Following recent events occurring overseas – Brexit and the political unpredictability of the United States among them – a mortgage lender has announced a three-month home loan deal for Australian expatriate borrowers.
The offer from Better Choice Home Loans brings interest rate reductions of up to 70 basis points (bps) to selected products.
According to Better Choice executive director Allan Savins, the expat home loan sector has been overlooked in the past.
“Better Choice has identified expat loans as an underserviced segment of the market and, together with BNK, we are able to produce a product that plugs this gap,” he said.
The lender’s Gold Expat loan products are funded through its partnership with BNK Banking Corporation and follows its investor loan special announced earlier this month.
“With the looming shadow of Brexit in the UK and the volatile political climate in the US, we are also seeing many [Australians abroad] considering a move back to Australia and looking to take a strategic position now to acquire property in Australia in readiness for their return home,” he added.
“We see expat loans as a real opportunity to help brokers provide a greater range of solutions to their clients. Our latest pricing special will add even more value to our offering,”
For expat applicants under 70% LVR, Better Choice is offering a 35bps reduction on its P&I investment loan package, which now has a 3.79% interest rate. The interest only investment loan has been reduced 70bps to 3.99%, while the owner-occupied package has been cut 20bps to 3.59%.
For applicants under 80% LVR, the P&I investment loan package has been reduced 35bps to 3.94%, the interest only investment loan 70bps to 4.09% and the owner-occupied package 20bps to 3.79%.