Solving the Non-Resident Lending IssuesPublished on February 13 by Anthony Alabakov
Our firm work with banks on a daily basis, and most of the time banks do a great job in fulfilling the lending needs of Australian borrowers (obviously originated from brokers!).
But when it comes to non-resident, I can’t help but shake my head. An abrupt exit from the big banks has left international Investors exposed to huge losses. All because they implemented a westernised lending policy to a borrower who doesn’t receive a payslip, in most cases don’t know what a tax return is, and has probably never paid tax because it has never been part of their culture.
Yet when banks removed their non-resident products due to ‘anomalies’ with documents (reading between the lines), I think they just invited fraudulent activity as they should of adapted their policy to accommodate borrowers who work and derive income differently to us.
Since mid-2016, we have been working tirelessly with leading developers, investors, and mortgage fund providers to design and deliver products that can meet the needs of the non-resident clientele. We are now proud to announce that we have access to multiple mortgage funds as of today, with more in our pipeline to roll out in the very near future.
Don’t get me wrong, I know we aren’t the first to the playing field here, but we are certainly the most unique. There has been a lot of talk in the industry about mortgage funds being set up, but not much action as far as money being lent. The other end of the spectrum sees providers of mortgage funds that simply don’t have the capabilities to deliver on demand. Of course there are also the mortgage managers accessing money from overseas, stretching out to 2 months for an approval and that’s if they can even get it approved.
Not only have we ensured this product can solve the problems faced by our non-resident friends, we work with reputable local financial institutions who can both deliver, and have the expertise to ensure a fantastic experience is shared by both the investor and the borrower.
It was important we invested in a team of Mandarin and Cantonese consultants who truly want to see their counterparts from Asia successfully settle their properties, ultimately saving them from losing their deposit to developers, and fulfilling their dream of owning property in Australia.
We invite anyone who knows of non-residents facing issues with settlements on Australian property, to reach out and learn more about our mortgage fund providers, and how our products can benefit them.