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Expat Refinancing of an existing Australian Mortgage

Refinancing an Australian Mortgage

Exfin is typically able to arrange residential home loan finance for Australian expats, but refinancing an existing mortgage when individuals are non-resident can be a more difficult process, with fewer lenders providing access to funds, and more restrictions.

Generationally Low Interest Rates

Nevertheless, reviewing whether refinancing is available can be very advantageous. Many expatriates have mortgages which are "ancient" in nature, and uncompetitive in terms of interest rates and terms and conditions - and refinancing can be very attractive. This is particular case at present, where adverse economic conditions as a result of the coronavirus pandemic have resulted in generationally low interest rates on most mortgage products.

Remember, in most situations no cost attaches to having a mortgage broker review your current arrangements and suggest alternatives. The following represents a snapshot of the market in the second quarter of 2020, and is provided as general guidance only.

Eligibility and Borrowing Limits

Australian lenders will review your eligibility in the normal way, calculating your servicing ability by looking in detail at your income and costs, but there are some restrictions on maximum loan to valuation ratios (LVR) which are driven by the currency in which you earn your income.

Gold Tier Currencies Silver Tier Currencies
Maximum 90% LVR Maximum 80% LVR
British Pounds (GBP)
Euro (EUR)
Hong Kong Dollars (HKD)
New Zealand Dollars (NZD)
Singapore Dollars (SGD)
United States Dollars (USD)
Canadian Dollars (CAD)
Japanese Yen (JPY)
Indian Rupee (INR)
Indonesian Rupiah (IDR)
Vietnamese Dong (VND)
Chinese Renminbi (CNY)
United Arab Emirates Dirham (AED)

Indicative Mortgage Rates

Interest rates will depend upon the loan option and type of loan process, but below is a schedule of current interest rates that are intended as being indicative of current interest rates.

Type of Mortgage Interest Rate
Variable Rate Home Owner Occupied (Principal & Interest) 2.79%
Variable Rate Investment Loan (Principal and Interest) 3.27%
5 Year Fixed Home Owner Occupied (Principal and Interest) 2.99%
5 Year Fixed Investment (Principal and Interest) 3.09%

If you would like to make an inquiry regarding an Australian mortgage, please complete the Inquiry form below and we will respond promptly.