Did you get a govt assisted loan due to a lower income?
I will be checking again soon and feedback.
Recently the govt tightened up credit so things have changed once more.
No.
You just got lucky lol. This would be the same question I would ask about how I got loans and credit cards in the 1990’s on an ARC and than citizenship. People did not want to believe it was possible. No one said it was easy.
First time buyer , any benefits?
Nevertheless you cannot use your own house that you are buying as collateral for the loan that doesn’t make any sense !
I never said it was impossible to get a lower interest loan as a foreigner, I just stated it is much harder than most locals because they use their family’s properties as collateral quite often to knock the loan rate down.
No.
Buying every lottery ticket does not make one lucky.
I kept going and going and going and going. I pushed and pushed and pushed. I made the agents ask. I took lunchbreaks to go to banks and ask and ask and ask.
I was not going to accept anything different than what a normal local would get.
Typically it’s nothing to do with being local or not.
It’s whether your loan is collateralized or not.
It’s as simple as that.
The house you buy is collateral. There doesn’t need to be more collateral.
I can post my bank book tonight. Initially, I got the rate at 1.6%
I don’t take no for an answer. Only you can be your biggest advocate.
1 Like
Well that is extraordinary well done. I don’t understand how that is possible that your bank gave you a loan like that it’s completely bonkers.
This is not normal in the slightest.
But the rate isn’t so low now anyway.
That’s not true. My rate is variable. It’s up to 2% due to inflation reduction interest rate increases.
What is not true ?
That the rate isn’t so low. Sorry.
I can understand having a small differential. But not Double.
The base interest rate has gone up over the last couple of years.
I’m not sure what point you are making ?
Well he got his loan at a cheaper interest rate time. Still rates in Taiwan are lower than other countries.
Yes. That has reflected on my payments over the last couple of years of my house. It’s 2% at this moment in time.
That 3.8% is utterly insane for 2025. I can understand a few basis points of difference. But not nearly double.
It’s a ripoff. And I want @beach to not overpay. It is not reflective of reality.
Here’s 591’s list of mortgage rates. This is what you should be getting. Some are the government rates at 1%, so check the name of the loan on the left. (In Chinese)
The HIGHEST one is Huanan Bank’s rates for Condemned/foreclosure/Auctioned houses at 3.67%.
Is @beach buying a foreclosed place?
You should not have to do extra, add extra risk to yourself, add extra collateral to get NORMAL treatment! Do not accept shitty unfair treatment!
Sorry you may be correct I may be confusing the higher rate for personal loans . I need to double-check the housing loan rates again it’s been a while.
Nevertheless my point was that collateralized loans typically have a lower rate,.it is the same issue for locals. I corrected the rats above
.
Also there are govt backed schemes also that might be helpful.
There are different kinds of mortgages out there some were no interest, no principal paid or super low interest for first five years, govt has stepped in now as this is a recipe for disaster long term if too many people get on these loans at the same time and then the rate shoots up later or they suddenly have to pay the principal.
Those rates are all 首期利率， they will jump higher after a few years. I’m checking the collateral part which was not clear, the government has introduced many new schemes notably there is the first time buyers schemes for ‘youth’ even though I think there is no age limit just need to be first time buyer.
Seems like they dropped the requirement for collateral to get lower interest loans now for first time buyers…will check it. I edited the loan rate statement above.
I wasn’t buying a foreclosed property. I checked with a few banks. One or two of them backed out because they didn’t want the complication of issuing a loan to a foreigner or just in general don’t do that. One of two said the wouldn’t be enough time in my case - the process would take too long to meet the date of closing in the case of a foreigner. One went pretty far. In the end they didn’t think I had enough income to support the loan after finding out that I have debts in the US (home mortgage). I remember two banks quoted me rates, over 3% in both cases. In the end I bought with cash but I’m hoping to still get a loan for it. Any bank suggestions please let me know.
Right. You missed my point. Even the highest risk properties don’t offer THAT HIGH of an interest rate
That’s a lie.
That can spook them. American debts are not relevant here. I wouldn’t talk about them.
Yeah. 3% is a ripoff.
You can always just refinance the place, put the place up for collateral and buy a second place on a mortgage if you already own this one.
They had me provide a credit report which listed all my debts in the US - a thorough list LOL. The loan agent lady was also surprised when she learned from the underwriter that this was required. She told me that it had not been needed before. The bank had made the rules more strict for foreigners.