Maybank has expanded its ‘Overseas Mortgage Loan Scheme' for purchase of residential properties in Melbourne, Australia. The new scheme will finance completed or off plan residential properties developed in Melbourne by Malaysian and Australian developers in the form of term loan, overdraft or a combination both.
Currently, Malaysians purchasing properties in Australia obtaining financing in Australian Dollar are exposed to foreign currency exchange fluctuations when making monthly loan repayments.
Under the Maybank Overseas Mortgage Loan Scheme, financing will be in Ringgit, which provides relief from fluctuations in currency exchange. Other key features include competitive interest rate, high margin of financing of up to 75%, flexible repayment and longer loan tenure of up to 30 years or 70 years of age whichever is earlier.
The Bank first introduced the Overseas Mortgage Loan Scheme in Ringgit last January to finance the purchase of London properties. As at May 2012, the Bank had successfully approved new loans from this portfolio exceeding RM260.00 million.
Mr. Lim Hong Tat, Deputy President and Head of Community Financial Services Maybank, said "The right investment property in Melbourne offers great returns and exceptional growth potential. The Australian market has not suffered a fall in median house prices, in fact it had grown by an average of 9.1% per annum on average for the past 10 years. The Global Financial Crisis in 2009 and 2010 saw markets property prices markets such as in the UK and USA fall significantly, however properties in Australian actually increased in value during this period."
"The new mortgage will benefit Malaysians who are showing increasing interest in buying properties in Australia. Given that Australia currently offers attractive advantages for property purchase to non residents, the Bank has tied-up with reputable international real estate agencies to assist customers, particularly on the country's regulations."
According to the latest research by Australian Property Monitors, Melbourne has been the standout performer for house price growth over the last five years, with prices increasing almost 30% in just 15 months.
"We anticipate a take up of RM300.0 million for this new facility within the next 12 months. It will also help the Bank to achieve our home financing target of double digit growth this financial year compared to the previous period." added Mr. Lim.
Information quoted in the press release is obtained from an article in the Jakarta Post dated 6 June 2012 titled "Malaysians Investing in Aussie Properties to Grow".
Learn more about Maybank Overseas Mortgage Loan Scheme.
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