I’m currently leasing a 2-year-old house situated in a gated Taichung mountain community. Rent is NT$15,000/month with majority of repairs my responsibility. I’ve done some sniffing around and the original purchase price was NT$12m. In my eyes the original buyers were stupid because this is way overpriced. I’d say it’s worth about NT$8.5-9m. The asking price is currently NT$8.5m but I think the owners want to get this thing off their hands and would take NT$7-8m.
Anyhow… originally I planned to buy in Taiwan but recently decided to study medicine, which is going to cost… about NT$7-8m. I have enough for one or the other but not both. I always feel that rent is like throwing money down a well so I would rather be paying the NT$15k-25k on a mortgage.
So which banks would consider me for a 100% mortgage as a foreigner with no co-signer? I’m on an investor ARC with a long-standing business and regular, sturdy income. Or what about a 75% mortgage? I think I could stretch to that.
[quote=“llary”]
So which banks would consider me for a 100% mortgage as a foreigner with no co-signer? .[/quote]
None. They ain’t stupid…no matter how hard up the banks are these days.
[quote=“llary”]
I’m on an investor ARC with a long-standing business and regular, sturdy income. Or what about a 75% mortgage? I think I could stretch to that.[/quote]
Not sure what an “investor ARC” is but even 75% sounds high.
Gotta have some money on the table if you want to play this game.
In this case I don’t understand why the likes of HSBC are offering cash loans without a guarantor, or why I was just approved by Chinatrust for a platinum credit card. Seems much easier to run away with a bunch of cash than a house. :loco:
I own a business in Taiwan and hence receive an ARC based on investment.
If it comes down to it the study gets priority but it’s going to kill me paying all that rent for nothing.
Also, why put down money in a gated community anyways? Find a place where you can rent out the first floor and live on the second and third.
Residential places here in Taiwan are a suck investment now unless you are willing to spend the next 10 years or so living in the place. At least you break even on the rent. I had good luck spinning the less than 25 ping places. Basically selling these little places to first time buyers or newlyweds.
If I had 7-8 million NT to spend on a place here it sure wouldn’t be on a purely residential unit.
If you want to buy property in Taiwan either look at it as "I"m going to live here for at least ten years or “I’m going to rent out the first floor to a betel nut stand”
In this case don’t understand why the likes of HSBC are offering cash loans without a guarantor, or why I was just approved by Chinatrust for a platinum credit card. Seems much easier to run away with a bunch of cash than a house. :loco: [/quote]
If I am not mistaken the amount on a platimum card and the amount on a mortgage is very different. Believe me, banks here don’t want to be stuck with another house on their hands. How much is HSBS offering, if you don’t mind me asking?
[quote=“llary”]
If it comes down to it the study gets priority but it’s going to kill me paying all that rent for nothing. [/quote]
Yes, renting sucks but at least you have a place to put your fridge full of beer and a place to pass out.
Sorry, I mustn’t have made it clear. This is a 130-something ping semi, 5 floors, 4 bedrooms. It’s part of a community with 8 houses on one side and about 20 across the road. We’re in the middle of Da Keng Scenic Area and 5 minutes drive to the main road. Both the house and area are absolutely beautiful and it’s about as convenient as you can get while still living up a mountain.
Part of the logic behind buying is that I own a music company and desperately need studio space. I costed up soundproofing for the basement area but I’m not spending NT$1m on this kind of work if the house could be sold from under me at any time. I already turned the 3rd floor into an office; 4th floor is my living area and 5th floor is a gym/excercise room.
This is not an investment property; this is my home and will likely be so for a long time.
[quote=“Durins Bane”]Also, why put down money in a gated community anyways? Find a place where you can rent out the first floor and live on the second and third.
Residential places here in Taiwan are a suck investment now unless you are willing to spend the next 10 years or so living in the place. At least you break even on the rent. I had good luck spinning the less than 25 ping places. Basically selling these little places to first time buyers or newlyweds.
If I had 7-8 million NT to spend on a place here it sure wouldn’t be on a purely residential unit.
If you want to buy property in Taiwan either look at it as "I"m going to live here for at least ten years or “I’m going to rent out the first floor to a betel nut stand”[/quote]
NT$800,000. Don’t quote me on it because I just noticed it in passing. Citibank seem to offer more but make better credit checks (ha, allegedly).
Say I get a loan for NT$7m. Pay off NT$3m then default and bugger off to Antigua. Bank makes a quick sale for NT$6m and after legal costs has still walked away with $1m or so. Not like a credit card and loan where I draw out all the cash, bugger off and the bank is down $1m or so.
Your credit card trumps mine. And I got one of those platimum cards.
[quote=“llary”]
Say I get a loan for NT$7m. Pay off NT$3m then default and bugger off to Antigua. Bank makes a quick sale for NT$6m and after legal costs has still walked away with $1m or so. Not like a credit card and loan where I draw out all the cash, bugger off and the bank is down $1m or so.[/quote]
A lot of Western financial institutions make a good living from auctioning off distrained houses. (NatWest and Barclays have been infamous for behaviour towards mortgage holders in the past).
Debt doesn’t tend to mean much after you’ve been in business for a while
I bought an appartment in Taipei with a mortgage from HSBC. No guarantor required, 80% offered. I am a foreigner with an ARC. Let me know if you have any questions or need a contact at HSBC.
how about calculating repayments? we are buying a few investment propoerties but before we see a bank we want a rough calc on what repayments will be. anyone help?
Sorry to state the obvious, but a bank is the best bet to give you the repayment schedule based on your needs (no of years for mortgage, % downpayment, interest with or without principal, etc). Try a couple of banks to see if you can find the best rate or best service. They have software programs that can give you a quote in a matter of a few clicks. You might want to do this before you buy.
Dogged - I am very interested to know about your mortgage. I have been told by some banks that foreigners can’t get a mortgage here. I have just bought a property on the north coast and am selling up my present house. I need some kind of short term loan whilst I sell my present apartment.
I’d be grateful if you could let me know some more info on which bank etc…
Thanks
Taiwan for Life
I reside in the US and have a property overseas that I want to refinance.
The current mortgage is with a bank in that country.
I would like to refinance with a US bank, as interest rates are lower here. Is there a bank in the US that will lend for overseas properties?
