Housing loan-seeking foreigners can bank on NAB

An increasing number of foreigners are eyeing property in Japan as a good investment. They see potential for capital growth in the country's property market, particularly in investment properties such as apartments and homes in Tokyo, and ski resort areas in Hokkaido and Nagano, where a lot of Australians have invested.

Many foreign residents, however, may have experienced difficulties obtaining a loan from some Japanese banks. To get a loan, it is common to be required to go through a very long credit approval process, which takes one to three months and involves many documents. Usually, permanent residency and a Japanese guarantor are required.

In such circumstances and despite the current global financial conditions, National Australia Bank (NAB) Tokyo is always ready to provide loans to individuals with a sound income, secure employment and a healthy personal financial position, said Dr. Greg Story, country head NAB Japan. NAB Tokyo has been providing loans for property from its Tokyo branch in Nihonbashi for years.

"Since last summer we have added to our product lineup and introduced a Japan property mortgage product to complement our overseas property financing product, which has been available for the past eight years in the Japan market," Story said.

"Loan application processes can be 'document heavy,' but at NAB Tokyo we try to make them as painless as possible for our customers. As you'd expect from any major prime lender, we require verification of income through tax returns, pay slips, confirmation of assets and existing loans via statements, etc.," Story said. "For property in Japan, some of the required documents are standard for any lender, but as mentioned, we always work with our customers to balance our credit requirements with their busy lives and schedules."

NAB loans are suitable for owner-occupied homes, as well as investment properties such as houses, mansions and apartments in urban areas of Tokyo, Saitama, Chiba, Kanagawa, Osaka, Kyoto, Kobe, Nagoya and Fukuoka. Loan applications are assessed on their merits, on a case-by-case basis, based on income, current assets and liabilities, and financial strength.

NAB has been operating in Japan since 1969, offering retail and private banking comprising foreign currency deposits, and overseas property yen loans for expats living in Japan who are buying investment properties in Australia, New Zealand and the United Kingdom. It provides wider housing loan options for foreigners in Japan.

"NAB has been in business as a group for 150 years — 40 years in Japan — and has survived many ups and downs in the economic cycle. It is one of the few remaining AA-rated banks in the world, so you can be assured that when you apply for a loan with NAB you are supported by one of the most experienced and safest banks in the world," Story added. "As far as Japan is concerned, NAB Tokyo is the most experienced foreign bank in Japan in assisting non-Japanese customers with housing loans for overseas and Japanese properties."

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