Woden Advisers FAQs

Odin Mortgage FAQs

About Odin Mortgage

Who is Odin Mortgage?

Odin Mortgage is a leading mortgage brokering firm for Australian Expatriates and foreign nationals around the world. Just tell us about yourself, your plans and your finances, and we’ll give you real numbers and interest rates – not just our best guess. We’ll also advise you on all the critical things you ought to know, from how to correctly structure your home loan to protect your non-tax-resident status, investment deductions and more.

Why should I use Odin Mortgage?

Odin Mortgage allows you to be confident of your mortgage decisions while providing insightful expert advice along the way. We’re available 7 days a week which means we’re there when you need a fast approval or simply a quick response to your questions. If you want a quick, convenient way to get a mortgage while ensuring you’re receiving the best advice as an Australian expat or overseas resident, you should give Odin Mortgage a go.

How accurate is my assessment from Odin Mortgage?

When you apply with Odin Mortgage, we give you a comprehensive assessment with practical advice and real numbers – not estimates. Our expert mortgage advisers have handled over $500 million in overseas lending enquiries and continue to be at the forefront of the industry. Of course, your numbers can (and likely will) change slightly between the time you apply and the time you settle your loan. For example, we may need to adjust your loan amount after you find a property or after we get the valuation report.

Is my information safe with Odin Mortgage?

We take the protection of your personal information very seriously. We use 256-bit SSL/TLS encryption for storing and accessing your documents. i.e. it’s locked down like the prison of Azkaban. We also won’t sell your data or use it for anything other than what’s stated in our Privacy Policy.

Where can I start the process with Odin Mortgage?

You can start the process to purchase a property here, or you can start here if it's a refinance. We are also available for in-person appointments or video calls, book a meeting online to arrange one. Otherwise, feel free to give us a call on +852 5744 3422 during office hours or strike up a conversation with our chatbot 24 hours 7 days a week.

Does Odin Mortgage provide service where I live?

Yes! You can use Odin Mortgage to get a loan in Australia regardless of where you are in the world (contingent on the lender's risk appetite).

Is Odin Mortgage licensed to provide credit advice?

Odin Mortgage holds an Australian Credit License (ACL) and is regulated by the Australian Securities and Investments Commission (ASIC). As professional mortgage brokers under the Mortgage and Finance Association of Australia (MFAA) and the National Consumer Credit Protection Act 2009, we are held to the highest standard of compliance and government regulations. Odin Mortgage is also a member of the Australian Financial Complaints Authority (AFCA) with a complete internal and external complaints resolution board.

Refinancing Your Home

How much cash will I need to refinance with Odin Mortgage?

You won’t need to pay out of pocket to refinance your home loan with Odin Mortgage. We’ll automatically roll all your bank and government fees into your loan to make refinancing more affordable. In some cases, the receiving bank may even offer to reimburse some, or all the refinance costs. Odin Mortgage will always include this in our mortgage recommendations where applicable.

What kind of refinance home loans can I get with Odin Mortgage?

When you refinance with Odin Mortgage, you can get a loan to release equity (i.e. cash out), lower your payment, shorten or lengthen your term, or even do a combination of those depending on your requirements and financial position. Odin Mortgage recommends loans you may be eligible for based on the information and documents you provide. When you apply through Odin Mortgage, you may see mortgage recommendations for variable loans, fixed loans, split loans, basic ‘no-frills’ loans or packaged loans. With features such as offset accounts, transaction accounts, redraw facility, online banking and more.

Can I use Odin Mortgage to refinance an apartment?

Yes! You can apply to refinance an apartment, strata unit or townhouse.

Can I use Odin Mortgage to refinance a second home or investment property?

Yes! You can use Odin Mortgage to refinance a second home or investment property.

Can I use Odin Mortgage to release equity and cash out from my property?

Yes! You can use Odin Mortgage to release equity and cash out from your property. A popular investment strategy is to refinance an existing property and release equity to assist with the purchase of the next investment - a sound long-term approach.

Who Can Use Odin Mortgage?

Who is Odin Mortgage for?

