Hi guys.
l’ve been wondering , l saw the other day Japan and China had zero % interest finance . ls it viable to use their finace in OZ , can we get finance from there and if so how would you go about it ?Cheers
MkcHi MKC,
A number of banks provide foreign currency loans, however, typically you need to be earning the currency you take the loan out in. While the low interest rates can appear attractive, you need to remember you are effectively playing on the volatile foreign currency markets if you take out one of these loans. So while these loans may be good for short term cashflow, you may end up paying a lot more in the long run. If you are interested in these facilities, make sure you way up the risks involved. Banks that provide this facility include St.George, CBA, ANZ and some international banks such as Barclays and Lloyds through their Asian subsidiaries.
Kind Regards,
Cameron Perry
Director
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph 613 9662 1999
Fax 613 9662 2044I’ve looked into Japan. It can be done with Aussie banks there like NAB, but as Cameron says you need to be working there, or at least earning money in Yen. To qualify you would need a stable job of at least 2 years history, and if you ever moved back or stopped earning in Yen, the loan would need to be renegoitated – ie you would have to apply again.
From memory the maximum LVR was 70-80%.
Terryw
Discover Home Loans
Parramatta
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Thanks very much for the info guys , something l’ve wondered about for awhile now .
Must say l’m glad there’s a few catches and consequences , otherwise paying what we do here – would really hurt !All the best
Mkc
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