Buying a property abroad can be an exciting, if not, stressful time. Arranging funding for your new home can vary from country to country, and while mortgages are often readily available to migrants, the process you need to go through to get one can be very different. The UK government provide a detailed list of tips for buying property abroad and it’s worth taking a look at it before your proceed. You can find the guidance by following this link.
In some countries, such as Canada, buying a property as an expat is relatively easy as they have an open door policy to foreign ownership. That said, you’ll need to have all the correct financial checks, a permanent resident visa and at least 35% of the total purchase price. Mortgages however need to be taken out with Canadian banks. For more information check out the following websites:
In New Zealand too it is possible to get a mortgage and once again the best place to start is by talking to one of the major banks. A list of them can be found here.
They will often have migrant mortgage specialists so you can always just arrange a meeting, if you have initial questions. You’ll also need to make sure you have legal representation to aid the process. Sound financial proof that you’re a good risk is essential as you’ll be arriving in the country without any credit history. In New Zealand they have something called the loan-to-value ration (LVR) which restricts how much money can be loaned. Currently, if you have less than a 20% deposit to put down on a property you may find it difficult to borrow anything. For more information visit here.
Australian’s call mortgages ‘Home Loans’. Most Australian banks will offer them to migrants but it will all be dependent upon your credit rating, which will assessed once you arrive in the country.
Here too banks have specialist customer service advisors who can help you through the process. One such example, Westpac have up-to-date migrant financial service advice here. A minimum 20% deposit is required for a mortgage so it’s worth checking what you can and can’t afford before you leave your country of origin and set aside enough cash accordingly.
Most Australian banks offer mortgages or Home Loans to migrants but these will be dependent upon your credit rating which they will assess once you arrive in the country. Many banks are used to dealing with migrants and provide information and checklists. See one here. You will not get a 100% mortgage from an Australian bank and will be asked to provide, in most cases, a minimum of 20% deposit.
Other countries such as the USA too allow property to be purchased by migrants, but after their recent economic troubles, doing so takes a lot of paperwork and proof of such things as visas and work permits. A more detailed guide can be found here.
As in most parts of the world it is important you avoid scams. Make sure you always go to a reputable mortgage broker, financial advisor and estate agent. Do your research and know exactly who is going to help you make one of the most expensive purchases of your new life overseas.
If you are considering a move overseas PSS International removals can help. We are a family run company and our desire is to ensure your family receives a friendly, professional and stress free overseas move. We have specialised in international removals for over 32 years, so whether you are planning on sending a full or part household removal, excess baggage or a vehicle we recognise the importance of ensuring our customers receive the same level of care and attention that we would expect ourselves.
Contact us now for a free estimator’s survey, or simply fill in our online moving or baggage quote form.