KUCHING: To tap into the growing demand of Malaysians investing in Australian properties, Maybank has expanded its ‘Overseas Mortgage Loan Scheme’ for purchase of residential properties in Melbourne, Australia.
The new scheme would 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 of both, it said in a press release yesterday.
Currently, Malaysians purchasing properties in Australia obtaining financing in Australian dollars were exposed to foreign currency exchange fluctuations when making monthly loan repayments.
Under the Maybank ‘Overseas Mortgage Loan Scheme’, financing would be in ringgit, which provided relief from fluctuations in currency exchange.
Other key features included competitive interest rate, high margin of financing of up to 75 per cent, flexible repayment and longer loan tenure of up to 30 years or 70 years of age whichever is earlier.
The bank first introduced the scheme in ringgit last January to finance the purchase of London properties. As at May 2012, it had successfully approved new loans from this portfolio exceeding RM260 million, it stated.
“The right investment property in Melbourne offers great returns and exceptional growth potential given that the Australian market has not suffered a fall in median house prices, in fact it has grown by an average of 9.1 per cent per annum on average for the past 10 years,” Maybank deputy president and head of community financial services Lim Hong Tat said.
“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.”
“We anticipate a take up of RM300 million for this new facility within the next 12 months. It will also help the bank to achieve double digit growth for our home financing.” added Lim.