The HSBC Bank (Singapore) will offer mortgages for residential properties in Adelaide, Brisbane, Melbourne, Perth, and Sydney, according to a report from the Singapore Business Review.
The bank has launched HSBC International Mortgage, its first overseas mortgage product. It will be initially offered to customers looking to finance residential property investments in Australia, before launching to other markets, the report said.
Offered in Singapore, the mortgage is available for residential property investments in Sydney, Melbourne, Perth, Brisbane, and Adelaide.
“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,” said Ranojoy Dutta, head of retail products at HSBC Bank (Singapore).
A survey found that a third of affluent Singaporeans have property investments overseas, while 70% plan to buy investment properties abroad, according to a 2018 HSBC report.
In 2017, more than 400,000 Singaporeans travelled to Australia, with over 200,000 travellers visiting for holiday purposes. The most popular destinations were Melbourne, Sydney, and Perth, according to the report from the Singapore Business Review.
There were also nearly 1,800 Singaporeans who started their studies in Australian universities in 2016, the report said.
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