Do Australian expats in Hong Kong qualify for a mortgage?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Do Australian expats in Hong Kong qualify for a mortgage?

Post by Otto Dargan »

Hi Howard. Welcome to the forums.

Yes, banks allow Australian citizens and permanent residents living overseas to borrow up to 90% of the property value.

Since you’re earning an income in a foreign currency, the first thing you’ll have to work out is whether your currency will be accepted. But, Hong Kong Dollar is an acceptable currency and falls under Tier 1 currency, so it shouldn’t be an issue.

Australian expats in Hong Kong are common and Australian banks regularly deal with Hong Kong Dollars (HKD) because of that. If you earn a living in HKD, then it’s highly likely that you can get approved for a home loan.

Although the process of getting a 90% is not as simple as it used to be, you can still get one as long as you can meet standard lending criteria. However, if you're buying an unusual or specialised properties type then it will usually not be acceptable to most lenders.

Please enquire online or call us on 1300 889 743 and check if you qualify or not.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Do Australian expats in Hong Kong qualify for a mortgage?

Post by Otto Dargan »

Hi Howard,

It should be a relief for you to know that Australian banks and lenders assess the income of Australian expats in Hong Kong just as any other Australian resident.

If you’re borrowing less than 80% LVR, some lenders may accept a letter from your employer as proof of your foreign income. Since you’re borrowing more than 80%, you have to provide other documents as well.

In those circumstances, you can generally prove your Hong Kong income by providing:
  • A copy of your employment contract.
  • Your two most recent payslips.
  • Tax returns for the last two years.
Please note that some lenders will use the tax rate of Hong Kong, as opposed to Australian tax rates, which can significantly improve your borrowing power.

Please go to our website for more information. If you want to speak with one of our expat investment loan specialists, then you can call us on our overseas number +61 2 9194 1700 or enquire online.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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