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.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.Original Post Deleted
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.
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?
Woah, too hard to parse that.
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.
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.
So many folks, we should start Geoexpat Ltd and get into property development.....