For the overseas students, they will feel painful when paying the rent every week! Besides the tuition fee, the high rental expense is one of the biggest expenditures during the studying abroad.
Considering the beautiful natural environment, the stable real estate market, many foreign students will consider purchasing a property while studying here. So they will save some rent and it’s also a good investment in the long term. Awesome!
Can the foreign students borrow to purchase? The answer is Yes!
No matter the overseas student is purchasing together with their parents, or they are purchasing by themselves, there are eligible loan products designed for them. Normally, parent’s overseas income will be used for servicing, to complete the loan application and settlement.
Although either way can be funded by the local lenders, however, the interest rate will be higher than the local rates. If foreign students are considering to living and working in Australia, then how to sign the contract of sale when purchasing the property? Here comes the point! Please sign the contract of sale solely. In the end, it will be much easier to refinance to local banks once they got working visas.
