Can I apply for a home loan with my deposit in an overseas account?

Yes. The account needs to be in your name, and we need to verify it's your money. We convert the balance to Australian dollars for the application.

How does the bank value a deposit in a foreign currency?

It's converted to Australian dollars, and a buffer is built in in case the exchange rate moves before you transfer. How much buffer varies by lender.

Do I need to bring the money to Australia before settlement?

Yes. The deposit and costs are paid from an Australian account on settlement day, so the money needs to be here before then. Move it well in advance, because transfers can take time.

Do my overseas statements need to be in English?

If they're not, expect the lender to ask for a translation. Sort it early so it doesn't slow down the application.

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Straight Answers · First home

Can my deposit be sitting overseas, or in a foreign currency?

Bayley Clarke · Mortgage broker on the road · Last checked 1 November 2026 · 2 min read

The short answer

Yes, it can. Your deposit can be sitting in an overseas account or in a foreign currency while we get your application together. The account names need to match, and we need to be able to verify that it is in fact your money.

We also need to work out what it comes to in Australian dollars, with a buffer built in in case the exchange rate moves. And because you need the money here in Australia to settle anyway, you probably want to move it over well in advance, because things take time.

The 60 second version, filmed from the driver's seat. The rest of this page is the detail underneath it.

What the bank needs to see

The first thing is that the money is yours. The overseas account needs to be in your name, the same name that's on the loan application, so the bank can match it to you. Statements from that account showing the balance are what we work from, and if they're not in English, expect the lender to want them translated.

Then there's the conversion. The bank isn't going to assume the exchange rate on the day you apply is the one you'll get on the day you transfer. So we convert it to Australian dollars and build a buffer into the numbers, so a move in the currency doesn't leave you short when it counts. How big that buffer is can vary by lender.

Move it home early

Obviously you need the money in Australia to buy the property when it's due anyway. On settlement day, the deposit and costs get paid from an Australian account, not a foreign one. Moving money across borders can take longer than people expect, between transfer limits, your overseas bank's checks and the receiving bank's checks.

So my advice is simple: you probably want to move it over well in advance. Once it's sitting in your Australian account, it's one less thing that can go wrong in the last week before settlement, and the bank can see exactly what you've got in Australian dollars with no conversion guesswork.

The honest bit: the currency can work against you

If the exchange rate moves the wrong way between approval and transfer, your deposit in Australian dollars shrinks. That's why the buffer is there, and it's another reason to bring the money over sooner rather than later if your purchase is close.

Where the money came from can also get asked about, especially for larger amounts. Have the paper trail ready so it doesn't hold anything up.

Got savings offshore and want a plan for bringing them home?

A 30 minute call. We go through where your deposit is sitting, what it's worth in Australian dollars with a buffer, and when to move it so it lines up with your purchase.

Book a 30 minute call Call 0437 189 939

No cost to you. The bank pays me when a loan settles. · How I get paid

Next question

When do I pay the deposit to the agent, and where does it go?

A small holding deposit when the offer is accepted, the rest at the end of your finance or cooling off period.