Mortgage for Irish property - live in Australia - lenders? brokers?

R

rabbitrun

Registered User
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Hi
We live in Australia and own our house here outright value about $2m AUD (EUR 1.4m) and have about 700k EUR in cash, held half in Australia half in Ireland. Also have shares in Ireland.

Husband works for a company here that is a wholly owned subsidiary to a large irish company on a good salary.

We are thinking of buying in Ireland for around 750k and using as corporate let/airbnb and then we can use when we come over with family. Thinking D2, 4 and 6. We will be in Australia for the next good while. I look after our kids. Husband is Irish and we have accounts and history in Ireland but no property there.

Will Irish banks lend to us? Are there mortgage brokers who can manage this stuff (names would be great subject to advertising rules)? Is there anything else I need to think of?

Thanks in advance!
 
Firstly, well done on being in such a strong position.
I don't see any problem in getting a mortgage here. The banks major concern is that your application be as transparent as possible i.e. that they can see your salary, savings history, know your employer etc. You meet all these criteria.
They will want to see information on your spending pattern in Australia so they will look for bank statements from the last 6 months, at least. The fact that your spending is in another currency and that your income is subject to currency fluctuations might go against you.
You will be treated as an investor so the amount they will be willing to lend will be lower than if you were borrowing to buy your own home. Also, because of this, the interest rate charged on your borrowing will be higher.
Given that there are some complications with your application you might be better off applying via a mortgage broker.

The only question I have for you is why you are doing this? Have you done a business case for this? Does it stack up? The buying process here is alot of hassle. Letting one is even more hassle. Given your distance from Ireland both those issues are going to be more pronounced.
You seem to be in a strong financial position, do you really want to get into a complex deal like this?

If this is going to be a loss making exercise then I'd suggest you don't do it. Instead you could use your money to invest/save elsewhere and then stay in a very nice hotel when you come here. There are great hotel deals to be had here just now.

Anyway that's my tuppence worth, good luck with it.
 
Have you researched the need for this kind of property. Who will manage it? What is the long term reasoning in purchasing the property?

I recommend LD Ferguson, a broker who posts on here and knows all about mortgages and pensions etc and posts good advice.
 
Thanks guys/girls

Really doing it to get a foot in the market at a time when its low(ish) in case we come back and for the convenience of using it ourselves for perhaps 2-4 times a year.
 
Good luck with it.
If it's of any help/interest, I just finished up working with a multinational based in Dublin 4 and have heard that there is plenty of demand for medium/long term Corporate lets - i.e. one and two year leases - for senior people locating to Ireland.
A couple of people in my former company reported that they struggled to find decent family homes to rent in D2, D4, D6 and Sth County Dublin when they moved here. I have heard that from a few sources.
That might be a market you could target, though of course it would preclude you from using it while it's rented.
 
Is it possible for LD Ferguson to contact me as it is not possible for me to contact this broker.

Thank you
 
Just seeing this thread now and am grateful to all who posted complimentary comments.

For the record, best way to contact me about a mortgage enquiry is to fill in details on the mortgage fact-find from the website here [broken link removed] and e-mail it back to info@ferga.com

@homecoming - did you say you've made contact? Don't recall seeing a non-resident mortgage query today?
 
Hi Rabbitrun,

What your trying to achieve is possible. Im currently living in Oz im here for the past three years and i have just gotten approval for a mortgage in Ireland. Your on the right lines by contacting a broker. I have tried doing it directly and failed due to the banks putting up smoke screens and mirrors just to say No without saying no.

Some of the things that you will need are:
Your / partners Australian group certs for the past few years to show earnings.
OZ Bank ac statements for the past few years (I had to show the three)
Irish bank ac statements (if you have them)
I had to show tenancy agreement but you own your home so you'll be ok there.
If you have any Irish incomes
Im un married and have no kids so i didnt have to show that info im sure you may though
An Australian credit check
I didnt go for a large amount im not chasing the same type of property that you are.
There are only two banks that im aware of that will touch you KBC and AIB. Im open to correction on that.
My approval came from AIB. KBC said no (no reason given)
the best I'm aware of for buy to let is 70% LTV. You have it covered anyway..

Hope this is of some help,
 
Last edited:
thanks c_donno2001 thats a great list and info for me to try and get together...

thanks macstuff and bronte, its been great to clarify our thinking and get some current residents thoughts...
 
Rabbit I'm non resident in Ireland as I live on the continent, with investment property in Ireland.
 
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