patongster Posted December 5, 2011 Share Posted December 5, 2011 Ok, the wife and I want to buy some land. The land is worth 2.5 million baht, but we only have 1 million in savings (Australian account). She works full time and has been for over a year now. The real question is, will a Thai bank lend her the money going off Australian pay slips and bank account, coupled with a deposit around 50% and me as a guarantor? Link to comment Share on other sites More sharing options...
Hooters Posted December 5, 2011 Share Posted December 5, 2011 http://www.uob.com.sg/internationalhomeloan/thailand_homeloan_faq.html Link to comment Share on other sites More sharing options...
patongster Posted December 5, 2011 Author Share Posted December 5, 2011 ^^^^^^^^^^ I'm not buying a condo, so the above link is pointless Link to comment Share on other sites More sharing options...
aurelius Posted December 5, 2011 Share Posted December 5, 2011 You need to give more info in order to answer the question fully. Are you foreigner / is your wife Thai? Are you earning? Assuming your wife is Thai and she would be the principal borrower, the answer is most likely no. Reason being is that Thai banks cannot reach into Australia to follow up in the case of non payment; they can't reach her there, and Thai courts/Thai banks cannot enforce any payment orders upon some one or their assets in another country. So, basically the banks wouldn't be able to enforce collection - i.e. too risky. And, if she was working in Thailand, you can only be a guarantor if you have enough income to finance the repayments (i.e. work permit etc, in Thailand) If you are a foreigner then you cannot own land jointly with her anyway. If you are a guarantor you would be guaranteeing something which you can never own. Link to comment Share on other sites More sharing options...
patongster Posted December 5, 2011 Author Share Posted December 5, 2011 My wife is Thai, I am Australian. We both live and work in Australia. I have read conflicting information on the question I have asked. How can the bank loose if we pay 50% and if we were to default, the bank would just keep the land. Link to comment Share on other sites More sharing options...
thaicbr Posted December 5, 2011 Share Posted December 5, 2011 My wife is Thai, I am Australian. We both live and work in Australia. I have read conflicting information on the question I have asked. How can the bank loose if we pay 50% and if we were to default, the bank would just keep the land. so. easy thing to do is ask the bank..sorted Link to comment Share on other sites More sharing options...
aurelius Posted December 5, 2011 Share Posted December 5, 2011 My wife is Thai, I am Australian. We both live and work in Australia. I have read conflicting information on the question I have asked. How can the bank loose if we pay 50% and if we were to default, the bank would just keep the land. Fortunately / unfortunately that's the last thing on the bank's list. To get a repossessed asset to sale in Thailand takes 5-7 years and mostly the banks lose money on it - no maintenance, little capital gain, protracted court appearances(especially if the borrower is not in the country) - that's really the last resort. The first priority is to ensure that there is secure and stable income, that is accessible for deducting payments - so that's where they start. Unfortunately lending is a "local" business - the loans people / policies are not set up to consider international employees or employers, English language documents, foreign bank statements etc. There is also a concern about foreign currency risk as well, as the amount of the loan can increase due to currency fluctuations which are difficult to hedge at such a (relatively) small value. And as noted earlier - the courts have no jurisdiction over people abroad so the process involved in a forced sale would be non-standard and all too hard. By the way, it seems that this practice is not limited to Thai banks, the ozzie banks seem to have a similar approach, with the exception of some niche international expat investment services which specialize in foreign currency loans. Link to comment Share on other sites More sharing options...
patongster Posted December 5, 2011 Author Share Posted December 5, 2011 ^^^^^^^ Thanks for your detailed reply's. Will give it a shot, and i guess there is always the greedy Australian banks asking around 15% pa. Link to comment Share on other sites More sharing options...
fletchsmile Posted December 5, 2011 Share Posted December 5, 2011 Of the main banks/branches outside Thailand that will under certain circumstances lend to foreigners in Thailand (BBL Singapore, UOB, SCBT) you will probably fail on 2 main reasons: 1) Your amount is too small 2) they generally don't lend vs land, although they will do vs certain grade condos For Thai banks, it's unlikely they would like the idea of lending to your wife who is outside Thailand, with no Thai earned income. I'd be surprised if an Australian bank would be interested. Their problem is that they cannot foreclose and take control of the assets (land) should your wife default, so they have no real comeback. Sorry, not the answer you're looking for, but it's unfortunately the reality you'll find. Link to comment Share on other sites More sharing options...