Odin Mortgage is for Australian expats, Australian PRs, and non-resident foreign nationals who have good credit, want specialised cross-border advice, are ready to buy a home or refinance within the next several months, and want the most convenient way to do it. If you’re buying a property, we recommend using Odin Mortgage if you - Are just starting your property search.
- Have a property in mind and want to make an offer.
- Already have a signed contract of sale. If you’re a year or more away from buying a property, we recommend subscribing to our newsletter (in the footer) where we keep you updated on the latest tax and lending changes, and insightful articles for anyone living outside of Australia. If you’re just trying to understand what you can afford, we recommend starting with our 'borrowing power' article. If you’re thinking about refinancing and are just searching for interest rates or payment estimates, get in touch with your dedicated broker, and we’ll be able to do a quick calculation on cost savings to see if it’s in your best interest.

Can I use Odin Mortgage If I need a co-borrower who’s not on the title?

If you think you’ll need a co-borrower who has no ownership on the property you’re buying, we recommend calling or chatting with one of our expert advisers.

Can I use Odin Mortgage if I’m self-employed?

You sure can! Start your application with Odin Mortgage online or in person. We’ll reach out to you along the way since we’ll have a few additional questions for you.

Can I use Odin Mortgage if I’m purchasing in a non-trading company or trust?

You sure can! Start your application with Odin Mortgage online or in person. We’ll reach out to you along the way since we’ll have a few additional questions for you.

Buying A Property

Can Odin Mortgage tell me how much I can afford to borrow?

Yes! If you’re ready to get approved to buy a property, Odin Mortgage will be able to help you fully understand exactly how much you can afford. Because Odin Mortgage considers your tax residency status, taking into account all the unanticipated variables such as FIRB fee, foreign buyers’ duty, land tax surcharge, we’ll give you more accurate numbers than any calculator would.

How much deposit do I need to buy a property with Odin Mortgage?

How much deposit you need depends on the type of loan and the purchase of the home. In general, you’ll want to have at least 20% of the property’s purchase price for a down payment. You’ll also want to have between 4 to 6% of the purchase price for settlement costs such as stamp duty and legal fees – even for low deposit loans, such as LMI and guarantor loans.

Can I use Odin Mortgage to get a preapproval letter?

Yes! Odin Mortgage can provide you with a preapproval letter from the bank. It shows you and the real estate agent how much you can afford so you can make offers with confidence. The preapproval we provide you is considered a strong preapproval as the bank and Odin Mortgage have verified your income, assets and debts before you shop for a home. It’s the next best thing to a cash offer, and it’s the only type of preapproval we offer.

Can I use Odin Mortgage if I already have a signed contract of sale?

Yes! Once you’ve completed your online application, one of our dedicated brokers will give you a call so we can speed up your mortgage process. Alternatively, if you’ve booked an appointment with us online or in person, we’ll discuss with you your next steps for formal approval.

What kind of home loans can I get with Odin Mortgage?

Odin Mortgage recommends loans you may be eligible for based on the information and documents you provide. When you apply through Odin Mortgage, you may see mortgage recommendations for variable loans, fixed loans, split loans, basic ‘no-frills’ loans, construction loans, packaged loans, guarantor loans, LMI loans. With features such as offset accounts, transaction accounts, redraw facility, online banking and more.

Can I get a construction loan with Odin Mortgage?

Yes! You can use Odin Mortgage to get a construction loan (i.e., a loan used to build a new house). Likewise, you can use Odin Mortgage to get a loan for a newly built property as well.

Can I use Odin Mortgage to buy an apartment or townhouse?

Yes! You can apply to buy an apartment, townhouse, strata unit or an off-the-plan (OTP) apartment. With OTP apartments the timing can be a bit more complicated than purchasing another property type so we’ll reach out to you along the way.

Can I use Odin Mortgage to buy a second home or investment property?

Yes! You can use Odin Mortgage to buy a second home or investment property. There’s no real limit on how many properties you can buy – it all depends on how much you can afford.

How does it work?

How does the mortgage process with Odin Mortgage work?

Odin Mortgage was designed to walk you through the entire mortgage process from application to settlement. Whether you apply online or in person, we ask you a series of questions to evaluate your eligibility for a home loan. Then, we use this information you gave us to provide you with mortgage recommendations and personalised advice based on your tax residency status. Once you’ve decided on a product and loan structure, Odin Mortgage will provide all the tools you need to get your mortgage to settlement. You can use it to communicate with us and send information and documents. You will be kept informed throughout the process and looped into any communications with your real estate agent, conveyancer or any other relevant third party. After settlement, Odin Mortgage will remain in touch so you don’t miss any important dates such as when your fixed-rate or interest-only term expires, or any changes to government legislation that would impact you as a non-resident of Australia.

Will using Odin Mortgage affect my credit rating?

