newbie on property

yet, another property question...


as someone who is new on the block, would really appreciate your advice. We have found the property the we are 90% certain we would like to purchase, we have some capital, but not enough to cover 20% deposit - if that's what is required. questions are

1) - what is typical deposit requirement in HKG on apartments - the property is going for aorund $4mil

2) should we approach the banks first and get a loan - or bid on the apartment now

3) if we do bid now - what are the steps - ie/ do we pay deposit straight away, go to bank etc..

4) planning to rent the property, but what if the rental income does not exceed monthly loan repayments or is same as mthly repayments - any tax implications?

5) As an OZ citizen, do I have to pay any tax in Oz as well?

6) I am not a pm in HKG, but partner is, can we borrow up to 95%


Many thanks in advance

It's not the banks that care... they will get their 30% no matter what. It's HKMC who you will need to worry about. The general rule I am told is that you need to keep payments under 40% of your monthly salary and all will be good.

You know, I'm really tired of people answering questions they clearly know nothing about. Check out the Bank of China website, lot's of great info regarding 95% mortgages and how you can dump a lot of those fees straight into your mortgage. HSBC website has info too but not as comprehensive as BOC. I'm still learning exactly how everything is done myself, so I'm not going to "guess" about the things I don't know for certain. I'm also in the middle of trying to buy a $4mil flat and would appreciate if you could forward me any Factual answers you get from the bank. I find that so many people are willing to help out with questions on this site except, half of them don't know what their talking about.


Cheers and good luck!