CIMB Australia Property Loan
Overview of CIMB Bank - Commerce International Merchant Bankers Bhd
Commerce International Merchant Bankers Bhd or CIMB is one of the leading banks in the world providing banking products and financial services to companies and individuals alike. It stands tall as one of the largest investment banks in Asia and has is a renowned Islamic Bank having international recognition. The bank established its presence in Singapore in the year 2009. Since then, CIMB is prevalent in 17 different countries with a dedicated employee base of over 43000 employees across the world. CIMB is one of the top 5 largest banks in ASEAN (Association of Southeast Asian Nations). It continues to thrive as one of the best banks in the world and a leading bank in Asia. By the end of June 2015, the total assets of the bank was worth RM 438.3 billion. CIMB provides a myriad selection of financial products and banking services including Debit and Credit Cards, Home Loans , Personal Loans and Insurance products to name a few.
CIMB Australia Property Loan
Australia has been recognized as one the world’s most liveable countries having over 1900 wineries and more than 11,000 beaches within its vicinity. Visiting Australia no longer needs to be quick vacation. You can find your next home using the CIMB Australia Property Loan.
CIMB Australia Property Loan Features and Benefits
- Avail attractive low interest rates offered by CIMB on various properties in Australia, that include both - properties that are already constructed and properties that are still under construction.
- The CIMB Australia Property Loan enables you to have maximum control over your repayments as this loan is denominated in Singapore Dollars (SGD).
- CIMB offers up to 70% Quantum of Financing or QOF over the Australia Property Loan in a way that ensures your initial outlays to be kept as minimum as possible.
- The CIMB Australia Property Loan is designed in such a way that it can cater to the needs and requirements of every individual applying for this loan . In an effort to maintain the same, CIMB is offering the Australia Property Loan at very flexible loan tenures of up to 30 years OR up to the age of 70, depending on whichever is earlier.
CIMB Australia Property Loan Eligibility Criteria
- The applicant must be at least 21 years old or above.
- CIMB Australia Property Loan is applicable to Singapore Citizens (SCs) and Singapore Permanent Residents (PRs). Foreigners are not eligible to apply for this loan.
- The minimum income requirement is SGD 60, 000 per annum. Singapore Citizens (SCs) and Singapore Permanent Residents (PRs) must earn more than this amount to be eligible to apply for this loan.
- Self – employed individuals applying for this loan must be in their present business for a minimum of 2 years.
- The minimum loan amount offered under the CIMB Australia Property Loan is SGD 300, 000.
Documentation Requirement for CIMB Australia Property Loan
- A copy of the NRIC or Passport of the applicant and the owner.
- In case of a new property purchase, a copy of the Property Purchase Agreement must be provided.
- In case of refinancing of a property, a loan statement from the existing bank or financial institution must be provided for the last 12 months.
- Tenancy Agreement if applicable must be provided.
- Income Proof Documents Required for Salaried Employees –
Income Proof Documents Required for Self – Employed
- Most recent Tax Assessment
- Most recent CPF statement
- Income Tax Assessment for the last 2 years
Fees and Charges for CIMB Australia Property Loan
|Rescheduling the Intended Date of Full Redemption
|Fire Insurance – Change of Insurer
||SGD 200 for each year
|Request for Loan Statement
- Present Calendar Year – FREE
- Previous Calendar Year – SGD 50
|Completely Repaid Loans Title Deed Custody
||SGD 500 for each year
|Monthly Instalments - Late Payments
- Prime Lending Rate (PLR) + 5 percent
- A minimum amount of SGD 30 will be charged for late payments
Applying for CIMB Australia Property Loan
- You can fill in the ‘Let Us Contact You’ form (LUCY form) available on the official CIMB website. The bank will then contact you regarding the application for the loan and respond to any further inquiries you may have regarding the same.
- You can contact the bank through telephone by calling their Personal Banking Hotline number on all days (from Mondays to Sundays) between 9 AM and 9 PM.
- You can email the bank with any queries regarding the application process and the bank will respond to you within 1 working day.
- You can visit your nearest CIMB bank branch and apply for the CIMB Australia Property Loan directly in person.
Explore the Other Loans Offered By CIMB Bank:
Frequently Asked Questions
- What kind of properties are eligible to seek financing under the CIMB Australia Property Loan?
CIMB provides financing on all types of properties within Australia. You can apply for the CIMB Australia Property Loan for completed properties as well as properties still under construction.
- What is the maximum financing offered under the CIMB Australia Property Loan?
You can avail a loan with up to 80% Quantum of Financing or QOF under the CIMB Australia Property Loan. This will help to keep your initial outlays to a minimum.
- Is there an age requirement to apply for the CIMB Australia Property Loan?
Yes. The applicant must be at least 21 years of age and up to 70 years of age to be eligible to apply for the CIMB Australia Property Loan.
- What is the eligibility criteria if I am a self – employed applying for the CIMB Australia Property Loan?
If you are self-employed, you must be in your present business for a minimum of 2 years. You must submit your latest 2 years Income Tax Assessment document to support the same. In addition to this, you must meet the other eligibility criteria that include residential status, age requirement, income requirement and minimum loan amount criteria.
- What is the minimum loan amount to apply for the CIMB Australia Property Loan?
You must apply for the CIMB Australia Property Loan for a minimum loan amount to SGD 300, 000 to be eligible for this loan.