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Suitable borrowers:Australian Temporary Residents or Non Residents |
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Non-Resident Loan Application Documents Checklist
Employee (PAYG)
I’m a borrower with salaried incomeIdentification documents
- Certified copy of Passport; AND
- Certified copy of ID card
Credit Report
- Personal Credit Report from the country of residence
Income Documentation
- 3 months bank statements (within 45 days of assessment); AND
- Brighten template Employment Income Verification Form (signed by employer); OR
- 2 consecutive payslips no older than: Monthly payslip ≤45 days old; Fortnightly payslip ≤30 days old; or Weekly payslip ≤30 days old
Evidence of Funds
- Showing funds to complete the purchase (if not yet settled)
Evidence of security
- Copy of Contract of Sale for purchase; OR
- Copy of Title, if property is being refinanced (and 6 months mortgage statements), or if property is being secured for equity release.
Additional income supporting documents (if applicable)
- Rental income: lease agreement or recent rental statement or 3 months bank statements with rental crediting dated within 45 days. (Accepting rental income outside Australia)
- Investment income: 12 months investment fund or share portfolio statements and dividends received. (Accepting investment income outside Australia)
Self-employed
I’m a borrower with self-employed incomeIdentification documents
- Certified copy of Passport; AND
- Certified copy of ID card
Credit Report
- Personal Credit Report from the country of residence
Income Documentation
- 6 months personal bank statements (within 45 days of assessment); AND
- 2 years business financials; OR
- Brighten template Self Employed Income Verification Form (signed by practicing accountant)
Evidence of Funds
- Showing funds to complete the purchase (if not yet settled)
Evidence of security
- Copy of Contract of Sale for purchase; OR
- Copy of Title, if property is being refinanced (and 6 months mortgage statements), or if property is being secured for equity release.
Additional income supporting documents (if applicable)
- Rental income: lease agreement or recent rental statement or 3 months bank statements with rental crediting dated within 45 days. (Accepting rental income outside Australia)
- Investment income: 12 months investment fund or share portfolio statements and dividends received. (Accepting investment income outside Australia)
Case Studies
FAQs
What is a Non-resident Home Loan?
A non-resident home loan is a Full Doc or Alt Doc home loan, which is available to borrowers who are non-residents of Australia or have non-Australian sourced income.
What kind of property can non-residents buy in Australia?
The Foreign Investment Review Board (FIRB) restricts the type of property that non-residents can purchase in Australia. Non-residents are restricted to buying either new residential properties, established dwellings for redevelopment or vacant blocks of land for development. For more information, click here.
What are the income currencies accepted in order to apply for a non-resident home loan?
At Brighten, we accept over 24 income currencies, most notably: Australia, New Zealand, China, Hong Kong, Singapore, United Kingdom, United States of America and Vietnam. To see a full list of our accepted currencies, view our product guide.
Do non-residents need approval from the Australian Government to get a mortgage?
Yes. The authority on non-resident property purchases in Australia is the Foreign Investment Review Board (FIRB). Any non-resident wanting to buy a residential house, apartment or block of land in Australia must satisfy the rules laid out by the FIRB.
Do you offer interest only home loans?
Yes, we do, up to a maximum of five years. The loan will then revert to Principal and Interest repayments for the remaining term.
What is the minimum and maximum home loan size?
The minimum home loan amount is $150,000; and the maximum is $15,000,000.
How much can I borrow?
The maximum amount you can borrow for a home loan depends on various factors, such as your income, liabilities, credit history, and the Loan to Value Ratio (LVR).
Brighten’s online borrowing calculator offers an estimate based on your current financial situation, helping you understand how much you could potentially borrow.
Use our calculators to find out whether your numbers add up
Why Choose Brighten?
Superior Product Offering
Comprehensive and competitive Full Doc, Alt Doc and Construction loans, available to Prime, Near Prime, Expat and Non-Resident buyers.
Fast turnaround times
Fast SLA supported by our experienced team and a proprietary cloud-based loan origination platform.
Diverse and Resilient Funding
Well-established warehouse-funding arrangements with multiple Top Tier Banks, three public RMBS programmes and multiple wholesale credit funds to provide further funding diversification.
Better Service Proposition
Our experienced team are available when you need them to help you navigate your home loan journey.
Trusted Partner
Award-winning non-bank lender with an extensive broker and aggregator network across Australia.
Environmental, Social, and Governance
Good governance, social responsibility and sustainability are key pillars of our culture.
*Available for new Brighten Evergreen (P&I) loans ≤65% LVR and $1m. An additional 0.3% p.a. loading is applicable for all Self-employed loans. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. WARNING : This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.