Specialised Lending
Ministry & Charity
MWB are specialists in financing home loans for employees of church and ministry groups as well as charity workers. These loans take into consideration how income is earned, which is different to a PAYG employee.
Example:
You live in a rent free church home or, alternatively, the church sponsors your rent. Many people in this category receive a taxable wage (stipend) plus support for housing, travel etc. which are non taxable (fringe benefit) payments. The time comes when you’re in the market to buy a home and plan to receive the “fringe” money from your church/charity to assist in repayments of the home loan.
Because of the way these employees are remunerated, lenders & brokers find it difficult to establish a loan and take up unnecessary time getting the client to jump through the wrong hoops. Also, declined loan applications leave an enquiry on your personal credit record which will require further explanation to future credit providers. It is important to get it right the first time!
MWB have successfully negotiated with a number of lending institutions to approve loans based on criteria suitable for church/ministry and charity workers. These are major banks with extremely competitive rates.
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Non-resident
MWB has specialist knowledge in lending to expatriates and foreign citizens.
Definition of a Non-resident
Resides permanently outside Australia and is not an Australian citizen
or
Is an Australian citizen who has been living and working out of Australia for more than 6 consecutive months
or
Is not an Australian citizen but has been residing in Australia for less than 6 consecutive months.
Australian Expatriates
A full range of product types is offered to expatriates who have the potential to borrow up to 100%* of the purchase price/valuation.
* Subject to Loan Mortgage Insurance (LMI) premium
Foreign Citizens
For foreign citizens the maximum loan amount is 80%. A 20% deposit is to be contributed by the borrower(s) up front.
A list of approved countries
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Foreign Investment Review Board (FIRB)
The purchaser must obtain prior approval from the FIRB to purchase real estate in Australia. The responsibility for obtaining approval rests with the purchaser. Please click http://www.firb.gov.au/content/default.asp for more information.
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Foreign Currency Home Loans
A client who resides either within Australia or offshore is able to borrow* funds in a foreign currency, provided their main source of income is denominated in the same foreign currency, creating a natural hedge for loan repayments.
Foreign currencies available are:
- Hong Kong dollar (HKD)
- United States dollar (USD)
- Singapore dollar (SGD)
- British Pound Sterling (GBP)
- New Zealand dollar (NZD)
- Euro (EUR)
*Conditions apply.
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