Zero Deposit OTP Loans for Chinese Investors!

Discussion in 'Property Market Economics' started by House, 26th Oct, 2015.

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  1. House

    House Well-Known Member

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    This can't be good...

    AFR
     
    House, 26th Oct, 2015
    #1
  2. Kangabanga

    Kangabanga Well-Known Member

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    House of cards, gonna crumble some day..
     
    Kangabanga, 26th Oct, 2015
    #2
  3. Ace in the Hole

    Ace in the Hole Well-Known Member

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    Why only Melbourne and Gold Coast?
     
    Ace in the Hole, 26th Oct, 2015
    #3
  4. Terry_w

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

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    Fraud!
     
    Terry_w, 26th Oct, 2015
    #4
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  5. Tony3008

    Tony3008 Well-Known Member

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    Only repeating http://www.skyscrapercity.com/showpost.php?p=128069458&postcount=466 - but the poster is a long standing forum member:

    "Something of interest I heard last week in relation to Fulton Lane. There are still about twenty percent of owners who have yet to make their final settlement and pick up their keys. They are fully paid for and obviously bought off shore. Part of settlement is the signing of the owners corporation contract. So therefore they are short in revenue to run the buildings services because the can't bill the owners of the apartments that have not settled. Oh dear !"
     
    Tony3008, 26th Oct, 2015
    #5
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  6. Steven Ryan

    Steven Ryan Well-Known Member

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    Just quietly, I reckon if you dug deep enough, you might find a connection with this lender and the developers of these OTP buildings.
     
    Steven Ryan, 26th Oct, 2015
    #6
  7. JDP1

    JDP1 Well-Known Member

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    I get the feeling some back-room deal will be made between select Australian banks and their Chinese counterparts...the chinese banks will source the customers [ and enforce debt recovery if needed], pass on a portion of the risk to the Australian bank [ who will get a handsome compensation for the risk of course]...those with large cash positions may be able to venture into higher risk areas..hmmm....APRA's no fool....gets me thinking they knew something like this was in the cards and pulled the trigger...which in turn meant ultimately, we as investors, are the end losers via higher investor rates.
    Great- I'm leaving the country..lol
     
    JDP1, 27th Oct, 2015
    #7
    Tekoz likes this.