A year-or-so ago, the brakes were slammed on banks’ lending to overseas lenders. But now, while, hardly a tsunami, there is some evidence that foreign investors are buying property.
According to a survey by NAB 10.9 per cent of new property purchases were by foreign property buyers. In Victoria the figure was as high as 19.3 per cent.
One reason is that, cautiously, the banks are looking at overseas lending again. The Chan & Naylor team were recently briefed by one lender who will lend up to 70 per cent of a property’s value to non-residents – with loans as large as $2m.
Of course, getting such loans for overseas borrowers is not straightforward. The banks are applying greater scrutiny to loan applications than they did before – and not everyone passes the test. But, if you are interested in overseas lending, please contact your C&N broker.
If you would like to know more about how we may be able to help you plan for your future, call us on 1300 99 77 34 or email your inquiry to firstname.lastname@example.org for a complementary initial consultation.
Disclaimer: This article contains general information; before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs. Click for more detail regarding this disclaimer.