OCBC Bank issues loans to acquire Australian properties

OCBC Overseas Property Financing-Australia is also a ringgit-based loan.

OCBC Bank (Malaysia) Berhad (OCBC Bank) is for the first time, offering a new mortgage loan facility, to finance the purchase of residential properties in prime sections of Sydney and Melbourne, Australia.

Its Head of Consumer Financial Services, Charles Sik said the introduction of the facility, OCBC Overseas Property Financing-Australia, follows the success of a similar scheme for London properties launched six month ago.

"Like the earlier scheme, customers will be able to take advantage of the fact that this is also a ringgit-based loan, hence mitigating the effects of fluctuating foreign exchange risks," he said in a statement here Monday.

He said customers can now invest in Sydney and Melbourne properties with peace of mind, knowing their loan facility is fixed in the ringgit, mitigating forex risks.

View the full story in The Malaysian Star.