Resi Non Resident Home Loan
About the Resi Non-Resident Home Loan
The Resi Non-Resident Home Loan is specifically designed to suit investors living outside of Australia who wish to purchase an investment property within Australia.
Investors who don’t live in or pay taxes in Australia can often find it difficult to apply for finance for investment use, as most other banks have quite strict non-resident lending rules.
However, Resi Home Loans makes it easy for non-residents to apply for an investment mortgage at very competitive interest rates. There are no application fees or monthly fees to worry about, which keeps the associated mortgage costs as low as possible. Borrowers are able to borrow up to 80% of the property value.
Fixed or Variable
Non-resident borrowers are able to choose between a competitive variable interest rate or low fixed rate terms. It’s also possible to split the loan facility so a portion remains variable, while the remaining portion is fixed in for an agreed term.
A fixed rate home loan offers borrowers a measure of protection against future interest rate increases, but also lets them budget for cash flow purposes. As the payments won’t change during the fixed term, this makes it easier for an investor to forecast rental yields and cash flow more easily.
Flexible Repayments
Payments can be made to suit your specific pay schedule or cash flow needs. You’re able to request that payments are made weekly, fortnightly or monthly to suit you.
Non-resident borrowers are also encouraged to make extra payments off the mortgage balance at any time. There is no penalty for paying more than the minimum payment due on a variable rate loan. However, there may be some restrictions placed on the amount extra you’re able to pay on fixed rate loans.
As the loan is for investment purposes, investors may choose to have their rental income paid directly into the loan account, if they wish. This can be done by asking the rental agent to credit the amount of rent payment due to you each month directly into your account.
Redraw Facility
For non-resident investors who have made extra repayments into the loan account can redraw those excess payments at any time online at no cost. This can be an ideal way to build up an investment property portfolio within Australia, simply by paying more into the mortgage whenever possible.
Once the redraw amount is sufficient, it can be redrawn and used as a deposit to purchase another investment property. Resi may also be happy to cross-collateralise existing properties you have, using the equity to form part of the security amount.
Rates and Fees
The competitive rates and fees available to non-resident borrowers is as follows:
| Fee Type | Rate/Fee Charged |
| Interest Rate (variable) | 7.55% |
| Application fee | $0 |
| Monthly Account fee | $0 |
| Valuation fee | $232.50-$350 (location dependent) |
| Legal documentation fees | >$396 |
| Redraw fees | Nil (if redrawn online) |
Related posts:
- Resi Flexi Fix Home Loan
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- Resi Fixed Home Loan
- Resi Lo Doc Home Loan
- Resi Complete Home Loan
- Resi Lo Doc Pro Lite Home Loan
- Resi Low Start Home Loan
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- Resi BreakThru Home Loan
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
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 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
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 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
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 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
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