Bank in Malaysia offers loans for Aussie property

Bank in Malaysia offers loans for Aussie property

by 0 comments

Staff Reporter

A Malaysian-based bank is offering mortgages in Malaysian currency for Sydney and Melbourne properties, a report said.

“Like the earlier scheme [for London-based property], customers will be able to take advantage of the fact that this is also a ringgit-based loan, hence mitigating the effects of fluctuating foreign exchange risks,” OCBC Bank (Malaysia) head of consumer financial services, Charles Sik, told BERNAMA, as reported in the Malaysian-based The Star newspaper.

The report said the product, OCBC Overseas Property Financing-Australia, follows the launch six months earlier of a similar scheme for London properties.

“Australian property prices are certainly on an uptrend and we think it's really a good time now to capitalise on this," Mr Sik told BERNAMA.

The report said the scheme offers a margin of financing of up to 75 per cent and a loan tenure of up to 36 years for off-plan properties and 40 years for completed properties, or up to the time the borrower turns 70, whichever is earlier.

Staff Reporter

A Malaysian-based bank is offering mortgages in Malaysian currency for Sydney and Melbourne properties, a report said.

“Like the earlier scheme [for London-based property], customers will be able to take advantage of the fact that this is also a ringgit-based loan, hence mitigating the effects of fluctuating foreign exchange risks,” OCBC Bank (Malaysia) head of consumer financial services, Charles Sik, told BERNAMA, as reported in the Malaysian-based The Star newspaper.

The report said the product, OCBC Overseas Property Financing-Australia, follows the launch six months earlier of a similar scheme for London properties.

“Australian property prices are certainly on an uptrend and we think it's really a good time now to capitalise on this," Mr Sik told BERNAMA.

The report said the scheme offers a margin of financing of up to 75 per cent and a loan tenure of up to 36 years for off-plan properties and 40 years for completed properties, or up to the time the borrower turns 70, whichever is earlier.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent's commitment to clientele built him a 25k-strong client base

In this episode of Secrets of the Top 100 Agents, host Tim Nearly talks to RT Edgar’s Glen Coutinho who ranked number six in this year’...

View all podcasts

How effective are testimonials as a marketing tool?

Not effective at all
Somewhat effective
Very effective
They are the most effective tool there is
Do you have an industry update?