OCBC Wing Hang Bank
OCBC Wing Hang Bank is the eighth largest bank in Hong Kong. They offer several different packages for Australian expats and a hassle-free approval process.
Australian Residential Mortgage Loan
OCBC Wing Hang lets expats living in Hong Kong purchase a residential property in Sydney, Melbourne, Perth, and Brisbane for investment purposes.
The minimum loan amount is AUD$200,000 and the maximum property value is AUD$3,500,000. The loans are offered for up to 30 years with a variable interest rate.
The annualised interest rate is based on OCBC’s cost of funds. This means that the bank’s cost of funds for your desired currency will decide the interest rate.
Greater Bay Area Residential Property
With the current growth potential in the Greater Bay Area, this loan is aimed at businesses and investors.
This mortgage covers Zhuhai, Shenzhen, Guangzhou, and Foshan and interest rates are calculated on the Hong Kong Interbank Offered Rate (HIBOR).
Pros and Cons
Take a look at the pros and cons of OCBC Wing Hang’s home loans.
Approval in principle is valid for up to 12 months.
Some OCBC Wing Hang packages aren’t available for expats.
Modern internet banking system.
OCBC Wing Hang can revise the relevant terms and conditions of the loan depending on your situation.
Investment home loan packages tailored to fit your needs.
Can only buy residential properties in Sydney, Melbourne, Perth, and Brisbane.
Variable interest rates only for expats purchasing in Australia.
Westpac accepts the majority of foreign currency income.
Australian income tax rates are applied to foreign income.
Open to adjusting loan on complicated scenarios.
Maximum Loan Value Ratio (LVR) of 70%.
Free features are available for customers like offset accounts and redraw facilities.
Does not accept refinance applications, if you wanted to refinance to Westpac from a different financial institution
Here are the main features of OCBC Wing Hang’s mortgage packages.
OCBC has a maximum LVR of 60%, meaning you’ll need a 40% deposit.
OCBC Wing Hang prides itself on its straightforward application process.
Variable interest rates provide expats with flexible repayment options.
Currency switching is available throughout the life of the package
Interest Rates (Investment)
For a home loan of AUD$500,000 on a 30-year term, an annualised interest rate of 1.6% will be applied.
Interest rates will depend on your LVR and how much you want to borrow.
How Do I Apply?
When applying for a home loan at OCBC Wing Hang, you must meet the eligibility criteria and have various documents ready.
- Hong Kong permanent residents or foreigners employed and residing in Hong Kong like Australian expats.
- Over the age of 18
When you apply for a home loan with OCBC Wing Hang, you must provide several documents.
Other Related Products
Premier VOYAGE Card
A unique miles card that can be used to redeem flights on any airline at any time, with no blackout dates.
You’ll also receive complimentary travel Insurance coverage.
OCBC Wing Hang Business Credit Card
This is a flexible credit card for companies and employees. You can enjoy a 0.4% cash rebate and comprehensive insurance protection.
More home loan questions
OCBC Wing Hang offers a variety of features on their home loans for those looking to purchase in Australia. This includes a hassle-free application process and currency switching throughout the lifetime of the loan. These features are available to buyers looking to purchase a new property in Australia or invest in the market.
Yes. OCBC Wing Hang is now allowing customers to buy property in Australia. OCBC finances property purchases in Sydney, Melbourne, Perth, and Brisbane. The minimum loan amount is AUD$200,000, and the maximum property value is AUD$3,500,000.
Yes. Australian expats living in Hong Kong can purchase a residential property in Australia for investment purposes. OCBC Wing Hang will allow expats to buy properties in Sydney, Melbourne, Perth, and Brisbane. LVRs will differ depending on where you want to purchase the property.