PC brokers A family member needs to refinance loans on two NRAS properties in Melbourne. Expecting it to be tricky, anyone has ideas or want to take it up? Situation: 2 X 1/1/0 studio apartments 40sqm Postcode Melbourne 3000 Current loan based out of Singapore Borrower is 65, runs own business Low LVR is fine. He also has an unencumbered property in Melvourne conservatively worth 600k. Thanks.
What do you mean by 'forieginer?' Where do they reside, permanent residence, citizenship? Why do they want to refinance?
It depends - need to know the following: 1. Are they an Australian Citizen or Permanent resident or are they a pure non residents 2. Do they complete their tax returns in Aus or overseas? 3. What does "current loan based out of Singapore" mean? If they are an Australian citizen or permanent resident then CBA is a good option in that they will go up to 95% (80% considering its NRAS) however the biggest issue you will have is with the self employed income. Lenders' policies have changed dramatically over the past 12 months whereby they are sticking to PAYG income. Westpac and St George have a hard and fast policy with self employed income in that they don't accept it. However CBA "may" accept it on a case by case basis. It would need to be a pretty strong case for them to accept. Your other options include Citibank, HBSC and La Trobe. Citibank would be the best option as they are the only lender that will accept self employed income - their max LVR is 60% unless you are a gold Citibank customer. We do a fair volume with Citibank and they are a pretty good lender so that would be my first port of call. The other issue is the age - they need to be in a position to provide a strong exit strategy and ability to repay the loan before the age of 75.
He's pure non resident, taxes are done outside of Australia. SGD loan in Singapore backed by NAB. Needs to refinance as he's reached SG age retirement of 65. If there are any PC Brokers open in taking this up, can you send me a PM. Thanks.
It's postcode 3000. How did he managed to get the loans for ,<50m sq apt out of loans from Singapore? Why did he need to refinance? Is nab chasing him to close the mortgage after his retirement age at 65?
The unencumbered property will mean squat when they are unable to reach serviceability (I wonder how the self-employed financials look) The postcode and size of the property will also cause a few issues with some lenders Could this be a up and coming trend for our friends overseas? Something else to add to the glut of properties
Non-main stream lenders only. I just went through the ringer for a client married to an Aussie and I couldn't place them with any main stream lender. There were plenty of shadow lenders interested but rates were sky high. All banks have come down hard on foreign lending in the last 6 months or so.
North of 10%. I won't go into which lender but perform a simple google search then send out a dozen emails and you'll likely run into someone willing to lend.
Isn't it strange that Singapore banks are willing to lend to Singaporeans buying property in Australia but no Australian bank will lend to Australians buying in Singapore ? or am i wrong? happy to be corrected though...