Responding to growing interest among clients, HSBC Singapore now offers mortgages for investment residential properties in five cities across Australia.
HSBC Singapore is hoping to tap on the growing number of Singaporeans who plan on buying investment properties abroad with the launch of its first overseas mortgage solution, the bank announced on Thursday.
HSBC International Mortgage will be offered in Singapore in either Singapore or Australian dollars for investment residential properties in and around Sydney, Melbourne, Perth, Brisbane and Adelaide, with other overseas destinations to be added over time.
Successful applicants will get HSBC Premier status, which gives them access to a relationship manager in Singapore and Australia to facilitate the process, the bank said.
We went with Australia as the first market for this solution given the close affinity that Singaporeans have for the country on the back of their business, education, holiday or familial ties. as a result of business, education, holiday and familial ties, Ranojoy Dutta, head of Retail Products, HSBC Bank (Singapore), said.
The bank also highlighted its own Beyond the Bricks report from 2018, which indicated that one-third of mass affluent Singaporeans currently have overseas property investments, and 70 percent plan to buy investment properties abroad.
Singapore’s real estate investment in Australia grew 141 percent in 2018 to $3.5 billion, despite skyrocketing property prices, according to Real Capital Analytics data. According to Knight Frank’s 2018 Wealth Report, Australia was the second-most popular destination for prime property purchases among wealthy Singaporeans.