4th November 2016

Bank of China today announced it will now support Western Australian brokers with home and investment loan applications. For international/overseas borrowers purchasing property in Australia who cannot obtain funding from other local lenders, this is positive news.

This announcement is very welcome in light of the recent policy shift by numerours banks. Many lenders who previously accepted income from overseas have in recent times turned away from these applications, specifically where income is in currencies other than the Australian Dollar (AUD).

As a result of this policy shift, affected borrowers have discovered that achieving finance approval from lenders with ‘eligible policy’ has become increasingly difficult, to the point where overseas currencies that the bank had stated as acceptable income were, in fact, not acceptable.

This announcement follows the signing of an agreement between Australian Finance Group (AFG) and Bank of China in October of 2014. Initially the relationship was extended to a small number of brokers located only in New South Wales, and this offering is now being extended for the first time to Western Australia.

For any customers of Chinese origin, we kindly remind you that we have Yuliya Lin on board as a specialist lender. She is both fluent in Mandarin and experinced at dealing with Australian Lending Institutions - perfectly suited to assist you with taking advantage of Bank of China offers.

For further information about loan enquiries please contact one of our brokers. You can find contact details for our brokers below.