Hi all,

Need advice please. I've got a property worth about 550k owing 180k, i am working in australia. I tried to refinance to get some cash out but was rejected. HSBC told me i am not eligible to refinance and cash out because im an australian PR (as per new bank negara policy). Is there such a thing? Is there any other options for me to free some cash out?

Please enlighten me people

Why don't you use your Malaysian ID?

take out all your saving money and finance it in Aussie. give the bank shit. Which bank got money dont want to earn.

They scared u refinance the money and take the cash out to Aussie.

I did. Im a malaysian. They've got my IC and passport etc.
I dont get it why got rejected. The repayment is way less than a third of my salary. May be they are bull shitting me, there is no such rule right? I might try another bank.

Normally, banks are reluctant to give loan in such a situation, as the person can simply cash out and never come back.
As the person is not here (working in overseas), bank also has problem to chase after the borrower for the scheduled repayment if the borrower defaulted.

What bank most care when giving out the loan time is the scheduled repayment.

try other bank.

in these few months, many new (interesting) policy came out from bank negara. gov no money, then how?
even if you have luck to cash out ringgit, i bet you will face other new policy when you convert to $AU and wire out to Australia.