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Foreign buyers getting a hit?

Discussion in 'General Property Chat' started by hash_investor, 29th Apr, 2016.

  1. hash_investor

    hash_investor Well-Known Member

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  2. JDP1

    JDP1 Well-Known Member

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    I would not think this will have a material impact. A lot of foreigners have their own funds not from australia- eg they get funding if need be from foreign banks as the interest rates in australian banks are too high compared to the rates foreign banks charge....despite australia being at historically low rates.
    its mostly the plebs like us who borrow from australian banks and earn in AUD that get f#@$ed.
     
  3. hash_investor

    hash_investor Well-Known Member

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    They probably get money against their existing assets. We do the same here.

    Don't think anyone would lend money to buy house in another country
     
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  4. JDP1

    JDP1 Well-Known Member

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    whichever way ..my point is that a fair few of them wont come here borrow from an australian bank, thus the likes of westpac can do this, knowing that the impact to their business will likely be immaterial.
     
  5. euro73

    euro73 Well-Known Member Business Member

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    Westpac and its brands - STG, BOM and BSA - have over 65% market share for non resident lending... just so you know.
     
  6. SirDingo

    SirDingo Well-Known Member

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    Yep, I've got a few IP loans with StG and last month during a loan approval they upped the LVI to 70% as punishment to all of us heathens for living overseas.

    Lenders are tightening all around by the looks of it.

    Ho hum.
     
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  7. hash_investor

    hash_investor Well-Known Member

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    What do they look at in overseas applications?
     
  8. SirDingo

    SirDingo Well-Known Member

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    Mostly the same as in Oz: serviceability, proof of employment, income and savings, etc.
     
  9. euro73

    euro73 Well-Known Member Business Member

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