Finanece for non-residents

hello all,

I'll be in Melbourne during Dec and would love to go checking out the local property market there (esp Frankston etc). so i may need to work out how much i can borrow etc... is it better for a non resident (with Australian citizen) do the assessment offshore? i mean i can simply walk to a branch of an Australian bank to work out my finance situation. or should i find a local broker to do that?

thanks
Tim

 

I would get a broker - non-resi lending is difficult nowdays so it could be extremely frustrating for you to just pop into branches on the off chance.

 

HKD is a good currency, you can even get LMI if required. The main issues is the banks will generally only take 80% of the income converted into AUD.

If borrowing capacity is an issue, it can be handy to get everything ready with a broker and submit when the HKD is strong against AUD. Also that way you can have the pre-approval ready for when you're over in December and not waste time getting your finance sorted.

Good luck with it all!

 

Anyone come across the HSBC offer out of Hong Kong? 1.5%, secured by au property is au$?
I have a refferer who wants to get onto it, apparently it's available to expats as well, but only written by HSBC in honkers, for obvious reasons.

 

Sounds interesting, do you have a link?

 

would love to know more about the HSBC deal if you have any! in the meantime i will contact my local banker

 

I wish. No, I work with some builders as referrers. They tried to send me a non resident client. The client ended up with this and told the builder, who now wants it. So it's second hand info.

 

Builder called HSBC in Melbourne and they told him it's only available in honkers.

 

thanks for the info! my premier bank manager wasnt aware of this but would check with his boss for me

 

Let us know how you go

 

Yep and HSBC still doing non resident lending for Aussie properties.
One door closes, another one opens

'We don't see how there could be a soft landing': Fears of a property bubble return

 

The Hsbc manager called me back yesterday. They said that I need to have a Hk Property in order to draw a AUD loan out. I don't believe that's necessarily true.

Probably will find out more in the Melbourne branch of HSBC..

 

Thanks for the update

 

Let us know how you get on...i assume you fund the loan from HK income

 

I used to be NSW Senior BDM for HSBC, before they sold the 3rd party biz to Firstmac @ 10 years ago. Back then HSBC offered a HKD and USD product available to Australians.

I dont know if the products still exist, but if they do, you may not have to wait too long to get access; HSBC are re-entering 3rd party soon (ish) by all accounts