RedZed Home Loans Review for Australian Expats

RedZed Home Loan Options

RedZed 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 loans offer flexibility in your interest rate, which can fluctuate based on market conditions. While they may offer lower initial rates, they come with the risk of interest rate increases.

RedZed offers fixed rate loans for expats who want to lock in their interest rate for a fixed period, typically 1-5 years. This can provide stability and predictability in your monthly repayments.

Low doc loans are specifically designed for borrowers who have limited or no documentation of their income. They are typically suitable for self-employed expats who cannot provide traditional income verification documents.

RedZed Home Loan Review

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

Pros Cons
Flexible lending criteria
Higher interest rates than major banks
Fast and easy application process
Limited product range
Dedicated expat support team
Not available in all areas

Allow us to find you the perfect home loan.

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

Features of RedZed Home Loans

RedZed can help you get the following home loan features.

Feature Details
Redraw Facilities
Allows you to access funds from the extra repayments you've made on your home loan. This provides flexibility in managing your finances and can be used for various purposes, such as renovations, education expenses, or unexpected costs.
Additional Repayments
Allows you to make additional repayments on top of your minimum monthly repayments. These extra payments can help you reduce your principal balance faster, lower your overall interest payments, and shorten the term of your loan.
Interest-Only Home Loans
Offers interest-only home loans, where you only pay interest on the outstanding loan balance for a specified period, typically 1-5 years. This can reduce your initial monthly repayments, especially if you're in a high-income phase or have other financial goals.
Loan Portability
Allows you to transfer your existing RedZed home loan to a new property you purchase in Australia. This can save you the time and costs associated with refinancing or applying for a new loan.

Facts About RedZed

In 2016, RedZed was founded by a group of experienced financial professionals with a passion for helping small businesses succeed. The company has since grown to become one of Australia's leading lenders for the self-employed.

RedZed has a strong track record of success, with over 90% of its customers successfully repaying their loans.

The company is committed to providing fast and easy access to finance, with most loans approved within 24 hours.

How Do I Apply for an Expat Mortgage with RedZed?

The process for applying for an Australian expat home loan with RedZed 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 ensure you meet the eligibility criteria for RedZed’s expat home loans. A mortgage broker can help you be clear on this.
  • Gather Your Documents: Once you’ve confirmed your eligibility, you’ll need to gather the necessary documents to support your application, such as a copy of your passport and tax returns for the past two years.
  • Complete the Online Application Form: Get help from your broker to fill out the lender’s online application form. Provide accurate and complete information, including your personal details, income information, property details, and any additional relevant information.
  • Submit Your Application and Supporting Documents: Once you’ve completed the online form, attach the required documents and submit your application. The lender will review your application and may request additional information if necessary.
  • Receive a Pre-approval Decision: The lender will assess your application and provide you with a pre-approval decision within a few days. The pre-approval will outline the loan amount you are eligible for and the estimated interest rate.
  • Finalise Your Loan Application: If you receive a pre-approval, you’ll need to provide additional documentation and complete the final loan application process. This may involve a property valuation, credit checks, and finalising the loan terms and conditions.
  • Loan Approval and Settlement: Upon final approval, the lender will disburse the loan funds to your nominated account. You’ll then proceed with the property settlement process, which involves transferring ownership of the property to your name.

Remember, applying for a home loan as an Australian expat can be slightly more complex than for domestic borrowers. It’s best to seek professional advice from a specialist mortgage broker such as Odin Mortgage to receive tailored guidance throughout the home loan process. This will ensure you meet the eligibility criteria and help you find the most suitable loan option for your needs.

Who is Eligible?

Australian citizens and permanent residents living in Australia are eligible for all of RedZed’s home loan products, including low-doc loans, investor loans, refinance loans, and equity release loans.

Australian expats living overseas are eligible for a limited range of RedZed’s home loan products. This includes low-doc loans, investment loans, and refinance loans.

The basic requirements include:

  • Being an Australian citizen or permanent resident
  • Living overseas and having a valid visa for the country you reside in
  • Having a regular and verifiable income source
  • Having a good credit history

Foreign investors living overseas are also eligible but for a limited range of RedZed’s home loan products. Specifically, they are eligible for investor loans.

What Documents Do I Require?

The specific documentation requirements for a RedZed home loan from overseas may vary depending on your individual circumstances, but here’s a general list of documents that are typically required.

Personal Information Documents

This includes documents such as a copy of your passport and proof of residency in your overseas country.

Income Verification Documents

This includes documents such as recent payslips or employment contracts, recent bank statements, and tax returns for the past two years.

Property Valuation Documents

This is the property valuation report for the property you intend to purchase, which provides an independent assessment of the property's value and is crucial for determining the loan amount.

Additional Documents

This includes documents such as bank statements for any overseas bank accounts you hold, evidence of any other income sources, and a credit history report.

Remember to provide clear copies of all documents and ensure they are translated into English if necessary. The lender may request additional documents or clarifications during the application process.

Other Related Products from RedZed

Investor Loan

Redzed offers investment loans for Australian expats, permanent residents, and foreign investors living overseas who are buying a property to rent out. These loans come with a variety of features, such as interest-only repayments and the ability to offset rental income.

Refinance Loan

The lender can help you refinance your existing home loan to a lower interest rate. This can save you money on your monthly repayments and free up cash flow.

Equity Release Loan

The lender offers equity release loans for homeowners who want to access the equity in their property. These loans can be used for a variety of purposes, such as funding renovations, debt consolidation, or retiring early.

Need a Mortgage With RedZed?

RedZed offers a range of home loan options specifically tailored for self-employed Australians living overseas who are looking to buy property in Australia. Their low-doc loans, investment loans, and refinance loans provide flexibility and accessibility for expat borrowers. Additionally, their foreign currency loans, fixed-rate loans, variable-rate loans, construction loans, and redraw facilities, additional repayments, interest-only home loans, and loan portability features cater to diverse needs and financial situations.

Odin Mortgage specialises in home loans for Australian expats, permanent residents and foreign investors living overseas looking to buy property in Australia. Contact our team members 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 RedZed

RedZed offers a variety of home loan products for Australian expats living overseas, including low-doc loans, investment loans, refinance loans, no-doc loans, foreign currency loans, fixed-rate loans, variable-rate loans, construction loans, and equity release loans.

To be eligible for a RedZed home loan as an Australian expat living overseas, you generally must be an Australian citizen or permanent resident, have a regular and verifiable income source, have a good credit history, and be purchasing a property in Australia.

The specific documentation requirements for a RedZed home loan from overseas may vary depending on your individual circumstances, but generally, you will need to provide a copy of your passport, proof of residency in your overseas country, recent payslips or employment contracts, recent bank statements, tax returns for the past two years, a property valuation report for the property you intend to purchase, and any additional documentation related to your income or financial situation.

RedZed offers a number of benefits for Australian expats living overseas, including competitive interest rates, flexible lending criteria, dedicated expat support, a fast and easy application process, and a range of home loan products to suit different needs.

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