Has anyone ever applied for a personal loan before?
Which bank and what was the interest rate and were you able to pay it off early?
I would like to buy a small block of land in Australia but getting a loan approved by an Australian bank with overseas income while not impossible, will be a pain and involve several trips to the ‘embassy’ etc. Taiwan also has lower interest rates.
So I was thinking of getting a personal loan here and just sending the money to my aus account.
I am looking at borrowing $1,500,000ntd or less.
I can apply with a Taiwanese guarantor OR I could be the guarantor, as my income is much higher. Can Taiwanese get unsecured loans of this amount?
Combined (declared) income about 1,300,000ntd a year. This is what’s on the books, we both get paid in cash though.
Personal loans are not easy to get, even for a Taiwanese. When you are a foreigner expect to put up a LOT of fights.
The loans they love to give out here is stuff with collateral, like house loans and car loans and stuff of that nature. If you can refinance a house you own that would be the way to go.
Otherwise personal loans tends to have rather high interest rates as well.
no personal experience, but with a TW spouse and both of you working this amount shouldn’t be a major problem (unless you are missing a zero). 1.5 million is a relatively small amount.
where is Australia ?i might buy too :), cant afford anything here anyway.
I got that impression from my googling but was hoping for some success stories
Rural South Australia. Lots of well priced properties with decent rental yields in rural Aus. No 0s missing
Are you Australian/New Zealander/PR of Aus? You need foreign investment approval if not and there are more rules about what types of properties you can buy but it’s still doable!
Turns out I was wrong, they won’t do it for loans less than $200,000aud and they only count 70% of your income and then deduct au tax rates so I guess I’m giving up on this idea
Check out domain.com.au or realestate.com.au around Whyalla or along the SA VIC border
I was recently trying to apply for a personal loan from taiwanese banks but for investment purposes.
After several hours of googling, several calls to several banks, I found out that Standard Chartered was the only bank that is accepting loan for foreigner.
Now I was trying to get a loan for 600k NTD, I have filled out the application and currently waiting for their review, but the impression i get from that one guy who was in contact with me was that my rate wouldn’t be so low cause he was saying something like “low or high interest rate shouldn’t be your number 1 concern, because as you might have known, almost every bank in Taiwan is not accepting foreigner’s loan application, now that you have the chance to get this loan then maybe after the review bank would apply higher rates toyou as you are not a Taiwanese citizen.”
PS* I’m working 9-6, I have just 1 credit card from citibank for over 3 years.
Personal loans are really hard to get even for a Taiwanese, and the loan amount would be based on your income, which for most Taiwanese isn’t high. A 600,000 loan is actually really high for personal loans.
Mortgages are easier for everyone, it depends if the bank would loan the specific property/car that you are buying though…
Yep, they did.
So basically what the guy over the phone implied was that I should be able to get the loan.
But he needed my one whole year salary transfer as a proof and I have been working for only like 8 months in this company so he said he could come back to me on the one year mark if I’d still needed loan at that time.
Both China Trust and Cathay United have offered me personal loans above NT$600,000 based on my credit card usage alone. It is not hard to get a personal loan if you have a good credit history.
I know a few foreigners who got business loans. One bought his employers company with a business loan, using his home properties as assets, two others had manufacturing businesses in Taiwan. They have no local partners. One got a loan for NT$10 million another for NT$20 million. Loans were based on the business and banking records. They borrowed from banks they banked with.
I was rejected for a loan of NT$3 million but the same bank manager said if I had applied for NT$10 million over a longer term I would have been approved. For the 3 million for a shorter term the manager said at the time interest rates were so low it was not worth it for the bank.
and they only count 70% of your income and then deduct au tax rates so I guess I’m giving up on this idea