Organising a Home Loan to finance foreign property is a much simpler affair today then it was 10 years ago. The answer therefore, is yes and it is the advisable course to take.
As banks are internationally connected, you can acquire loans in Singapore to fund your Australian property instead of flying there empty handed. Or risk taking a loan in a foreign country.
However, there are only a few banks that do offer such loans.
This may sound restricting but the contrary is true; it saves you time for having to source several institutions and helps focus your search to just a few.
Australian sellers tend to favour buyers with a pre-approved loan so it’s a good idea to secure a loan before you go there.
Alternatively, you can approach any of ANZ’s local branches. As always, it is good practice to check out the loan packages offered by all banks and pick the best one for you.
Other banks that are favorable to Australia are UOB and OCBC.
Typically you want to look out for loan packages that allow you to borrow in AUD or any other currency you are comfortable with.
If the package provides you with the flexibility to switch between currencies at any interest payment date, this will be beneficial to you too.
Low interest rates and repayment schedule options are also considerations you have to make while deciding.
There are many factors to consider and decide before you can make a well-informed decision. This should take a good amount of time. However, the longer you take, the higher the risk of interest rates and property prices rising.
Before you take steps to take a loan however, be aware that you will need approval from the Australian Foreign Investment Review Board (FIRB) to purchase property in the country.Chat with us on Whatsapp Fill up an online form
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