Every foreigner in Japan has heard the horror stories from a friend, colleague, English magazine or website around foreigners attempting to get finance from Japanese banks to help them buy their little piece of Japan.
The lack of clarity, the moving goal posts, the last minute issues the local bank brings up around residency status, life insurance requirements, time spent in Japan, proof that you can read a contract in Japanese just to name a few.
The good news is that a small number of foreign banks like the Commonwealth Bank of Australia; one of the 20 largest banks in the world by Market Capitalisations, have entered the Japanese market with foreigner friendly mortgage products which take the fear and uncertainty out of what is already a stressful time in your life- the purchase of property in a foreign country.
The trade-off in dealing with a foreign bank is the product range will be more limited and the interest rate will be slightly higher for primary residence while being very competitive for second homes and investment properties, but still incredibly low by international standards (for example the CBA rate 2.16% as at 2nd of June 2010).
The remainder of this article will provide you insight into what a Japanese bank will be looking for, what banks like the Commonwealth Bank can provide you simply & swiftly and what you would need to do quickly get your mortgage pre-approval so you can confidently start looking at purchasing real estate in Japan.
Firstly let’s have a look at some key checklist items for a Japanese bank in considering a foreign national for a mortgage
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