mortgages in HK

aussiegal · 02-02-2009, 06:34 PM

Can anyone recommend a Western contact working in mortgage finance, either as a broker or as an employee of a bank here in HK?

We are looking at buying a place here and feel like we are banging our heads against the wall talking to locals who just don't seem interested in loaning to foreigners. Today's example- 'yes we do pre-approval, it will take 2 weeks.'

5 minutes later we get a call saying 'no pre-approvals'. What the? That was without knowing the size of our loan, size of our deposit etc. No questions were asked at all in fact. I know some banks don't do pre-approval (what's with that anyway?) but to say you do then go back on it five minutes later beggars belief.

Also, keen to hear anyone's experiences on buying here, good and bad. Things to look for etc.

Thanks.

PDLM · 02-02-2009, 06:44 PM

Oh wonderful - a race-based definition of competence.

aussiegal · 02-02-2009, 07:00 PM

Where did I say locals were incompetent? I said they do not appear to want to help foreigners. Perhaps its your own poor opinion of locals that led you to read something that is clearly not there. You have a go at people for not reading your posts properly, you should try it some time.

But whatever, go back to your cave and let someone willing to actually help help...

PDLM · 02-02-2009, 07:08 PM

I suspect the 5 minutes was how long it took them to look up what your husband does for a living, and that's what caused the "no pre-approval". I doubt that it has anything to do with your foreignness. And I can't say I blame them.

aussiegal · 02-02-2009, 07:18 PM

No, they didn't. He called them for an introductory chat. Left them with no info except for his name and contact number.

But hey, keep making those assumptions.

Squid1 · 02-02-2009, 07:34 PM

I don't have a Western contact I'm afraid but agree level of service is quite shocking (& variable) here sometimes... BEA, HSBC Premier are normally better strarting points for financial advice than Hang Seng bank fpr example (weird as they are owned by HSBC I think). Perhaps set up a metting with the manager of your banks biggest local branch...they'll cover all the basics such as deposit/fixed/variable/interest only etc for you in a proforma which should save you effort longer term as well

aussiegal · 02-02-2009, 07:39 PM

Thanks Squid, good advice.

Tulip · 02-02-2009, 07:55 PM

I do not have a western contact either but have dealt with very helpful locals when we had to take a mortgage.

I received all the first proposals from at least 6 banks after I gave them a phone call. All important info was covered. We shortlisted two banks and only at that point did we set up a meeting with them.

Even though we are not locals, they were very eager to do business.

Aussiegal, maybe you just have not come accross the right persons. Good luck!

drumbrake · 02-02-2009, 08:18 PM

Mreferral are a broker which I have used in the past. I doubt if they have westerners working there, but the woman who seems to deal with all the foreign clients (I think Makie?) is very professional. She will put you in contact with the right people with the local banks, so this should help you from being messed around - which I think happens to everyone when dealing with bank in HK regardless of nationality.