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Advice on bank loans

Discussion in 'Real Estate' started by Jayc, 4th Jul, 2012.

  1. Jayc

    Jayc Member

    Joined:
    27th Feb, 2012
    Posts:
    10
    Location:
    Melbourne
    Hi all,

    Could anyone advice me on the following.

    I have recently purchase my first property in Australia, which is off the plan, I have the 20% deposit and only need finance of 80%, as the property is nearing completion, I have been advise its time to seek finance. The question I have is, do I have to disclose my assets and liability that is from another country or does the bank only need to know what I have and owe in Australia.

    I have a property in Singapore own outright and a couple of credit cards with the local bank in Singapore. All I have is a credit card in Australia.

    I have been told that I don't have to disclose it as my asset and liability is not from australia as they would only want to know about my Australian liability such as my credit card and the new mortgage that the bank will provide finance for!

    Just need to know if that is correct before I proceed.

    Thank you
     
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    That is not correct.

    If you own assets then you need to declare them. Same with debts. If the application form asks for you to list only you Australian assets and liabilities then you wouldn't.
     
  3. GregR

    GregR Reid Consultants

    Joined:
    13th Jul, 2009
    Posts:
    273
    Location:
    Berwick Vic
    Most Australian lenders are only interested in Australian assets but do want to know about any liabilities. You are signing a declaration of true and correct so I would recommend that you include these.

    That said, it is very difficult for a lender to know of overseas assets and liabilities. Most lenders do not require documentation to support other assets and liabilities but some do in the form of a Rates Notice and credit card statements, so check with your proposed lender or broker first to make sure you can provide documentation if required.

    Greg
     
  4. M.Investigator

    M.Investigator Positive Cashflow Investo

    Joined:
    22nd Aug, 2012
    Posts:
    13
    Location:
    Sydney, NSW
    Hey Jayc,

    Since you'll be investing in Australia, you could get some help from a mortgage broker in Australia. They'll be able to help you out on a more personal level and give some good advice about your loan situtation as well as suitable Aussie lenders. Often they will help you out for free since they earn their commissions from the lender only when you agree and apply with a loan.