Regular Payments

Direct Debit
If you’re sending Australian dollars, United States dollars, Canadian dollars, or Great British Pounds for your Regular Payments, you can use Direct Debit. You can link your bank account to your OFX account to simplify this process and transfer your funds quickly. Please note, that a signed direct debit authority form is required.

Bank transfer
For other major currencies, we recommend setting up a recurring payment with your bank to avoid missing payments. This means that your bank will automatically initiate an online bank transfer to OFX on your required dates. You can refer to your OFX confirmation email to specify the dates you need to make a payment. 

You can also initiate an online bank transfer directly from your bank prior to each scheduled payment.

There are no setup fees for Regular Payments.

Should you choose to fix a rate using a Forward Contract for the duration of your payment schedule in advance, OFX may require a deposit. For more information contact a specialist.

If you decide to cancel your regular payments part way through the agreed term, a fee could apply depending on the structure of how the payments were set up. Speak to an OFX specialist if you have any questions.

When purchasing real estate in another country, it could be difficult to find the appropriate financing option, especially since some countries might not have any financing options for foreign buyers at all. In some countries, banks cannot take a foreign asset as a security for the loan, so you may not be able to get a standard mortgage from your domestic bank the way you would for a local purchase. Still other international regulations may prohibit banks from even initiating a conversation to a client about a mortgage if the client is based overseas–even if you’re a citizen of the country in which you want to buy. So how can you get a mortgage for an overseas property purchase?

While traditional bank financing might not be available for overseas assets like it is in your home country, developer financing may be available when there aren’t any other options for foreign investors.

Other payment methods might include using the funds in your retirement account or pulling equity from your primary residence in your home country. You may qualify for business or personal loans that you can use to pay for your down payment overseas. Certain banks, like HSBC, offer mortgages for international borrowers, if you can maintain a minimum bank balance at a designated threshold.

Australia
As of April 2016, two major home lenders in Australia have opted out of offering mortgages for non-residents. Westpac and the Commonwealth Bank no longer accept mortgage applications from foreigners. Other banks have also reviewed foreign lending policies and, in some cases, reduced loan sizes and borrowing limits.

United Kingdom

There are a number of things to consider if interested in purchasing a property in the UK as a foreigner. For example, Australia’s Corporations Act creates barriers for Australians looking to purchase in the U.K. which can be surprisingly difficult to overcome. Some lenders base their decision on visas, including spouse visas. Not having credit in the U.K. can also hinder the process.

United States of America

In the United States of America, getting a mortgage can be influenced by: