with peace of mind and budget certainty, as they will know exactly how much their repayments will be each month.
Combination loans offer a combination of fixed and variable rates. This can be a good option for expats who want some stability and some flexibility with their repayments.
Rabobank Home Loans Review
Here are the pros and cons of choosing Rabobank Australia to buy property in Australia.
| Pros | Cons |
|---|---|
Global reach and local expertise | Limited product range |
Online application and pre-approval | Focus on regional Australia |
Strong customer service | Limited online features |
Competitive interest rates |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Features of Rabobank Home Loans
Rabobank can help you get the following home loan features.
| Feature | Details |
|---|---|
No Application or Valuation Fees | No application or valuation fees charged for home loans, which can save expats money on the upfront costs of their loan. |
Offset Accounts | Can be linked to their home loans. This allows expats to reduce the amount of interest they pay on their loan by depositing savings into their offset account. |
Redraw Options | Allows expats to redraw funds from their home loans, which can be helpful if they need access to extra cash for emergencies or unexpected expenses. |
Facts About Rabobank Australia
Rabobank's origins can be traced back to the establishment of the Netherlands Farmers' Cooperative Society in 1898. The bank's mission was to provide financial services to farmers and cooperatives, and this philosophy has remained a cornerstone of Rabobank's operations throughout its history.
Rabobank Australia is a major provider of financing to the Australian agricultural sector, with a portfolio of over $30 billion.
The bank has a strong customer base of over 700,000 customers, including farmers, agribusinesses, and rural communities. It’s also committed to sustainability and has a strong track record of supporting environmental and social initiatives.
How Do I Apply for an Expat Mortgage with Rabobank?
Australian expats, permanent residents, or foreign investors living overseas can apply for an Australian expat home loan with Rabobank Australia in a few different ways.
Online Application
The bank offers an online application process that expats can use to apply for a home loan from anywhere in the world. To apply online, expats will need to provide the following information:
- Personal details, including their name, date of birth, and contact information
- Employment details, including their current employer, income, and job title
- Financial details, including their current debts, assets, and savings
- Property details, including the property address, purchase price, and type of property
Once expats have submitted their online application, a mortgage specialist will review their application and contact them to discuss their options.
Branch Application
Expats can also apply for a home loan at a Rabobank branch in Australia. To apply at a branch, expats will need to provide the same information as they would for an online application. They may also be required to provide additional documentation, such as payslips or tax returns.
Pre-approval
Expats can also get pre-approved for a home loan before they return to Australia. This can help them to secure finance before they start looking for a property, which can make the home buying process easier and faster. To get pre-approved, expats will need to provide the same information as they would for a full loan application.
Who is Eligible?
Australian expats and permanent residents living overseas can get a home loan from Rabobank Australia. They also accept applications from foreign investors living overseas, but they have specific requirements for this group.
Eligibility for Australian expats and permanent residents living overseas:
- Must be an Australian citizen or permanent resident
- Have a minimum overseas income of AUD $50,000 per year
- Be able to provide a minimum deposit of 10% of the property value
- Have a good credit history
Eligibility for foreign investors living overseas:
- Must be a foreign citizen with a valid visa to enter and reside in Australia
- Have a minimum overseas income of AUD$100,000 per year
- Be able to provide a minimum deposit of 30% of the property value
- Have a good credit history
The bank also offers a range of other features for foreign investors, such as:
- Fixed-rate loans
- Variable-rate loans
- Combination loans
- Offset accounts
- Redraw options
If you are interested in applying for a home loan with Rabobank Australia, speak with one of our specialists to get the process going as soon as possible.
What Documents Do I Require?
Rabobank Australia requires a variety of documents to process an application for a home loan from an Australian, permanent resident, or foreign investor living overseas. The specific documents required will vary depending on the individual’s circumstances, but typically include the following.
Personal Documents
This includes documents such as a copy of your passport or driver's licence, visa granting entry to Australia (if applicable), Australian birth certificate or permanent resident visa (if applicable), and proof of address (e.g., utility bill or bank statement).
Financial Documents
This includes documents such as your recent payslips or tax returns (at least 6 months' worth), bank statements (at least 6 months' worth), evidence of overseas income (e.g., foreign payslips or tax returns), evidence of foreign assets (e.g., property title deeds or investment statements), a comprehensive financial plan, and a letter of support from a financial advisor (if applicable).
Property Documents
This includes documents such as a copy of the purchase contract for the property, valuer's report, building inspection report, council rates notice, and title deed or certificate of title for the property.
Additional Documents
This includes documents such as a copy of your marriage certificate or divorce papers (if applicable), birth certificates for children (if applicable), and any other documents that the bank may request.
It is important to note that the above list is not exhaustive, and the specific requirements may vary depending on the individual’s circumstances.
Other Related Products from Rabobank
Construction Loans
Construction loans allow expats to finance the construction of a new home or the renovation of an existing property. The bank offers a variety of flexible features to suit the needs of expats.
- Progressive Drawdowns: This means that expats only draw down the funds they need as the construction work progresses, which can help them manage their cash flow.
- Flexible Repayment Options: Expats can choose to make interest-only repayments during the construction phase, which can help them reduce their upfront costs.
- Competitive Interest Rates: You receive competitive interest rates on these construction loans, which can help you save money over the life of your loan.
Investment Loans
Investment loans allow expats to purchase property for investment purposes. The bank offers a variety of features to suit the needs of expats.
- Interest-only Repayments: This can be a good option for expats who are looking to maximise their tax deductions.
- Line-of-Credit Options: This can give expats the flexibility to borrow more funds as their portfolio grows.
- Competitive Interest Rates: You receive competitive interest rates on these investment loans, which can help you maximise your returns.
Need a Mortgage With Rabobank?
Rabobank Australia has played a vital role in the development of the Australian agricultural sector for over 100 years. The bank’s commitment to its customers, its focus on sustainability, and its innovative approach to banking have made it a respected institution both in Australia and abroad. The bank is well-positioned to continue its strong growth and success in the years to come.
Now that you have a clear understanding of this lender, it’s time to take the next step towards your property dreams. Speak with us today to get on the fast-track to property ownership in Australia!
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 Rabobank
Can Australian expats apply for Rabobank home loans from anywhere in the world?
Yes, they allow Australian expats to apply for home loans from overseas.
Are Rabobank's interest rates competitive compared to other lenders?
Rabobank offers competitive interest rates, often more favourable than those of other lenders.
What currencies does Rabobank offer for home loans to Australian expats?
The bank provides home loans in multiple currencies, accommodating the needs of expats worldwide.
Can I make extra repayments on my Rabobank home loan?
Yes, you can make extra repayments on your home loan, reducing both the interest and the loan term.
Is there a redraw facility available with Rabobank home loans?
Yes, they offer a redraw facility, allowing you to access extra funds you’ve repaid.
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