Which Lenders Accept Foreign Income for Australian Expats?

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Are you curious to find out which lenders accept foreign income for Australian expats? Are you searching for the right lender to establish a home loan or to refinance, and do you find the process complex and challenging?

It’s true that it’s not always easy to find the right lender and that knowing which lenders accept foreign income from Australian expats is difficult to find out.

But you’ll have no problems discovering the answer to this question and how to find the right lender in this Odin Mortgage article. So, let’s make a start.

Do lenders accept foreign income for Australian expats?

In relation to the questions “do lenders accept foreign income for Australian expats” and  “which lenders accept foreign income for Australian expats?”, many banks will only assess between 60% and 80% of an expat’s actual income. Some of the foreign income types accepted by lenders include rental income (but only a percentage of it), self employed income, PAYG, liquid assets and commissions.

Which Lenders Accept Foreign Income for Australian Expats

Which mortgage broker is best for finding out which lenders accept foreign income for Australian expats?

One of the industry best mortgage brokers who are assisting Australian expats in their quest to find the right lender is Odin Mortgage. Odin Mortgage makes the entire mortgage process completely stress free, providing you with the top recommendations for your set of circumstances as an Aussie expat looking for an investment property or a property in Australia.

Will lenders consider all of my foreign income for an expat mortgage?

When considering which lenders accept foreign income for Australian expats, it’s important to understand that not all of your income may be assessed. This is because lenders will consider the currency fluctuation risks associated with foreign income and foreign currencies. A certain percentage of your income will be assessed depending on the risks associated with your particular income and currency.

Which Lenders Accept Foreign Income for Australian Expats

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Which lenders accept foreign income for Australian expats and offer expat mortgages?

There are in fact a few lenders who will accept foreign income for Australian expats and offer expat mortgages. Here are a few examples of lenders who provide expat mortgages:

  • HSBC
  • ANZ
  • Westpac

Does HSBC provide expat mortgages for borrowers with foreign income?

Yes, HSBC does provide mortgages for borrowers who earn foreign income. In addition to the Euro, some of the acceptable foreign income currencies include the Lek and the US Dollar. It’s an international bank that also accepts foreign income in Hong Kong dollars for an expat mortgage, but will only assess a percentage of your foreign income.

Does ANZ accept applications for loans by assessing foreign income?

Yes, ANZ does accept applications for home loans by assessing foreign income. Aussie expats can submit evidence that corresponds to the foreign income for the purpose of applying for a home loan. ANZ will only assess a percentage of your foreign income and you can borrow up to around 80% with this lender, but you won’t be able to use foreign rental income for your application.

Does Westpac assess applications for expat mortgages and consider foreign income?

Yes, Westpac assesses applications for expat mortgages and considers foreign income. Westpac will only assess a percentage of your foreign income which can affect your borrowing power. Their maximum LVR is 80%.

Which lenders accept foreign income for Australian expats? Key points

The fact is that, yes, lenders accept foreign income for Australian expats, but some lenders will only accept a percentage of your foreign income due to currency fluctuation. 

The best way to learn which lenders accept foreign income for Australian expats, for your particular circumstance, is to reach out to Odin Mortgage. Not only can you use our mortgage calculator, our brokers will assist you every step of the way and make the process simple.

Which Lenders Accept Foreign Income for Australian Expats

Which Lenders Accept Foreign Income for Australian Expats FAQs

Do lenders accept foreign income for Australian expats earning a tier 1 or 2 currency?

Although you might have heard that many lenders in Australia don’t accept foreign income for Australian expats, tier 1 foreign income and tier 2 foreign income will be assessed by many lenders. They will typically have a list of particular tier 1 and tier 2 currencies they accept and offer expat mortgages depending on the borrower’s own circumstances.

Get a free Australian mortgage assessment today.

Apply online to get a free recommendation with real rates and repayments.

What is meant by tier 1 foreign currency and income?

Tier 1 foreign currency is a list of foreign currency and income that Australian lenders will have when assessing the foreign income of an expat. For tier 1 foreign currency and income, you can expect your lender to accept and assess 80% of your income for the purposes of a home loan.

What is meant by tier 2 foreign currency and income?

Tier 2 foreign currency is a list of foreign currency and income that Australian lenders will refer to when evaluating your foreign income. For tier 2 foreign currency and income, your lender will accept and assess from 60% up to 80% of your foreign income when assessing your circumstances for a home loan.

Why do lenders assess foreign income with such strict measures for expat home loans?

The main reason lenders assess foreign income with strict measures for expat loans is due to currency fluctuations and income stability. If your foreign income is seen as being unstable, the offer extended by your lender might be lower than a foreign income currency that is more stable.

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