To tap into growing demand of Malaysians investing in Australian properties, Maybank has expanded its ‘Overseas Mortgage Loan Scheme’ for purchase of residential properties in Melbourne, Australia.
The new scheme will finance completed or off plan residential properties developed in Melbourne by Malaysian and Australian developers in the form of term loan, overdraft or a combination both.
Currently, Malaysians purchasing properties in Australia obtaining financing in Australian Dollar are exposed to foreign currency exchange fluctuations when making monthly loan repayments.
Under the Maybank Overseas Mortgage Loan Scheme, financing will be in Ringgit, which provides relief from fluctuations in currency exchange. Other key features include competitive interest rate, high margin of financing of up to 75%, flexible repayment and longer loan tenure of up to 30 years or 70 years of age whichever is earlier.
The Bank first introduced the Overseas Mortgage Loan Scheme in Ringgit last January to finance the purchase of London properties. As at May 2012, the Bank had successfully approved new loans from this portfolio exceeding RM260 million.