Tom Elliott concerned by ‘explosive’ news about zero-deposit home loans for Chinese investors in Australia
One of China’s biggest financial institutions is reportedly offering zero-deposit home loans to Chinese residents looking for apartments in Australia.
Tom Elliott discovered the ‘explosive’ news while reading The Financial Review.
He said it was alarming.
‘Here, you usually have to save between 10 and 20 per cent of the purchase price before you can buy a house,’ the 3AW Drive host explained.
‘But if you’re a Chinese buyer, a resident in China, and bank with Ping An ? you can buy an apartment, or possibly new house, in Australia with zero deposit.
‘How on earth are Australian buyers, first home buyers, able to compete when they have to save a deposit?’
Click PLAY below to hear Tom Elliott explain more on 3AW Drive.
‘I don’t know if they’ve had any success with it,’ he said on 3AW Drive.
Mr Kirchner went on to explain why the Australian property market was appealing to Chinese investors.
Click PLAY below to hear Scott Kirchner speak with Tom Elliott.