Better Choice Home Loans, a Southport-based mortgage lender, has revealed it will soon be launching a mortgage product for overseas property buyers.
“One of the things that our brokers have told us is that they need a non-resident product,” Natalie Sheehan, head of relationship management at Better Choice Home Loans, told The Adviser. “We currently offer a mortgage to expats. As of next week, we will be offering a non-resident product. That’s for foreign investors purchasing residential and commercial real estate in Australia.
“This is something we have been trying to bring to market for a while. We have the funding in place and will be bringing that product to market next week,” Sheehan added.
So far this year, Better Choice has consolidated the Iden Loan Services, Future Financial, and Pioneer Mortgage Services under its brand, and is now providing prime residential loans to owner-occupiers and investors. This complements the lender’s existing specialist and low doc residential and commercial product range.
Product innovation has been a major priority for Better Choice, which distributes exclusively through the broker channel and has eight different funders.
Australia’s major banks pulled out of non-resident lending two years ago, and only a handful of lenders still offer mortgages to foreign property buyers.