ING giving expat Aussies the big heave - ho

Discussion in 'Loans & Mortgage Brokers' started by euro73, 14th Jun, 2018.

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  1. euro73

    euro73 Well-Known Member Business Member

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    Screen Shot 2018-06-14 at 6.24.00 pm.png
     
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I can't remember if I've ever written an ING loan for an expat.

    * Their lending policy is probably the most conservative of any lender, that when combined with expat assessment policies, almost nobody is likely to service.
    * By definition expats are really only buying investment properties and ING isn't exactly competitive in this market. Rates, policy, procedure all scream to take the business elsewhere.

    So really, this announcement amounts to nothing in my mind.
     
  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    All good - they made it extremely tough to do business with expats anyway. I tried once for a diplomat abroad - the process was too painful we decided on another lender
     
  4. euro73

    euro73 Well-Known Member Business Member

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    I agree... but thought I'd share the information just in case anyone uses them.
     
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Make that Inpat for me :)

    ING are like poison for post follow up work......... and then the borrowers says gees, you should have known better

    ta
    rolf
     
  6. Medine

    Medine Well-Known Member

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    Sigh!
    Thanks for posting euro73
    I have a pre-approval with ING in place for an ex-pat.
    Getting them across the line with tax free diplomatic income was pure torture.
    And now it looks like we'll have to jump ship anyway!
    Ah well - what doesn't actually hurt us makes us stronger :)
     
  7. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    I was taking to a senior credit guy about expats and he agreed with the notion that expats have been unfairly caught up with the pure non resident restrictions.

    Generally speaking, expat clients are probably the best type of clients to have, they are mainly senior executives or lawyers all on extremely high incomes and very strong asset vs liability position. So they are the exact clients you would want.
     
    Peter_Tersteeg likes this.
  8. Richard Taylor

    Richard Taylor Well-Known Member

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    Agree with Shahin Expat clients are certainly one of the best type of client you can get.

    We do a lot of Non Resident and Expat lending generated from our overseas offices and the withdrawal of ING with their conservative approach to everything will have no bearing on us or our clients.

    Cheers