Chinese no-deposit home loans could fuel speculation in Australian real estate

Posted by Simon Dehne on October 28, 2015 in Latest News with No Comments

Australian MoneyChinese investors being offered zero-deposit home loans over Australian apartments will be charged credit card interest rates, raising fears of increased offshore speculation in the already heady property market.

The privately owned Ping An Insurance, which is offering the zero-deposit home loans, will charge clients an annual interest rate of 14 per cent.

Eddie Yuen, the Shanghai-based manager of property agency Austpac, which is promoting the scheme to clients, said the loan had a two-year term and was to fund the initial 10 per cent down payment for an off the plan apartment.

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