...a flexible loan with advantages
Product Overview
A Foreign Currency Home Loan offers customers who may be residing either within Australia or those buying property in Australia from overseas the ability to borrow funds in a foreign currency, provided their main source of income is either denominated in or pegged to the same foreign currency, creating a natural hedge for loan repayments.
MAP has access to three lenders that dominate the Australian residential foreign currency loan market. Our expertise is matching your requirements to the lender's policies. There are non standard policies and requirements that you need to understand before jumping into a foreign currency loan. The following provides a brief overview of our foreign currency options when buying property in Australia from overseas.
Current Interest Rates
The following is an example of the interest rates currently available. These rates vary between lenders and change frequently and depend on loan amount and 3 or 6 month term (last updated 25/01/2010):-
USD - 2.26% to 3.42% p.a.
HKD - 2.12% to 3.24% p.a.
SGD - 2.71% to 3.84% p.a.
GBP - 2.62% to 3.85% p.a.
EUR - 2.64% to 3.95% p.a.
Product Eligibility
Restricted to investment / business purposes.
Loan Amounts
Minumum - $100,000
Maximum - Dependant upon affordability
Term
Principle and interest - 1 to 30yrs
Interest only - 1 to 15yrs
Maximum Loan to Value Ratio
75% (possibly 80%) of total security valuation/s
Repayments
Customers may elect to pay 3 or 6 monthly in arrears
Principle Reductions
Extra repayments are allowable, but at least 10 days prior warning is required. A break fee may be charged if the extra repayment is made outside the scheduled installment date.
Loan Splits
Yes - for example 50% SGD and 50% AUD.
Fees
Depending on the lender.
The above is a simple overview of a foreign currency loan. For more information
- Complete the Quick Enquiry form at the top right of the page
- Email enquiry@mapmb.com
- Call 1300 397 287 or Skype
- Complete an application form and email to enquiry@mapmb.com (note, this is not a formal application for finance but simply allows MAP to determine more accurately the options available to you.