Forgive me for posting a question my first post.
I’d like to buy a property in Japan, I’m not sure how to get a loan for this though, I’m sure the lenders will be more reticent to give me a loan since the property’s not in Australia and I don’t have any major assets.
Meanwhile, I only need AUD50,000, so it’s not a huge risk for them either.
Does anyone know a company who I should contact regarding this, or anything else I should be aware of? I’ve got a friend who lives in the area where I want to buy, and who’s recently bought a place too, so he know’s all about the contracts of sale and what’s expected in Japan. I just need the $$.
Thanks for any advice, it’s greatly appreciated.
J.
Hi Janus,
Sorry to be the bearer of bad news, but to my knowledge you can forget it. I’ve been researching international finance since the start of the year, and the advice I have received suggests that Japanese banks are extremely reluctant to lend to Japanese people, let alone foreigners. No Australian bank will lend against foreign property (with the exception of New Zealand). If you could have a Japanese person go guarantor that may be your only chance, but it is still extremely unlikely.
Cheers,
Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044Janus
I have been involved in International Finance for over 20 years financing projects in Countries as widespread as Peru to Poland and South Africa to the Sudan.
Just had an offer out for a client buying an IP in Malaysia from Maybank.
Give us a few more details and we might be able to assist.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Janus, I am currently in Japan and would like to know what your looking at. I feel now is the time to buy here as it looks like the 15 year decline in ppty prices maybe over. yields are good too currently.
I think you will have a hard time as mentioned above. Japanese banks will lend to foreigners, but only if you are a resident and have a job. Finance is very restricted here, and nothing like in Australia.
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi,
I was pretty interested in this post because I would like to buy in Scotland (my homeland),and I wasn’t sure how to go about it. Any ideas?
Landt.Hi Landt64,
It is certainly possible to obtain a loan in Scotland for a foreign national. If you hold a UK passport, it would be a little easier.
Kind Regards,
Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044Hi Cameron,
I do hold a British passport, so hopefully that makes life easier. Does this mean that I have to get the loan through a Scottish bank?
LandtHi Landt,
Yes you would need to go through a UK bank. No Australian bank will lend against overseas property. You could get a 75% lend through a couple of major banks, and possibly 80% through some smaller lenders.
Kind Regards,
Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044landt
If you are British Citizen (Don’t feel ashamed I am too) then you will be able to borrow upto 100% of the property.
If you want to give me some details i can put you in touch with a couple of good folk over there.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Richard,
That’s amazing! I haven’t seen any bank over there that would offer a buy to let mortgage for an expat higher than 85%. Of course if you were re-locating back to Scotland and were a British citizen, and were moving into the property it would be different.
Kind Regards,
Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044
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