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Mortgage Ezy steps in for foreign buyers

With banks pulling back from the market for foreign lenders, non-bank lender Mortgage Ezy has announced a new pool of funding specifically for foreign property buyers.

The lender has announced a $500 million commitment of warehouse funding for non-resident property buyers, the Australian Financial Review has reported.

“It will be the first of its kind in that the whole pool will be only for non-resident borrowers, and there is strong evidence to suggest that a bond such as this will have strong investor interest and will be securitised,” the lender’s founder Peter James said.

According to the AFR, around $100 million of loans to foreign buyers have been approved since February, and James estimated the size of the foreign lending market in Australia at around $1.5 billion per month. He predicted the lender’s $500 million earmarked for foreign buyers would be exhausted within three months.

Maybank to provide RM10bil home loans

KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects to provide some RM10bil in loans under its new MaxiHome Ezy scheme this year.

Maybank Islamic Bhd chief executive officer Datuk Mohamed Rafique Merican said the new mortgage scheme was designed for first-time house buyers as it allowed greater flexibility and affordability with lower monthly repayments for the first five years.

“The scheme, which is available under both conventional and Islamic banking, allows customers to service only the interest/profit portion of their mortgage for the first five years, with full instalments commencing from the sixth year onwards,” he said.

He told reporters this after the launch of the scheme by Urban Wellbeing, Housing and Local Government Ministry deputy secretary-general for policy Dr Mary Wong Lai Lin, who represented the minister, Tan Sri Noh Omar, at the Malaysia Property Expo (Mapex) here.