Foreigners to buy Australian real estate mortgage Xiangjie

Australia buy a house or family whether housing, mostly through mortgage loans, in addition to people's consumption concept and loan interest rates low, the interest can be cut income tax preferential tax base, banks provide loans ratio is high, long term loans, convenience is also very important reason.

All except the general commercial banks to provide housing mortgage loans, there are specialized use of government pensions and other funds of private finance company. Pension by the government every month from each enterprise staff salary, forced extraction of 9% - 11%, are generally paid by the boss of the company, employees after retirement, returned to the individual. Private finance companies at below market prices to get a pension from the government to borrow the hands, with lower interest bank housing mortgage loan of 0.5% - 1% interest loans to property buyers.

The Australian government regulations, first time home buyers, mortgage loan maximum loan to house the 95% (prices are appraised by a bank or a financial company valuers), but the loan amount is more than 80% of the prices, need to pay mortgage insurance to 1% of the loan amount. Second home buyers, mortgage loan to 110% prices (including attorney's fees, stamp duty), can will be the first purchase housing mortgage. Mortgage repayment period is generally 20 - 25 years. It is understood, a middle-income families to buy a set of 250 - 300 square metres of houses, weekly in payment of principal and interest of $400, the total annual household income of 33% - 40%. An above average, the purchase area is in commonly 100, 200 square meters, the payment limit the amount, accounting for about 35% of the 30% total annual household income.

Individuals for housing loans and the purchase of mortgage loans, the same policy. But during the building period, the amount of bank lending by the construction progress payments by installments, supervise the implementation.

In the mortgage period, does not affect the housing transactions, as long as the collateral for the replacement procedures, and even additional loan amount. Housing finance policy, to promote the Australian housing market active.

A, loan process:

Selected house -- with loans institutions -- Application -- Evaluation -- exchange contract agreement -- settlement.

Two, when the loan program:

In Australia, when about the house, usually pay 0.5% deposit, then two weeks after the deposit up to 10% , you have a period of time to complete his loan program, and then pay for.

It is worth noting: such as your credit conditions could not lend you want to limit, because of other reasons your loan can not be completed on time and so on, the house owner has the right not to refund your deposit, and sold to the housing others.

Loan to time normally required for six weeks, including the assessment of the time required to review the contract and the time required for the. We strongly recommend you to buy a house if the occasion of first contact lenders, let them according to the credit of your help you make a "pre", tells you how much money can be lent, how long can lend, this can help you avoid risk described above. But most lending institutions have their own cooperative real estate intermediary, from them you may have the same piece of Australian property get more favorable price. But in the domestic general agency you to purchase property will help you full service the loan service.

Three, the loan required materials:

Lending institutions, financial products, required materials differ in thousands of ways, but actually very simple also, lenders require you to provide material is nothing more than to understand your financial situation to ensure that their legitimate rights and interests, whatever they ask what material, is mainly four aspects of your information, that is:

1: the original property, assets, deposits, auto, property;

2, the debt: other loans, and other liabilities;

3: salary, income, other income (if your housing is used for investment, so this part of income can also be included);
4, expenditure:

This part is generally not written request, because the financial calculator will automatically deduct the expenses, so you do not need to provide proof of spending material.

In addition, you also need to provide proof of identity, which is 100 points ID. The so-called 100 points ID means lending institutions according to the degree of authority to issue certificates of organizations, gives documents issued by a fraction, after adding document scores you provide must be greater than 100 points, such as, passport, driver's license, 75, 45, 75+45=120 > 100 , so you with these two documents in general no problem.

Initial fee is four, loans:

Mainly including attorney's fees, assessment fees, application fees, solicitor fee. General banking is the practice of lawyers, assessment, for the three charges packing after a application fee. Some financial institutions will be exempt from application fee , but the lawyer and the assessment fee is received, even if there is not much difference. Solicitor fee refers to when you review the contract and loan contract, you will give your solicitor audit need to pay the cost.

Five, how much loan:

Many of my friends do not know how much money they can lend to, this formula is very complex. But you can use a very simple method of crude count your loan amount is not less than five times: all of your annual income.

