Non-resident finance ?

From: Paddy in the Paddies


As a self employed Aussie currently living in Japan my applications for finance back in Melbourne are put in the "too hard" basket. I already have 88% equity in a rented Essendon property, perfect credit history and a more than adequate income which is growing at 10% pa.

So does anyone know of good lenders who are non-resident friendly ?

Patosan
 
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Reply: 1
From: Tibor Bode


Patosan,

Try Frank Shead. His email address is frankshead@www.y2mt.com.au
He has clients overseas with Australian IPs.

Tibor
 
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Reply: 1.1
From: Always Learning


As an Aussie also living in Japan, also with lots of equity, I had no problems, one difference is that I am lowly salaried worker.
<p>
I don't think you need to worry, call an "Independent Mortgage Broker" eg Rolf, my understanding is there are a few lenders around who will lend to 70% and maybe with a push 80% based on value "Loc Doc Mortgage" which are finance products for people with less than perfectly secure incomes, but with good equity. Best point about about Rolf is that he is free! Lets face it, Rolf much nicer to deal with than your faceless drones you find at most banks! I think you have nothing to loose!
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What I am doing is refinance my existing IP's into a LOC facility (e.g. which you could do with your place in Essendon) then use that LOC as deposits for new IP.
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After filling in all the forms (took me about 2 weeks) it took Rolf about 72 hours to get approval.
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If you don't what that route, you may get 2.06% finance in Japan to 70% of value from the NAB in Tokyo (other Aussie banks also). Just be warned however that finance has a sting in its tail, a stock market type "margin call" but they call it a "mortgage top up" when due to falling house prices or fluctuations in exchange rates, the bank will ask you for a large chunk of money. I didn't like the idea of having to cough up $50~100K if things got bad! I guess you will be blocked with such finance due to your "self employed" status.
<p>
 
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Reply: 2
From: Patrick O Brien


Patoson

Citibank has just released a overseas resident loan where you can lend up to 80% LVR. For self employed you need to provide a letter from your accountant. This is available on all of citibanks's products.

Patrick
 
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Reply: 3
From: Russell Chellew


Patosan,

Most lenders will lend up to 80% of property value for non-residents(some may lend over 80% depending on overall strength of the application)

Are you deriving income in Japan in addition to income from your business is Australia?

A couple of lenders who are Ok with non residents are StGeorge Bank and HSBC.

regards

Russell
 
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Non-res Finance: To Ozzies in Japan

Reply: 1.1.1
From: Waverly Bay


AL and other ozzies based in japan:

I would like to follow up on AL's reference to 2% interest rates in Japan for yen denominated mortgage loans.

What sort of terms are Japanese based banks offering for UNSECURED yen denominated lines of credit/ facilities or UNSECURED yen denominated personal loans? That is:

1) are such types of financing available ?(presumably yes in Asia's largest financial centre !.... and presumably banks in japan are very keen to build loan porfolios?)

2) what are the interest rates for such types of financing?

3) min/max loan amounts?

4) available to borrowers based in japan only?

Yen denominated loans have been the rave in the financial markets in recent years - made popular by the classic "yen carry trades" (traders borrowed $$ in a depreciating yen currency at close to zero interest rates to acquire US denominated bonds/treasuries offering nice yields).

I am curious about the feasibility of tapping into yen loan facilities (as a non Japan resident...unfortunately). If viable, and the underlying asset acquired is an AUD asset, one would need to put in a place an appropriate currency hedging facility - which is not impossible to do.

Cheers

Waverly
 
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Reply: 4
From: Kellie Dutton


Patosan

If you still need a hand I may be able to help, call if you like on 02 9456 2696 or email kdutton@smartline.com.au, I am a broker.

Regards
Kellie
 
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