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Expat Refinancing of an existing Australian Mortgage

Refinancing an Australian Mortgage

Exfin is typically able to arrange residential home loan finance for Australian expats, but refinancing an existing mortgage when individuals are non-resident can be a more difficult process, with fewer lenders providing access to funds, and more restrictions.

More Competitive Interest Rates

Reviewing whether refinancing is available can be very advantageous. Most banks compete vigorously only on "new loans" and there is usually a very significant gap between interest rates payable on new and existing loans. Additionally, while banks may offer lower interest rates to new customers who have significant equity in their homes - these "loan to value (LVR) discounts are not passed onto existing customers.

Many expatriates have mortgages which are often "ancient" in nature, and these can be markedly uncompetitive in terms of interest rates and terms and conditions - particularly in a sharply rising interest rate environment - and refinancing can be very attractive.

Remember, in most situations no cost attaches to having a mortgage broker review your current arrangements and suggest alternatives. The following represents a snapshot of the market at the mid 2023, and is provided as general guidance only.

Eligibility and Borrowing Limits

Australian lenders will review your eligibility in the normal way, calculating your servicing ability by looking in detail at your income and costs, but there are some restrictions on maximum loan to valuation ratios (LVR) which are driven by the currency in which you earn your income. Please note, however, that Australian banks will not currently lend to self-employed non-residents

Gold Tier Currencies Silver Tier Currencies
Maximum 90% LVR Maximum 80% LVR
British Pounds (GBP)
Euro (EUR)
Hong Kong Dollars (HKD)
New Zealand Dollars (NZD)
Singapore Dollars (SGD)
United States Dollars (USD)
Canadian Dollars (CAD)
Japanese Yen (JPY)
Indian Rupee (INR)
Indonesian Rupiah (IDR)
Vietnamese Dong (VND)
Chinese Renminbi (CNY)
United Arab Emirates Dirham (AED)

Indicative Mortgage Rates

On November 7, 2023 the RBA announced a 0.25% increase in the cash rate to 4.35% - the highest rate in nearly 11 years. We expect the majority of banks to pass on the full increase and the rates below represent indicative mortgage interest rates for principal and interest (P&I) loans with effect from November 8, 2023.

Type of Mortgage Interest Rate
Standard Variable Rate - Owner Occupied (P & I ) From 5.99% p.a.
Standard Variable Rate - Investment (P & I) From 6.14% p.a.
Fixed Rate Home Loan - Investment (P & I) - 5 years From 6.19% p.a.


If you would like to make an inquiry regarding an Australian mortgage, please complete the Inquiry form below and we will respond promptly.