ING Commercial Loan Review for Australian Expats

ING Commercial Loan Review

ING Commercial began operating in Australia in 1999, offering a range of banking products and services to businesses of all sizes. Over the years, they grew to become a significant player in the Australian commercial banking market, known for their competitive interest rates and innovative products.

In October 2022, ING Australia announced that they would be ceasing to offer new mortgages to Australian expats, permanent residents, and foreign investors living overseas looking to purchase commercial or investment property in Australia. This decision was attributed to several factors, including regulatory changes from the Australian Prudential Regulation Authority (APRA), risk management management concerns, and refocusing their business strategy on lending to domestic borrowers.

Here are some other lenders that you can go with instead:

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Facts About ING Commercial

ING Group was formed in 1991 in the Netherlands through the merger of Nationale-Nederlanden (insurance) and NMB Postbank Groep (banking). In 1998, it expanded internationally, acquiring Belgian bank Banque Bruxelles Lambert (BBL), solidifying its global presence.

In 2007, ING Commercial entered the Australian market by acquiring the financial services arm of ANZ Bank. In 2016, ING Commercial rebranded as ING Wholesale Banking, reflecting its focus on large corporate and institutional clients.

In 2023, ING Commercial continues to operate as a leading provider of wholesale banking services in Australia and globally.

How Do I Apply for an Expat Mortgage?

While ING Commercial has stopped offering mortgages to expats and foreign investors, there are still several options available for securing a commercial property loan in Australia.

  • Other Banks: Several major banks as well as non-bank lenders in Australia, such as ANZ Commercial, Bankwest Commercial, and Commonwealth Bank, still offer commercial property loans to expats and foreign investors.
  • Mortgage Brokers: Specialist mortgage brokers like Odin Mortgage can help you compare loan options from various lenders and negotiate better rates and terms. They can also guide you through the application process, which can be complex for overseas borrowers.
  • Non-Recourse Loans: Non-recourse loans offer a way for expats and foreign investors to limit their liability to the commercial property itself. This means that you will not be personally liable for the loan amount if you default, protecting your personal assets. However, non-recourse loans often come with higher interest rates and stricter requirements.
  • Specialist Lenders: Several lenders specialise in providing commercial property loans to expats and foreign investors. These lenders may have more flexible criteria and understand the unique challenges faced by overseas borrowers.

Here are some additional steps you can take to increase your chances of securing a commercial property loan in Australia.

  • Strong Financial Profile: This includes having a good credit score, sufficient savings for a deposit, and a stable income source.
  • Comprehensive Business Plan: This should detail your plans for the commercial property, including projected income and expenses.
  • Professional Advice: Consulting with a financial advisor and a lawyer can help you navigate the legal and financial aspects of purchasing commercial property in Australia.

Remember, securing a commercial property loan as an expat or foreign investor can be challenging. However, by being well-prepared and seeking professional guidance, you can increase your chances of success. Odin Mortgage can help you with this!

Who is Eligible?

Australian expats, permanent residents, and foreign investors living overseas can secure a commercial property loan in Australia, although the process is more complex than for domestic borrowers. Here’s a breakdown of the general eligibility criteria.

  • Good Credit Score: Demonstrating a history of responsible credit management is crucial.
  • Sufficient Income: You must have a stable and verifiable income source that can comfortably cover the loan repayments.
  • Deposit: Lenders will typically require a minimum deposit, usually between 20% and 40% of the property’s value.
  • Liquid Assets: Holding additional liquid assets besides the deposit can strengthen your application.
  • Eligible Property Type: Lenders may have restrictions on the types of commercial properties they finance for overseas borrowers.
  • Location: The property’s location and market conditions can influence eligibility.
  • Valuation: The property must be professionally valued to determine its market worth.
  • Supporting Documents: This may include tax returns, bank statements, proof of income, and property valuation.
  • Business Plan (if applicable): If purchasing for business purposes, a comprehensive business plan is crucial for demonstrating feasibility and profitability.
  • Visa Documentation: Expats and foreign investors need to provide relevant visa documents.

While these are general guidelines, specific criteria may vary depending on the lender and individual circumstances. It’s crucial to contact a specialist mortgage broker like Odin Mortgage directly to understand the specific requirements and application process.

What Documents Do I Require?

The specific documents required for a commercial property loan application in Australia can vary depending on the lender and individual circumstances. However, here’s a general list of documents commonly requested from Australian expats, permanent residents, and foreign investors.

Personal Documents

This includes documents such as a copy of your passport, visa, and proof of residency.

Financial Documents

This includes documents such as your tax returns, bank statements, employment contract or business financial statements, and credit report.

Property Documents

This includes documents such as the purchase contract, property valuation report, land title deed, and building plans and specifications, if applicable.

Loan Documents

This includes documents such as the completed loan application form, letter of offer, and loan agreement.

Additional Documents

This includes documents such as guarantor documents, foreign exchange risk management plan, business plan, and proof of funds, if applicable.

It’s important to note that this is not an exhaustive list. The specific documents required will depend on the lender and your individual circumstances. It’s best to contact us directly to confirm their specific requirements.

Need a Mortgage With ING Commercial?

ING Commercial does not offer direct mortgage products to Australian expats living overseas. You will need to find another lender for your Australian expat loan. That’s where we can help!

Odin Mortgage specialises in mortgages for Australian expats, permanent residents and foreign investors living overseas looking to buy or invest in property in Australia. Talk to us today to discuss your needs and unique situation to check out your best options.

Other Australian Lender Reviews

Allow us to find you the perfect home loan.

Apply online to get expert recommendations with real interest rates and repayments.

FAQs About ING Commercial

Unfortunately, no. ING Commercial stopped offering home loans to Australian expats living overseas in 2022.

It’s possible, but ING hasn’t made any official announcements. If they do re-enter, they’ll likely update their website and offer information specific to expat borrowers.

Several lenders specialise in expat home loans, offering competitive rates and flexible features. You can contact Odin Mortgage for expert advice.

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