According to a report by the Singapore Business Review, HSBC (Singapore) will offer mortgages for residential properties in Adelaide, Brisbane, Melbourne, Perth and Sydney.
The bank launched HSBC International Mortgage, its first mortgage product abroad. It will initially be offered to clients wishing to finance residential real estate investments in Australia, before embarking on other markets, says the report.
Offered in Singapore, the mortgage is available for investment in residential real estate in Sydney, Melbourne, Perth, Brisbane and Adelaide.
"We chose Australia as the first market for this solution, given the close affinity of Singaporeans for the country because of their professional relationships, their studies, their vacations or their family ties, "said Ranojoy Dutta, head of retail products at HSBC. Bank (Singapore).
According to a report published in 2018 by HSBC, a third of wealthy Singaporeans invest in real estate abroad, while 70% plan to buy investment property abroad .
In 2017, more than 400,000 Singaporeans traveled to Australia and more than 200,000 of them came for holidays. The most popular destinations were Melbourne, Sydney and Perth, according to the Singapore Business Review report.
In addition, nearly 1,800 Singaporeans began their studies at Australian universities in 2016, according to the report.
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