RHB unveils ringgit-based financing for property in UK, Australia
Known as RHB Overseas Property Financing, the ringgit-denominated full flexi loan is part of the bank's RHB Premier offering, targeting Malaysians who are not permanent residents or citizens of Australia or the UK.
The facility is open for the purchase of prime residential properties located within 30 kilometres of the central business districts of Melbourne or Sydney, or within Zones 1 to 3 in London.
RHB said clients have the option to request early financing disbursement during the property's construction phase to help manage foreign exchange risk, in line with Bank Negara Malaysia's guidelines on foreign currency asset investments.
The ringgit-based financing will be converted into foreign currency and placed into RHB's interest-bearing multi-currency account.
These funds will be earmarked as temporary security before being transferred to the overseas solicitor as part of the disbursement process once the property is completed.
In a statement, group community banking managing director Jeffrey Ng Eow Oo said the bank is dedicated to supporting RHB Premier clients as a reliable partner in expanding their property investments internationally.
"Our overseas property financing complements our clients' aspirations to tap into new growth opportunities, diversify their wealth portfolio and gain access to a new home at an attractive destination.
"We are here to provide the right expertise to our clients for their real estate investment ambitions with confidence," he added.
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