In an exciting development for the already thriving Niseko real estate market, Australia’s Commonwealth Bank has received final approval from the highest level to provide yen loans secured against Niseko property.
As reported in Powderlife Issue 4, the initial offering will be a conservative 50/50 loan to valuation ratio.
CBA’s Richard Harris confirmed the risk assessors gave the rubber stamp to the new loan business at a meeting in Australia last week, and the bank will likely begin lending as soon as late March or April this year. Given the Commonwealth Bank have been the first to take the plunge other banks and lending bodies may well be ready to follow suit.