HSBC Bank (Singapore) has today launched HSBC International Mortgage, its first overseas mortgage solution. It will initially be offered to customers looking to finance residential property investments in Australia before being rolled out to other markets. In a unique offering for the Singapore market, successful applicants who will be accorded HSBC Premier status will have the potential to seek relationship manager support in Singapore and Australia.
Key benefits of the solution include:
Mr Ranojoy Dutta, Head of Retail Products, HSBC Bank (Singapore) shared: “Singapore and its people are amongst the most internationally oriented in the world and this extends to overseas investment. 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. We’re similarly seeing this reflected in our customers’ interest so we’re really responding to this growing momentum.”
HSBC’s Beyond the bricks 2018 report shows that a third of the surveyed mass affluent Singaporeans currently have overseas property investments, while 70% plan to buy investment properties abroad.
In 2017, more than 400,000 Singaporeans1 visited Australia. Of which, over 200,000 went to Australia for holiday purposes with the most popular destinations being Melbourne (35%), Sydney (30%) and Perth (27%)2. Likewise, there were nearly 1,800 Singaporeans who started their studies at Australian universities in 20163.
Mr Dutta continued: “Our extensive presence in Australia makes this solution an unparalleled offering in the Singapore international housing loan market. Having the choice of on-the-ground Relationship Manager support in both Singapore and Australia is very powerful and immeasurable, particularly during high-pressure periods such as the lead up to a property purchase or sale or getting assistance for your day-to-day accounts.”
Offered in Singapore, the loan will initially be available to investment residential properties located in and around Sydney, Melbourne, Brisbane, Perth and Adelaide, but will be expanded into other overseas destinations over time.