Odin Mortgage's internal assessment process will not affect your credit rating. It is when we lodge your application with the chosen bank that it may have a minor effect on your credit score. Checking your credit is a mandatory step for getting a mortgage. Making multiple loan enquiries with several different lenders will harm your credit score. Odin Mortgage helps you avoid this by recommending only the best mortgage options for approval.

How does Odin Mortgage do property valuations?

After you apply with Odin Mortgage, often we’ll be able to order a valuation upfront simultaneously with the submission of your application. Other times the lender will request the valuation themselves after assessing the eligibility of your application. A third-party valuer will visit the property you’re buying or refinancing to appraise the property. From there, they’ll compare your property against other similar, recently sold properties in the area to come up with an estimation of value. If purchasing a property, most valuations will come in at the purchase price unless the purchase was an off-the-plan apartment in which case valuations vary depending on how the market performed from when development began till completion.

What do I need to apply?

To start applying with Odin Mortgage, we recommend you have the following information on hand: - A separate email address and number for each person that will be on the mortgage. Note: Whoever is on the title of the property will also have to be on the mortgage. - Your income (including any rental income) and other employment information. - Details about any liabilities, such as amount owing, interest rate, loan tenor, monthly repayments. - Details about any assets, such as savings accounts, property, other investments.

Will I have to talk to anyone if I apply online?

For compliance reasons, whether it be for verification of identity, ensuring responsible lending, or witnessing your mortgage documents. You’ll need to chat with one of our expert advisers either online, by phone or in-person, to answer some questions. Once your application is complete, we may call you while we’re working on finalizing your loan. We’ll use emails and phone calls to communicate important information about your valuation, your approval, your settlement and more.

What if I’d rather speak to someone about my home loan options?

If you happen to be in Hong Kong, then we will be more than happy to answer any inquiries in-person. Just drop by our office or reach out via our Contact Us page to get in touch. For everyone else, we have our own simple video conferencing platform (no download or sign up required). You can book a meeting with us online here. P.S. Skype or Zoom is perfectly fine with us too.

Which lenders does Odin Mortgage partner with?

Odin Mortgage is accredited with over 30 lenders. Our ACL has also allowed us flexibility in establishing accreditation with lenders outside of the normal scope. Most importantly is that Odin Mortgage is engaged with all the lenders that will accept Australian expatriates, Australian Permanent Resident Visa holders, and foreign nationals resulting in the broadest range of possible options available.

Fees and expenses

Are the interest rates that Odin Mortgage obtain, competitive?

Odin Mortgage will always obtain the most competitive interest rates offered by the lenders at the time of application. In all cases, the rates will be equal to or better than what’s being advertised on the lenders’ site. Odin Mortgage will also provide an annual review on your home loan to ensure you are on the best rate. You’ll be pleased to know we have your back long after settlement!

What does it cost to get a home loan from the lenders?

There are a lot of variables that go into determining how much your loan costs. Things like the size and repayment type of the loan, interest rates, and your citizenship all play a part in determining how much you’ll pay to borrow the money. Government and mortgage witnessing fees would also be applicable and varies depending on the location of your property. The best way to calculate the cost of the loan is to get started with a purchase or refinance, and Odin Mortgage will provide you with all the rates, fees and repayments – real numbers based on your financial position and circumstance.

Is Odin Mortgage free to use?

Using Odin Mortgage is entirely free! There’s no cost to see your loan recommendations, get your loan preapproval, and guide your application through to settlement. All of these will be made clear to you by Odin Mortgage before you proceed with the mortgage application.

How is Odin Mortgage paid?

Odin Mortgage is paid by the bank where your home loan was settled. The bank pays an upfront commission ranging between 0.60% and 0.70% (excl. GST) of the net home loan balance less any offset funds. The bank also pays an ongoing commission ranging between 0% to 0.20% (excl. GST) per annum on the net home loan balance less any offset funds. Most banks pay 0.65% upfront commission and 0.15% ongoing commission (excl. GST). These will be disclosed to you in the credit proposal before the submission of the application. It is important to note that these fees are not payable by you. Instead, it’s a fee paid by the lender to Odin Mortgage for introducing the loan as licensed representatives similar to if they paid their staff for doing the same work.

Where can I find a Odin Mortgage location near me?

Odin Mortgageis based in Central, Hong Kong. While we have an office open to the public, we are very much an online company but with real people waiting to assist you wherever you are in the world! Check out our Contact Us page to find out how to get in touch.