Six, the loan interest rate:

Australian real estate loans each product can generally be divided into variable rate (variable rate) and a fixed interest rate (fixed rate). Fixed rate generally higher than variable rate. Such as variable rate is 4.99%, then the fixed rate it may is 5.01%, this is very normal, you choose a fixed rate of interest is equal to their future interest rate bought insurance, lenders may have to charge you a little money as their own the free flow of capital loss in return. Generally speaking, if you are worried about future interest rates will rise, you are more likely to choose a fixed rate of interest, but in fact you did not enter a insurance. A fixed rate you need to pay attention to two points, one is the fixed interest rate is not in your loan period has been so fixed down, general now given fixed interest only lasts 5 years, that is to say, you can only be in one year to five years fixed your rate, after the end of the period, you need to go according to the interest rate and loan you negotiate a new interest rate.

The second is actually a fixed rate of interest is not necessarily "fixed", before settlement , fixed interest you can change, this change is decided by your lender, they tend to be adjusted according to the fixed rate their own financial constantly updated information, if you apply for a fixed interest rate loans, and hope I can on settlement also enjoy the fixed rate his eyes, you often need to pay a "lock". So it's not recommended customers make fixed rate loans, the interest rate tends to be higher because the first point, then all the financial variable rates would follow the Fed (reserve bank), the Federal Reserve Bank interest rates on behalf of the government for financial market influence. So, another interesting phenomenon occurs, some clients will say, why the fixed interest rate is always changing, and variable rate is always the same? The answer is actually very simple, because the variable rate follow the Fed, and too frequent changes is not conducive to the national economy and consumer confidence, and Federal Reserve interest rates is always after many consider the detailed argument, and the fixed interest rate changes, it can be attributed to the financial market vary from minute to minute, financial institutions in order to protect their own interests to make the corresponding adjustment, is also reasonable.

Seven, loans

If your current mortgage interest rate is not low, then you can consider loans, is also from the new from other loans of financial institutions to pay off your original loan, thus enjoy a lower interest rate. Only this one year can save thousands or even thousands of charge.

Eight, banks and non bank financial organization difference

In Chinese, housing loans is generally determined by the bank. The Australian financial markets are quite different, in addition to banks, Australia and many other financial organizations, namely non-bank lender, with lending authority. These institutions funding sources are not banks, nor the savings, but through the fund, trust and other means to raise funds, such as pensions.

Chinese customers are often more hope that the choice of bank, and Australian native people have a considerable portion of a very emotional conflict on the bank. The lender may, more attention should be paid to the product rather than. The key lies in which financial products more suitable for their own needs, rather than more famous. But compared to the famous index, measure of a financial organization stability criteria , the best way is to look at the financial organization credit ratings are reliable, there are many non bank financial organization credit rating not less than that. ? in fact, jokes, you don't forget, you are borrowing money, speak out ten thousand steps, even if those institutions that lend money down, will have any effect on you ? Indeed , your title deed in the hands of the people, but the Australian law is the protection of private property, even if the change, also can not be completely overthrow the original creditor and your contract to sell your house to pay off the debt.

Nine, pay attention to trap

You may see some banks or other financial organizations in advertising is a very low rate, but you don't ignore the general interest, there will be marked as "honeymoon rate" or "introductory rate", what meaning is this? This rate is very favorable, but the problem is that the most general interest only for a year, a year later, your loan will be automatically jump to a high point of interest, if you want to go to the financial organizations and other relatively low interest financial products, can, but you have to pay for it, if you want to go to the other financial organizations, can also, but you have to pay a a very high. if you ignore it, the housing loan can often is 20-30 years, imperceptibly, you can spend a lot of wrong. Can not say that this is a trap, but you before signing the contract, the terms of the contract to better review, and to give yourself a account.

Problem ten, unexpected:

Chinese immigrants often have to face a problem, also because of tax avoidance and other reasons, the income that income is very low, if you follow this income to apply for loans, can apply to the line often small, unable to meet the demand, but you can turn to loan intermediary, they should be able to find ways to deal with according to your the situation.

Some newly graduated students, or new immigrants, or freedom of occupation, they provide effective proof of income is difficult, at this time can be considered under the lodoc loan and other special products, this behavior of the products is that they do not require traditional proof of income (such as employer 's statement ), through other way to prove you have repayment ability, so you can still loans. But so that you may have to pay higher interest rates and smaller loan limit stand.

Eleven, bonus

If this is your first set of properties in Australia's First home buyer , and the purpose of purchase for self occupation, and you have the Australian identity, so congratulations you, in accordance with the Australian regulations, you can get a discount, according to the state provisions, you received preferential including stamp duty (stamp duty) and other discount. Considerable amount of money.