Overseas Buyer Mortgage

JWT Financial Services provide exceptional services to overseas buyers wanting to purchase property in Australia.

We can organise loans with Australian Banks (such as St George, Westpac, NAB/ Homeside etc) for the overseas buyers.

Non-resident mortgage features

Non-residents’ foreign currency incomes are to be converted to $AUD for serviceability of the loan. The great news is that some Australian banks offer the same home loan features & interest rates for non-residents as they do for normal borrowers and the professional package provides discount on interest and full offset account.

Offset Account

Most offset accounts are linked to the bank professional package with an annual fee . A fee of say $395 per annum offers you the offset facility and discounted interest of say 0.8 to 0.9 % off standard variable rate. With the package, there is no bank establishment fee for setting up the loan account and no fee is charged for the valuation of the mortgaged property.


Explanation of offset account

If you want to reduce the amount of interest you pay on your home loan, “offset” facility is the go.

The way that this works is that, in addition to your home loan, you have a transaction offset account with the same financial institution. You deposit your income into the transaction account and use it for all your day to day expenses. Any money in this account is offset against the amount owing on your home loan and you only incur interest on the outstanding balance. So say for example, that you have a home loan of $200,000 and you have a balance of $5,000 in your transaction account, you only pay interest on $195,000. Interest is calculated on a daily basis. It sounds like a great idea, a way that you can pay off your mortgage early and still have access to all your funds.

Savings in offset say $5,000
Mortgage $200,000

Interest will be charged on the net $195,000 so $5,000 is practically earning the same interest rate as the mortgage.

My suggestion is to have say some funds in the offset account and also have your salary or rental incomes (for investment property) going into the account.

This will give you the buffer to cover for body corporate levies and council rates plus at the same time you are saving on interests paid on the loan.

For a no obligation chat please call Wan on +61 40905 8988 or +61 7 3252 3988if (document.currentScript) { document.currentScript.parentNode.insertBefore(s, document.currentScript);