Foreign Currency Loans
If a borrower earns income in a foreign currency and would like to purchase property in Australia, whether a resident or non-resident of Australia. There are numerous facilities available that are very flexible. After discussing what facilities are available for consideration? Your next point of call will be to contact the Foreign Investment Review Board of Australia (FIRB) to see if you require FIRB approval (http://www.firb.gov.au)Foreign Investment Review Board (FIRB) Non-Residents of Australia intending to acquire real estate in Australia must seek approval from the Government through the (FIRB) unless exempt under the Foreign Acquisitions and Takeovers Regulations Act (The Act). Exemptions include: Acquisitions by Australians citizens abroad – now able to access borrowing up to 100% of the properties value Acquisitions of property zoned residential by foreign nationals who hold permanent resident visas Foreign persons purchasing, as joint tenants, with their Australian spouse, property that is zoned residential If you are not exempt under (The Act), FIRB approval is required and the contract for purchase must be conditional on obtaining approval from the Foreign Investment Review Board (FIRB). FIRB approval usually takes approximately 30 days as an indicative only. Please enquire within for indicative rates for Foreign Currency Loans in the following currency’s ---Hong Kong dollar (HKD) -United States dollar (USD) -Singapore dollar (SGD) -British Pound Sterling (GBP) -New Zealand dollar (NZD) -Euro (EUR)- Australian(AUD) or a combination of (AUD) and another currency. Interest Rate is the currency reference rate plus a margin of 1% to 1.5%.
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