First time home loan with unsual employment?

[XandersMummy]

I'm just wondering how likely it is that we'd get approved for a first time homebuyer's loan with my husband's current employment status. We just moved here 3 months ago from the US, hubby is an Aussie who was overseas for 7 years. He makes very good money, but he is still working for a US company at home on the computer. He gets paid in US dollars through a US bank account. I really want us to be paying mortgage rather than rent. What is our chance of approval given my husband's job situation?

[andie_pandie]

Thanks for your post.

There are only a couple of banks that will lend up to 95% of a purchase price of a home in your current situation. This is also dependent on many other factors including Australian Residency, type of employment, how paid and other factors. Income is assessed differently to Australian Income for any contingencies with the exchange rate etc.

Most other banks that consider your situation will only lend up to 80% hence not needing mortgage insurance.

To look at your situation thoroughly I will need to ask you several other questions. If you can pm me, then I can ask you further info so that I can assess more carefully for you.

For assess to the first home owners grant, one party must be a Australian Resident which you have mentioned in your post.

Thank you for posting your question, I have done several loans over the years similiar however with clients still living and working overseas and have been able to get most through due to the deposit plus income earnt. Of course all lending criteria must be met before a preliminary approval could be given.