First time buyer living in Australia wanting to buy in Ireland

[Rebecca Browne]

Hi, 

First of all i would like to say hello to all BP users and thank you for giving me this platform to increase all aspects of my knowledge with people who have been there and done it.

I am Rebecca, 26 from Ireland. I have been living in Melbourne, Australia for the last two years. My boyfriend and i have this dream of buying our first property back home in Ireland. After Irelands terrible recession we decided our best option was to save for a mortgage abroad, as we have friends and family that are in a deep struggle to get out of the rental market and into the house owners.

I long story short, after initial problems with finding ideal work we are now up and running and saving more than we could have ever dreamed. In such a short amount of time we have already passed a 20% mortgage milestone we had set. 

But instead of waiting it out savings for another three years before returning home, we have the itch to get into the market now. We would like to purchase a property, to rent out and then move into once we are home. There is such a high demand for rental properties it seems as some many are struggling to get into the homeowners market. We would love to capitalize on such high rental cash flow available in the area we are looking. 

The one major stumbling block is getting a mortgage for the remaining 80%. I have read that it will be nearly impossible to secure load from abroad. We have parents back home but would rather not get them involved even though they would help. Would anyone know the best course of action to take. I will give an example of the rough numbers below as we believe with our own very big incomes in Australia and the rental returns we could pay off the mortgage in full in 5 years (hoping) 6-9 years (conservative)

Current money saved $81,100 AUD (0.63) E(euro) 51,093 

Property price E 270,000 , mortgage E 220,000

rental monthly income E 1,700 (conservative)

Currently saving per month $6,000 AUD = E 3,780

Could potentially pay E 65,700 per annum off of mortgage.

We know banks don't work like this. But he has permanent jobs and pay slips in Australia for the last 2 years. We could potentially save anything up to $300 per week extra also, but we don't want to be miserable whilst chasing our dream.

Thank you for reading and i hope somehow we can find a solution. 

Rebecca