Is it possible to take a home loan on a house abroad?
Home Mortgage
dane asked:
I have an Australian wife, and she is looking forwards to moving to Australia one day, however, the home loan rate over there is usually above 7% which is much more than the relatively low 4,25% offered here.
I have an Australian wife, and she is looking forwards to moving to Australia one day, however, the home loan rate over there is usually above 7% which is much more than the relatively low 4,25% offered here.
Is it possible to pay off a house in Australia with a home loan from my country? If so, what kinds of fees are there? Any personal experience is appreciated.
Denise
April 1st, 2009 at 3:23 am
Tamara
What you ask is possible but you must use the right words.
If you can buy the house in Australia, the banking establishments
want you to make the mortgage payments. They do not care
how you do it.
If you can borrow the money here against the property you
have here and use the funds to pay the mortgage there, all is
well as long as the banker here gets their mortgage payments.
If one of the properties is rented, or used for housing for a
relative (who pays enough to make the mortgage payments)
again all is well.
In no case does Australia or America Bankers want to hear
that you are sending funds to another country. (DON’T TELL
DON’T ASK) Pay all bill Early and in full.
The usual way to handle this problem is to buy an income
producing property in the country where you are currently
living. And an income producing property in the country
where you want to live. As a result of two income producing
properties, you will have assets that will pay for the property
you want when your decide to move.
The sooner you start this project the better off you will be.