Can I get a loan from the UK to buy something locally, where they currently have a lower interest rate than we do? EG. 5 year fixed rate at 5.59%
I hold a British passport and an Australian one (Born in UK though am an Aussie).
Yes check out St George Bank
The St.George Foreign Currency Home Loan offers customers who may be residing either within Australia or offshore the ability to borrow funds in a foreign currency, provided their main source of income is denominated in the same foreign currency, creating a natural hedge for loan repayments.
Foreign currencies available are:Hong Kong dollar (HKD)
United States dollar (USD)
Singapore dollar (SGD)
British Pound Sterling (GBP)
New Zealand dollar (NZD)
Euro (EUR)Only down fall is that your income needs to be in the currency that you have chosen.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Well that rules that out. But what is the situation with me going directly to a broker or bank who is based in the UK? Or is it the standard situation with income being in the same currency?
Thanks.
Nothing to stop you approaching them but same story you won’t find a UK Lender take an Australian property as security.
I still have a couple of UK loans but they are all on Uk properties.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Thanks Richard. I will see what I can find out but it doesn’t sound hopeful.
Originally posted by Qlds007:Nothing to stop you approaching them but same story you won’t find a UK Lender take an Australian property as security.
I still have a couple of UK loans but they are all on Uk properties.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Hi Richard,
Do you have the income from these properties sent to Aus? If so, do you get taxed when it arrives, and what is the tax rate, and is the nett return worth it?Cheers,
Marc.
[email protected]Probably not quite what you are looking for, but we have just been approved for a loan in swiss franks at 3.75% for a positive property in another country (not Switzerland) but part of the EU.
This loan was not dependant on income being in franks, they looked at our financial position in Aussie as well as the income that is derived from the property.
Regards, Julie
Hi Julie,
That sounds interesting. Were their any particular requirements that had to met before they would approve your purchase? i.e They would only lend 80% of property value or had to have equity in another property?
Where was the property? EU? What the stamp duty, morgage fees etc. similar to Australia
Thanks
Paul [suave2]
Hi Julie,
Was just wondering will we be able to get the details of bank, broker and costs involved and also a thougt can we borrow for our own home.
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