Posted by
Cisco123
11 yrs ago
Hi,
My partner and I are Australians. We have been here 2-3 months now and have been working on growing our business.
We are interested in borrowing money from a HK bank to buy property in HK or Australia. We're keen to know if anyone has done this and if its possible.
Obviously they would ask for savings record - how many months? If only one of us is the director and we borrow money under the 'employee' do we have to provide financial statements?
What security would they ask for? We have security in the form of property in Australia.
Should we:
* go to a mortgage broker? (can anyone recommend a good one?)
* go to a bank? (which bank generally has the best rates and looks after expats?)
Any help would be appreciated!
Thank you!
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Assuming that neither you nor your partner hold HK permanent ID cards, you would have to pay 15% buyers stamp duty to buy a residential property in Hong Kong - not worth it IMHO.
Sorry, but I can't speak to the Australian market and my experience in trying to source a mortgage for an offshore property purchase in Hong Kong is now too dated to be useful.
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Cheers for that - Non HK property it is. :)
Has anyone bought a property outside of Hong Kong using a HK loan? Aside from exchange rates are there significant items we need to be aware of?
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I once got a NZD mortgage for a property in Auckland via Lloyds Hong Kong but I don't think they are taking on any new business. HSBC might do it (go to the international section at head office). If not, try NAB or ANZ. I think they have branches here as a lot of HK people by off-than-property in Australia. You could also try calling the developer Australand.
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I think it is better to use a bank operating in a country where the property is located.
A HK-based bank will not want to take a mortgage on a property based elsewhere
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Your best option will be to speak to SMATS in Hong Kong - www.smats.net or email hk@smats.net
They are licensed Australian mortgage brokers and licensed Australian accountants. No charge for their mortgage arrangement services and they will get you a cheaper rate than you can get going direct to the banks yourself due to their volume discounts.
Plus with their tax/accounting division they will ensure you are structuring your property to maximise the tax efficiency of the investment as a non tax resident - building tax credits to protect against potential CGT in the future or future income earned as an Australian resident.
They've been in Asia 17 years so definitely know their stuff!
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