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The Australian property market remained resilient despite the economic downturn, and started rebounding in 2024 amid many Australian expat families and overseas investors re-entering the property markets. Buying a property in Australia is complicated and doing so alongside applying for a home loan while living in Singapore can be even more challenging. However, with the right knowledge, tools, and guides, Odin Mortgage can help make your home-buying journey smoother.
Borrowing options
While buying a new place is exciting, it’s important to understand what’s affordable and your available borrowing options. Knowing your current deposit position, costs of buying a home and borrowing capacity will help you to define a purchase price.
Costs & deposits
Australian banks and lenders generally require higher deposits – 20-40% of purchase value for Australian expats or overseas investors where your deposit is just one of the costs. You’ll also need to consider taxes and government fees such as stamp duty, inspections and legal fees as well as insurances.
Getting a home loan
How much you’d be able to borrow is subject to income and expenses and Australian banks and lenders have rules and policies for borrowers living and working outside Oz. It’s important to talk to specialists like us to ensure you understand your borrowing profile.
Below are a few examples of the rules that may hurt your borrowing power. Some Australian lenders:
- Apply a discount of 20-40% of gross income in a foreign currency
- Apply Australian income tax rate for the purpose of calculation
- Restrict self-employment income in a foreign currency
Make sure you explore the market and understand available borrowing options that suit your needs.
How Odin Mortgage can help
Whether you’re looking to refinance, invest or buy your future family home in Oz, Odin Mortgage can help.
We’ve recently expanded our operations to Singapore to better serve the communities and clients to make your Australian home buying journey simple. Our key service offerings include:
- Home Buying: Whether you’re a first-time buyer, buying a future family home, or an investor building a portfolio, we navigate through property searching, market research, settlement and beyond.
- Refinancing: We have access to the best available home loan offers partnering with Australian lenders and international banks in Singapore to help you find better offers in the market and optimise your home loan expenses.
Talk to us
Take the first step to securing a life back in Australia by talking to our specialists at Odin Mortgage. They’ll be able to help you guide through the home buying journey with best available home loan offers.
Contact details
+65 8714 8914
support@odinmortgage.com
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