The past 18 months since early 2020 has caused many Australian expats to consider their plans to move back home to Australia. Whether it be concerns about job security, missing family back at home, or simply missing the freedom of being able to travel at least intra-state to a range of different locations. This has also led many to consider where they’re going to live when they return to Australia, and what their options are to purchase their future home.

Many Australian expats make the mistake of assuming that their only option is to start the application process to secure their home loan once they’re back in Australia, however, this is often not the case, particularly for those looking to relocate back to Australia with their current employer.

You could find that you can secure your home loan pre-approval while you’re living and working offshore, allowing you to move straight into your new home when you repatriate, rather than having to move in with family or rent somewhere else and then have to move all of your belongings a second time once you find your new home. This can also avoid having to wait months for the minimum number of payslips or company financials for those self-employed to be eligible for the loan.

This week we’re sharing our tips for those considering returning to Australia, and wondering about the most sensible ways to obtain their home loan. We’ll outline the common scenarios that many Australian expats face to consider whether you might be eligible to obtain your financing before moving home.

1. You’re relocating with your current employer

Many multi-national companies will relocate their employees and their family back home to Australia, and in many cases, this is into either the same or a similar role or function within the company. This is certainly a bonus for many as it often means that the employer will cover the costs of shipping and repatriating the family, but it could also mean that given the lack of change in employer and your role within the company, you could be eligible to obtain your home loan before returning to Australia.

2. You’re changing employers, but staying in a similar industry in a similar job function

Your current employer may not have an office in Australia, they may not be willing to relocate you, or you may simply be looking for a change but still plan to remain in the same or similar industry. If you’re staying within a similar industry and planning to work in a similar role, again you may find yourself in a position to obtain your financing before repatriating to Australia. For example, you may be the Human Resources Manager for a particular pharmaceutical company in London, and you’re planning to perform a similar role with another pharmaceutical or healthcare provider in Australia.

3. Your partner is going to remain with their employer but you’re looking to change or take time off

Similar rules can apply if it’s just one partner either looking to stay with their current employer and relocate with them or stay in a similar role within a similar industry. This does not need to be the case for both applicants here, however, it’s important that your mortgage broker does their homework to assess if the income of both applicants can be included for servicing, thereby improving your overall borrowing capacity.

There are many options to consider when it comes to securing your financing from the lender, and we work with many repatriating Australian expat families all over the world to do exactly that. It allows them to purchase and settle on their future home while living and working abroad, move straight into their new home upon repatriation, avoid having to shift all of their belongings twice and avoids having to wait months upon repatriation to meet the minimum payslip and financial requirements of the lenders.

If you’re considering repatriating to Australia, or just want to explore what your options might look like, reach out to our team at Loansuite for an obligation-free discussion.

Ally Home Loans Pty Ltd is your ally in finance for all of your home loan, investment property, business and commercial financing needs. With our wide range of lending solutions, expertise in financial planning and investment strategies, and extensive experience in working with both Australian residents and Australian expats, we are your partners for your lending needs.

Book an obligation-free, complimentary consultation here today.

Ally Home Loans Pty Ltd is an Authorised Credit Representative (Credit Representative Number – 494608) of My Local Broker (Australian Credit License – 481374). Important Disclaimer: Your complete financial situation will need to be assessed before acceptance of any proposal or product.