We are a boutique mortgage consultancy firm based in Singapore that caters more to Singaporeans and Singapore PRs with financing needs from Singapore banks for their australia property investments. Some banks here do offer financing for foreigners with foreign income outside Singapore but they must be strictly not be an Australian tax-resident (ie. working and living down under).
However, as there are only a handful of banks (less than 5) offering Australia property financing in Singapore, and many a times we end up sending clients to the same bank with the best overall terms, we have decided (from 2022) not to broker for Australia property loans.
Instead we will simply refer you directly to our Australia property loan specialist from that one bank, and offer you an extra incentive in the form of a $100/200 FairPrice gift card (subject to min loan amount, see table below) when you come through us for the loan.
S$200 Fairprice e-Gift Voucher
>= S$300,000 equivalent
S$100 Fairprice e-Gift Voucher
* Equivalent when converted to SGD. Other terms apply (see bottom of page).
FairPrice is the largest grocery chain in Singapore.
This brings you much convenience and saves you time as we will link you up with the expert who can answer all your specific questions on the financing terms and bank’s qualifying criteria & credit policies.
Simply enter your property purchase or loan details in the form below, and our overseas property financing expert from the bank will be in touch with you shortly.
1. Why financing from Singapore Banks?
- Number 1 Reason: You have a choice of financing in SGD or AUD! Notwithstanding that financing in a currency other than the currency of the purchase (or asset) carries risk, investors outside of Australia are already exposed to currency risks the moment they buy as their domiciled funds are in another currency to start with. It is the active management of this risk which can be turned in a reward, for example some Singapore banks may allow for switching of currency during the tenure of the loan. Speak to us to find out more.
- Relationship With Singapore Banks: Singapore banks are well-capitalized and Sing Dollar has long been regarded as safe haven currency in this part of the world. Global real estate investors who place AUM (assets under management) with Singapore private banks or who apply for a Preferred Banking account with min S$200,000 will open up even more leverage options for their overseas property investment.
- Getting Finance Early: Do not wait for settlement as macro environments can change resulting in banks changing their lending policies or increasing their spreads. Some Singapore banks are still able to grant approvals for purchase with a much later settlement date.
2. What else you need to know?
- Location Of Property: Generally banks in Singapore lend only for purchases in the 4 main cities of Sydney, Melbourne, Perth & Brisbane.
- Property Specs: The property purchased must be residential unit with internal built-in space (not including balcony, air-con ledges etc) of more than 50 sqm. For landed, financing of land with construction is not entertained. Land and house must be in one title & completed, and within the required zoning/radius of the respective bank with settlement in one single disbursement.
- Use Of Property: Strictly for buy-to-let or investment only.
- Purpose Of Loan: This can be for purchase from developers, or re-mortgaging from another bank in Australia/Singapore.
- Minimum Loan: AUD250,000
- Loan-Value-Ratio (LVR): Most banks extend up to 70% for Singapore citizens & PRs, and up to 60% for foreigners (must not be tax-resident of Australia)
- Minimum Income (main applicant):
S$60,000 per annum (Singaporean/SGPR)
S$100,000-180,000 per annum (Foreigners)
(1) You must not be a tax resident of Australia and residing in Australia.
(2) At least one of the applicants must show the minimum income of equivalent of S$100,000 p.a., else pledging of AUM funds in Sing dollar will help to this end. PRC citizens might be subjected to more stringent requirements.
(3) Some banks might require you to join Preferred Banking with AUM placement of S$200,000 before you will qualify for overseas property financing. Note withdrawal of funds after disbursement attract fall-below fees of S$50/mth. Others might require that you deposit funds in advance for earmarking – set aside to deduct for repayments up to 36 months.
(4) For foreign-income, most banks will need 6 months of computerised payslip with 6 months of matching bank statements showing salary-crediting. Tax documents will is required as a secondary check. There will be hair-cut on income that varies from bank to bank, especially for self-employed income.
We may be located physically in Singapore, but we’ll link you up with our Australian property loan specialist banker here who can stay connected with you via WhatsApp and calls and we have helped hundreds of overseas-based investors gain access to additional sources of leverage. To this end, we will endeavour to bring the best financing options to high net worth global real estate investors like yourself both in Asia or globally.
Get the best rates be it in SGD or AUD from Singapore banks. We bring you the most comprehensive solutions for your Australian property financing needs
- Packages where banks do not pay us distributor (or referral) fees in full or at all are excluded for example (not limited to): direct-to-bank packages, priority banking package eg. DBS Treasures rates, direct online promotions, etc.
- All programmes are contingent on MortgageWise receiving the distributor fee in full from the bank for the loan successfully introduced by us; in event this distributor fee is not received or reduced for whatever reasons, Management reserves the right not to award the reward at its sole discretion.
- Gift value awarded is tiered on the final loan amount (based on SGD or equivalent) disbursed in accordance with Letter of Offer signed, and also on a per property basis. Loans cannot be combined for those with multiple mortgages.
- Wherever there is a time-based element to qualify for any programmes, we cannot be held responsible for delays in the loan application process caused by the bank or any other party or for whatever reasons and no such requests will be entertained.
- In situations where the loan is signed but subsequently withdrawn by you for whatever reasons, and the bank claws back from us the distributor fee paid out, we will ask you to refund us the full value of the rewards given via PayNow or otherwise.
- In event of any dispute Management reserves the right to any final decision it deems appropriate.
- Management reserves the right to stop any of above programmes or promotions, or change the gift card from one establishment to another of the same dollar value as it deems fit without prior notice.