For Australians living in Singapore
Buying or refinancing back home on a Singapore salary?
I'm Mitchell Lillis, a Sydney mortgage broker. Most of my clients live overseas and want an Australian home, investment property or refinance sorted without flying home to do it.
What Australian lenders look at
Every lender has its own policy for overseas income, which is why the same application can be a yes at one bank and a no at the next.
Your SGD income
Singapore dollars are widely accepted. Lenders convert at a conservative exchange rate and commonly count only part of the income, often around 70 to 80% of it. How much varies a lot between lenders.
Your documents
Expect to provide:
- recent payslips and an employment letter
- your latest IRAS Notice of Assessment
- bank statements showing your salary and savings
- passport and ID, certified where the lender requires it
Your deposit
Lenders often want a bigger deposit from borrowers living overseas than from local ones. Some will go higher with lenders mortgage insurance, and policy changes from lender to lender.
Your plans
Whether you'll live in the property, rent it out or move back later changes which loans fit. We set this up properly at the start so it doesn't trip you up later.
Three things that catch people out
None of these are deal-breakers. They just need checking before you sign anything.
Who's on the title
Australian citizens living overseas don't need foreign investment approval to buy. A partner who isn't an Australian citizen or permanent resident can change the rules, so check how you'll buy before you make an offer.
Currency moves
Your repayments are in AUD and your pay is in SGD. Lenders build a buffer into their assessment, and it's worth building one into your own budget too.
Tax as a non-resident
Selling while you're a foreign resident for tax purposes can mean a very different tax outcome, including on the family home. I don't give tax advice; I'll introduce you to an accountant who does.
How it works from Singapore
You don't need to be in Australia for any of it.
A short call
We talk through what you want to do, your income and your timing. No paperwork yet.
A straight answer
I look at your numbers against lender policy and tell you what's realistic and which lenders suit.
Handled from Sydney
I manage the application with the lender, valuations and settlement, with most documents signed electronically.
Send an enquiry
Tell me a little about what you're looking at and I'll come back to you within one business day, Sydney time.
Prefer to talk? Book a call or message +61 428 905 841 on WhatsApp.