Borrowing money to buy a home when you are a migrant can be challenging, but it is not impossible. In most cases, migrant mortgage lenders require the buyer to pay a substantial down payment—but there are ways to reduce that burden.
If you have migrated to Australia and are trying to get a mortgage without a large down payment, take a look at these ideas:
1. Make your residency as permanent as possible
Like parents in many other parts of the world, Australians must contend with increasing childcare costs, and the problem is worse in some parts of the country. For example, a 2014 report showed that childcare costs in Sydney have increased 150 percent since 2003. In fact, Sydney residents generally pay more than the national average.
In many cases, childcare costs increase because of strong demand and a lack of available places.