Non-bank lender Better Mortgage Management has launched a new loan product for non-residents and expatriates.
The Aspire Expat loan is available to Australian or New Zealand citizens living and working in another country, and also for permanent and temporary residents of Australia with an “acceptable visa”.
It is available for those seeking up to $1.25 million with a loan-to-value ratio (LVR) of up to 80 per cent, with cash out available up to 65 per cent LVR. Rates start from 2.9 per cent.
The Aspire Non Resident product is suitable for non-residents to purchase, build, renovate, improve or refinance a residential property.
The product has an LVR up to 80 per cent, with construction permitted up to 75 per cent LVR. Rates start from 4.48 per cent, with loan amounts allowing up to $1.5 million. However, the maximum loan amount for a construction loan is $750,000.
The latest products in the Aspire series have been launched by the mortgage manager after finding that market conditions had recently made it more difficult for brokers to access loans for their expat and non-resident clients.
Indeed, several banks have been pulling their expat and overseas buyers products over the past few years, as they reduce their risk appetites for non-core lending.
The managing director of the Brisbane-based lender, Murray Cowan, said that while COVID-19 had temporarily slowed the demand from overseas buyers and expatriates last year, he expected that there would be an uptick moving forward as the country emerges from COVID-19.
He commented: “Australia with fewer cases than other countries will be seen as a safe haven for both foreign nationals considering relocating and Aussie expats working away from home wanting to return home.”
BMM tipping competition
Mr Cowan also announced that the company had launched BMM’s Annual NRL Tipping Competition, ahead of the rugby season’s start on 11 March.
Offering over $1,500 in prizes this year, he invited all Australian mortgage and finance brokers to enter before 10 March 2021 and compete. Mr Cowan outlined that there was a $750 first prize on offer, along with “the prestige of becoming the mortgage industry’s #1 tipster”.
Mr Cowan said that those interested in getting involved can do so by visiting the tipping.nrl.com website and join the competition with the following code: FZP67E23.
[Related: BMM offers new SMSF product]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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