Westpac announced in the first half of 2019 that they would be unwinding its mortgage portfolio, leaving hundreds of borrowers stranded with a need to refinance before the end of September 2019. With just two more months before this deadline is upon us, it’s important for any borrower with an expat mortgage from Westpac to start exploring their options sooner rather than later.
Lending caps, pressure from APRA, the Royal Commission and declining profits for the bank led to the decision to exit the Asian markets for the foreseeable future. The domestic pressure in Australia has meant that Australia’s oldest bank has had to shift its focus to the markets and borrowers down under before looking internationally again. We expect that Westpac along with the other major lenders in Australia will look to expand in Asia again in the future, however this doesn’t help borrowers at present.
If you do have a mortgage with Westpac out of Singapore or another key Asian market, it’s important to start exploring your options to refinance. Given interest rates are at record lows, this may be an opportune time for you to look at bringing your loan to an Australian lender providing a great deal of flexibility and peace of mind if/when you repatriate to Australia.
How do you get started and explore your options..?
The first course of action is to speak to one of our experienced Australian expat mortgage brokers who can assist you in exploring your options and which lenders are going to be best for you. With a sound understanding of both domestic and expat markets, we’ll be able to guide you through your options in addition to the implications of any future moves either back to Australia or elsewhere.
We can explore your current loan features, your financial strategy, provide you with our recommendations moving forward and walk you through the entire refinancing process.
Reach out to our expat team today and we can get started.
LoanSuite Pty Ltd is your lending partner for all of your home loan, investment property, business and commercial financing needs. With our wide range of lending solutions, expertise in financial planning and investment strategies, and extensive experience in working with both Australian residents and Australian expats, we are your partners for your lending needs.
Book an obligation-free, complimentary consultation here today.
LoanSuite Pty Ltd is an Authorised Credit Representative (Credit Representative Number – 494608) of My Local Broker (Australian Credit License – 481374). Important Disclaimer: Your complete financial situation will need to be assessed before acceptance of any proposal or product.