Like Tree23Likes

AUD mortgage/HK bank question

Closed Thread
Page 2 of 4 FirstFirst 1 2 3 4 LastLast
  1. #11

    Join Date
    Aug 2006
    Posts
    11,884
    Original Post Deleted
    If you have an income of Y per month, they will assess it as as Y x 0.8 or something along those lines because 'overseas'. I think the main impact of this is the max amount they'll lend.
    bdw and shri like this.

  2. #12

    Join Date
    Feb 2009
    Posts
    8,280

    Yeah they take my HKD income and only use 80% of that in assesment for their stress testing etc in Australia. Hong Kong is one of the 'good' countries, my broker had to look it up from a table of countries and some other places they take lower % or dont accept at all.

    Annoyingly they also don't understand the 13 month salary concept of Hong Kong. I get paid twice in December, its not a bonus, its guaranteed. My bonus is in April. But still they did not accept this in Australia and only took my monthly salary x 12. So lost a bit more purchasing power because of this.


  3. #13

    Join Date
    Aug 2009
    Posts
    1,845

    What about the other way around. I understand that if you go to an Australian bank in Australia for a mortgage loan, if you are employed and paid by a HK company as an expat this is not as favourable as being employed and paid by an Audtralian company, all else being equal?


  4. #14

    Join Date
    Aug 2006
    Posts
    11,884

    Woah, too hard to parse that.


  5. #15

    Join Date
    Feb 2009
    Posts
    8,280
    Quote Originally Posted by Loz_2:
    What about the other way around. I understand that if you go to an Australian bank in Australia for a mortgage loan, if you are employed and paid by a HK company as an expat this is not as favourable as being employed and paid by an Audtralian company, all else being equal?
    My Australian bank gave me a mortgage in Australia based on my HKD income x 0.8. Apart from this 20% loss of purchasing power, they don't care what kind of company I work for in HK, whether a local HK company, Australian company, etc (I happen to work for an Italian company with an office in HK actually). They do ask the name of the company I work for, how many years working for them, etc. But this is normal as they would ask for anyone even in Australia anyway.
    shri and Loz_2 like this.

  6. #16

    Join Date
    Jun 2018
    Posts
    12

    Hi bdw, which Aussie bank did you use that accepted hkd income for mortgages?

    Went through a very painful process last year with HSBC Aus and they requested for hkd assets and liabilities

    edited- noted you mentioned bank west

    Last edited by Acho0087; 20-09-2019 at 12:59 PM.

  7. #17

    Join Date
    Oct 2007
    Posts
    1,896
    Quote Originally Posted by Acho0087:
    Hi bdw, which Aussie bank did you use that accepted hkd income for mortgages?

    Went through a very painful process last year with HSBC Aus and they requested for hkd assets and liabilities

    edited- noted you mentioned bank west
    FWIW - I spoke to BW as well and they don't seem to offer this option if you're not an Australian citizen / resident. Ended up going through HSBC Singapore

  8. #18

    Join Date
    Feb 2009
    Posts
    8,280
    Quote Originally Posted by Acho0087:
    Hi bdw, which Aussie bank did you use that accepted hkd income for mortgages?

    Went through a very painful process last year with HSBC Aus and they requested for hkd assets and liabilities

    edited- noted you mentioned bank west
    Yeah I'm with Bankwest. jgl I think is with CBA. A few other people I know with HSBC AU and Macquarie that have HKD income and been able to get loans in Aus.

  9. #19

    Join Date
    Oct 2007
    Posts
    1,896

    So many folks, we should start Geoexpat Ltd and get into property development.....

    bdw and Paxbritannia like this.

  10. #20

    Join Date
    Nov 2018
    Posts
    10
    Quote Originally Posted by bdw:
    Yeah I'm with Bankwest. jgl I think is with CBA. A few other people I know with HSBC AU and Macquarie that have HKD income and been able to get loans in Aus.
    Some Australian online lenders can lend to expats too (e.g. loans.com.au). It is a bit more painful though.