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Contractor and Mortgage in HK

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  1. #1

    Join Date
    Jun 2017
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    Contractor and Mortgage in HK

    I am relocating back to HK (I have HK ID) and will be contracting through a consulting company to the end client, with an initial 1 year fixed term employment contract.

    I have many years of contracting track record back home at a similar rate.

    Would I be able to get a mortgage if I decided to purchase an apartment in the near term? Any info much appreciated! thanks.


  2. #2

    Join Date
    Dec 2009
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    6,714

    As long as you have a decent downpayment and regular income being deposited into your bank account.


  3. #3

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    Dec 2002
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    Quote Originally Posted by emx:
    As long as you have a decent downpayment and regular income being deposited into your bank account.
    Many banks will only loan to permanent residents.

  4. #4

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    Jun 2017
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    Quote Originally Posted by shri:
    Many banks will only loan to permanent residents.
    I have permanent resident status (I have my HK ID), would regular income (deposited into hk bank acc) within the 12 months be sufficient for a mortgage? Do banks see contractors differently than permanent employees?

  5. #5

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    Depends on your relationship with the bank and overall credit score i guess. As a business owner who does not take a large salary or any salary from the business, I did not have a problem. My mortgage is about 15 years old.

    Anyways, when you are ready, best to chat with a mortgage broker like mReferral who will figure out what you can get and from with bank.


  6. #6

    i think its possible but you might be on more unfavourable terms because you dont have any evidence of tax paid in HK


  7. #7

    Join Date
    May 2017
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    Quote Originally Posted by panadol:
    I have permanent resident status (I have my HK ID), would regular income (deposited into hk bank acc) within the 12 months be sufficient for a mortgage? Do banks see contractors differently than permanent employees?
    Any close relatives in HK? Perhaps they can act as gurantor. From what I know, so long as you have about 3-6 months of regular income, the chances of getting a loan should be pretty alright. Better still if you have a joint loan with someone who has some credit history in HK

  8. #8

    Join Date
    Feb 2009
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    8,280

    Banks will offer you a mortgage up to 50% of value of property (below $10m) or 40% of value (over $10m). They do need to see a proof of income but in my experience a few months of payslips is enough. They also do some other tests before approving a mortgage, eg I think the repayments can not be more than X% of your salary etc, but clearly the toughest test is this first one and you have to put such a huge down payment of 50-60%.


  9. #9

    Join Date
    May 2015
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    Anyone with experience getting a mortgage as a sole proprietor with irregular income? I don't have any "monthly" salary, just payments made to my personal bank account after each contract is done


  10. #10

    Join Date
    May 2017
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    150
    Quote Originally Posted by Cminds:
    Anyone with experience getting a mortgage as a sole proprietor with irregular income? I don't have any "monthly" salary, just payments made to my personal bank account after each contract is done
    Any paper trail such as invoices to prove the payments? you will probably have to tally it with each deposit into your bank account and point it out to the banker when you apply. Not sure how much they will slash off the potential amount you could borrow though.

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