Hooters Posted December 5, 2011 Share Posted December 5, 2011 (edited) ^^^^^^^^^^ I'm not buying a condo, so the above link is pointless :jerk: Its a bank numb nuts that lends to anyone even your thai wife including land if you have a company set up or condo. Threads like yours (after seeking help here) considering you don't even live here is why I hesitate to help and will do so in the future. Edited December 5, 2011 by Hooters Link to comment Share on other sites More sharing options...
FalangBaa Posted December 5, 2011 Share Posted December 5, 2011 When your Thai wife wants to buy 2.5 million baht of land and you only have 1 million to your name, that's when you should start to question whether she really is only with you for your handsome looks as she says a dozen times every day... I'd say if your assets only amount to 1 million baht, you're a poor man who's in no position to buy land costing 2.5 million, meaning you have to borrow two and a half times the total money you have saved. Doesn't make sense. Are you sure "your wife and you" want to buy it or does "she" want to buy it? It's never really a good idea to buy something you can't afford to buy. And why is land such a good investment? I'd say 2.5 million baht of gold is much more likely to increase in value to, say, 3 or 3.5 million within the next year rather than land. Why not buy gold instead? I'm sure your wife will like that too... Link to comment Share on other sites More sharing options...
patongster Posted December 6, 2011 Author Share Posted December 6, 2011 ^^^^^^^ Lol, we have 1 million in our joint savings account in Australia. Of which my wife has contributed over 50%. In Australia my wife and I would have no problem borrowing the rest of the money, but it can't hurt to ask the question here first. I was looking for some responses before we went into the bank, and after further research have decided not to bother. Mods feel free to close this thread, I don't need some "numb nuts" Farang to give advice unrelated to the question asked. Link to comment Share on other sites More sharing options...
redroo Posted December 6, 2011 Share Posted December 6, 2011 withdraw from your joint account all your money slowly and buy gold 24ct, stash the gold (safty depositbox) go to the horse tracks and gamble small amounts spending hours at a time there ,grab the tickets out of the garbegbins , go home and tell her your broke. and now have her save up for the 2.5 mill in the next 10 years..../.okay i'am just kidding around ,but it does sound like she's up to something ,because what's the rush? i joke'ing , me love you short time...bye bye Link to comment Share on other sites More sharing options...
RAZZELL Posted December 6, 2011 Share Posted December 6, 2011 More expensive but maybe get a car loan in Oz? Shorter term and will build her credit history. Keep us posted if you have any joy in LOS. RAZZ Link to comment Share on other sites More sharing options...
Hooters Posted December 8, 2011 Share Posted December 8, 2011 (edited) ^^^^^^^ Lol, we have 1 million in our joint savings account in Australia. Of which my wife has contributed over 50%. In Australia my wife and I would have no problem borrowing the rest of the money, but it can't hurt to ask the question here first. I was looking for some responses before we went into the bank, and after further research have decided not to bother. Mods feel free to close this thread, I don't need some "numb nuts" Farang to give advice unrelated to the question asked. "The real question is, will a Thai bank lend her the money going off Australian pay slips and bank account, coupled with a deposit around 50% and me as a guarantor? " mate your a dill. the answer is NO for the both of you. You cannot in any way contribute , get it? Your thai wifes pay slips are worth zip if they are from Oz!!.... did she have a real job in thailand before/ it may help but doesnt sound likely Edited December 8, 2011 by Hooters Link to comment Share on other sites More sharing options...
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