Yes, Westpac has stopped lending to Singaporean residents via their Singaporean entity however, they may consider lending via their Australian entity. That being said, we know that they are relatively conservative in their lending policies and there often other lenders out there with better interest rates.
Few Australian lenders are able and willing to lend to foreign investors due to the complexity of foreigner mortgage.
You can borrow up to 70% of the property value with a higher interest rate.
You can borrow up to 55% at interest rates below 5.00% if you have high net worth and earn a primary currency.
Singaporean dollar (SGD) is among the accepted currency of Australian lenders.
Foreign business income is accepted by only one or two lenders.
80-85% of rental income from the property you’re buying.
Our best lenders will use 100% of your foreign income as long as you’re in a strong financial position.
In most cases, lenders will use between 60% and 90% of your foreign income so you may need to bear some money in AUD or be earning substantial rental income from Australian income.
Australian tax rates even if you are living in a country without income tax (some exceptions).
Loaded repayments on your foreign loans to allow for interest rate movements (some exceptions).
That means that most lenders allow you to borrow much less than you can actually afford! If you apply with the right lender, you’ll have your income accepted and a much higher chance of getting approved.
We specialise in foreigner mortgage.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a foreign mortgage refinance