Important information

Please be aware of the following;

Effective Immediately Tuesday 6th March 2012 Credit License Cancellation Lodged By Us With ASIC

Ability Finance have elected to cease all credit activities covered by ASIC credit licensing for various reasons including but not limited to;

  1. Lender commission cuts over the past few years.
  2. Additional liability, workload and costs arising from National Credit Licensing
  3. Lender minimum volume restrictions which result in smaller brokers not being able to offer all options to customers.
  4. Regularly encountered inexperienced lender staff who are unaware of their own employers policies whose advice wastes both broker and customers time and resources.
  • As a blog style website there is only historical content contained within this website that is out of date and no longer applicable. This content must only be used for historical reference purposes.
  • Ability Finance, through choice, no longer represent any lenders who may be historically referred to within this website.
  • No information or content contained on this site should be relied on as being current.
  • No content contained within this site should be taken as advice in any way at all.

Should you feel there is any content that should be removed from this site please contact the webmaster.
By any chance you feel specific content is interpreted as offering any credit activities by us it is to be ignored, please report to the webmaster for removal or modification.
If you are legally entitled to engage in credit activities and would like to advertise on this site please contact the webmaster.
If you would like a website developed or even to purchase this site modified to your requirements please contact the webmaster.
Meanwhile we are working hard at creating a one stop shop for purchasing high quality spray painting equipment online including an extensive range of the best spray gun models we are able to offer at discounted prices everyday right across the complete range of available spray gun models. Online spray gun prices with old fashioned personal service levels.

Foreign Currency Home Loan

We are no longer offering Foreign Currency Home Loans

Residential property investor’s located overseas whose primary income is foreign currency may consider purchasing Australian residential investment property using an Australian currency loan or a foreign currency loan.

If you are living in Australia and earning Australian dollars this product was never available.

Foreign currency loan pre-approvals are no longer possible.

Lenders used to finance Australian Property purchases in either Australian dollars AUD, Hong Kong dollars HKD, United States dollars USD, Singapore dollars (SGD), UK Pound Sterling (GBP) New Zealand dollar (NZD) and Euro (EUR) denominations.

Foreign currency home loans were available to Australian expatriates and foreign investors residing in Hong Kong, Singapore, the Middle East, USA, UK, New Zealand and Europe who were interested in investing in Australian residential property.

See the list at bottom of this page for other countries from where foreign currency finance used to be possible.

Benefits of a foreign currency home loan were that borrowers could match their loan repayments to the currency in which they are earning.

Foreign currency home loan borrowers could secure foreign currency home loans using standard residential property in Australia.

Additionally investors approved for a foreign currency home by the Foreign Investment Review Board (FIRB) loan used to be able to borrow up to 100% of the value of a new property provided additional security was available, redraw back up to the original loan amount could often be made available and borrowers could switch between currencies and substitution of security was also available where Australian security property was used.

Foreign Currency home loans were available as principal and interest type repayments over 1 - 30 years or interest based over 1 -15 years.

Interest based loans need to be renegotiated at the end of the period.

Foreign currency home loan Repayments can be either made by TT or direct transfer. A remittance advice is sent to the customer outlining the payment amount due and then the customer is able to send the repayment amount via Telegraphic Transfer (TT) or Direct Transfer from their overseas bank as per the instructions on their remittance advice.

Reductions to the loan principal are permitted without any additional charge provided such repayment is made on the scheduled instalment date with at least 10 days prior notice given. Principal repayments at any other time still requires at least 10 days notice to the Bank and may incur break-funding costs in some circumstances. Foreign Currency home loan borrowers may also redraw prepayments subject to the bank's approval and a redraw fee applies to each approved request.

Foreign currency home loan borrowers also have the ability to switch between the following currencies: Australian dollar (AUD), Hong Kong dollar (HKD) and United States dollar (USD) Australian dollar (AUD) and Singapore dollar (SGD) Australian dollar (AUD) and British Pound Sterling (GBP) Australian dollar (AUD) and New Zealand dollar (NZD) Australian dollar (AUD) and Euro (EUR) A foreign currency home loan can also be split to create an additional loan. For example half the loan could be in AUD and the other half of the loan could be in USD. When a foreign currency loan is denominated in Australian dollars, (AUD) the maximum loan to value ratio for amounts less than $750,000 (AUD) is usually 80 percent but may be subject to variation at times.

A maximum loan to value ratio of 75 percent applies to loan amounts equal to or greater than $750,000 (AUD) that are denominated in AUD and all loans in foreign currencies. Normal maximum loan to value ratios for specialised securities are discounted by 5 percent. For example, serviced apartments with a floor area less than 50sqm will usually have the maximum loan to value ratio reduced from 70 percent to 65 percent.

Once again all loan to value ratios may be subject to variation at times The list of approved countries from which we are now able to consider non-resident and foreign currency home loan applications for the purchase of Australian residential property has recently been expanded to include Austria (subject to certain conditions), Ireland, Bahrain, Japan, South Africa (subject to Exchange Control regulations), Belgium (subject to customer being informed that they may have a potential liability to pay Withholding Tax in Belgium and they must seek their own advice in that regard), Kenya, Sweden, Bermuda, Korea, South Korea, Brunei, Kuwait, Switzerland, Canada, Latvia, Tahiti, Cayman Islands, Lebanon, Thailand, China, Malaysia, The Netherlands, Denmark, Malta, Trinidad & Tobago, East Timor, Mauritius, Turkey, Falkland Islands, New Caledonia, United Kingdom, Fiji, New Zealand, United Arab Emirates, France, Norway, USA, Germany, Oman, Vanuatu, Hong Kong, Papua New Guinea, Vietnam, Hungary, Philippines, Iceland (subject to Withholding Tax Exemption), Qatar, India, Russia (subject to conditions), Indonesia, Samoa, Iran, Saudi Arabia, Iraq (lend in AUD only) and Singapore.