Home loan with foreign Money

Discussion in 'Loans & Mortgage Brokers' started by dragon, 25th Nov, 2019.

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  1. dragon

    dragon Well-Known Member

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    hi experts,
    As part of the home loan, can we borrow money with the foreign fixed deposits. Can we provide them as an evidence ce to show our asset to secure a loan here?
    Has anyone done it?
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Using a foreign fixed deposit as security?
    = No

    Use as evidence of assets
    = Yes
     
    Dean Collins likes this.
  3. dragon

    dragon Well-Known Member

    Joined:
    24th Jun, 2017
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    Location:
    sydney
    Thank you Terry, how are they different?
    Does evident of assets help to incrase the loan amount?
     
  4. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Unlikely. Income that services the borrowing will likely be the limiting factor. Net assets just indicates a borrowers net wealth. Lenders may discount / ignore some assets where their value is not capable of being evidenced to their accepted standards. eg If the source and nature of the deposit appears that it came from another person the lender may even raise questions about its source as it could be borrowed money for all they know. If its a income producing deposit the lender may expect to see foreign interest income in a tax return and withholding tax for example.
     
    Last edited: 25th Nov, 2019

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