Run out of Options for Approaching Lenders (Foreign Income Difficult to Prove), Looking for Potential Ideas

kwiksand on 27/09/2017 - 02:51
Last edited 27/09/2017 - 10:03 by 1 other user

I arrived back in Australia from abroad about 12 months ago, and upon sale of a foreign property and a decent savings, my wife and I have approximately $300k to put towards a house. This would be great, but as I'm still working for an overseas company (contracting via my UK limited company), Aussie banks aren't happy about the foreign self-employed situation and don't seem willing to start conversations about a mortgage.

The obvious answer is to quit and get a job here (Perth), but before doing that, I thought I'd pursue all possible options and ask on Ozbargain if anyone:
- knows of any banks/lenders that are known to be more accommodating with the more obscure income arrangements; or
- knows the kind of person I could contact who may be able to offer some more advice on the situation. I've talked to two mortgage brokers and a financial adviser but each only dealt with the major banks (CBA/ANZ/Westpac, etc) and couldn't offer any more info

• 

  chumlee on 27/09/2017 - 06:51

  +1

  There is a broker on ozbargain (navitas or something like that) who i think deals with lenders outside the big 4.

  Maybe you should try non bank lender such as Liberty Financial etc

• 

  MrHyde on 27/09/2017 - 07:27

  Are you paying tax in Australia or in the foreign country. In Australia, if self-employed; two years worth of tax returns are usually enough to satisfy the banks of your income earning capabilities.

  With less than two years of tax returns and being self-employed, you will find it very difficult if not impossible to get a loan from a bank. As suggested, try a non-bank lender who may be willing to take a look and be prepared to pay a higher interest rate as they will likely cover themselves with that.

• 

  sydsm on 27/09/2017 - 08:29

  Good luck - they have tightened the screws dramatically. I know countless friends who earn decent money being refused by the banks due to a myriad of issues.

• 

  geek001 on 27/09/2017 - 08:53

  Try HSBC, they might only lend you 60% for someone in your situation, but should be ok for you since you have decent savings on hand. Good luck.

• 

  Wampus on 27/09/2017 - 08:57

  I used a mortgage broker who helped me get around an unusual income and helped me get my first home loan when other mortgage brokers just scratched their head. PM me if you'd like contact details

• 

  peterpeterpumpkin on 27/09/2017 - 10:47

  Just wanted to point out that non-foreign-income self-employed people are often considered high risk as well, even when they can produce 2 consecutive Australian tax returns.

• 

  sweefu on 27/09/2017 - 12:22

  Hi there, I'm a mortgage broker based in Melbourne and focus on complex lending.

  There's a bit too much to go over in the post, so feel free to PM if you'd like some info - I should be able to point you in the right direction.

• 

  kwiksand on 27/09/2017 - 12:55

  +1

  Wow, thanks for all the responses, gives me some hope!

  Just to clarify, absolutely a tax resident here, all offshore income reported direct to ATO with appropriate tax credits claimed/received for the remaining taxes that are partly paid on the UK side.

  Sending out PM's shortly, thanks again!