THE Commonwealth Bank of Australia (CBA) may reintroduce loans for Niseko real estate purchases.
CBA Tokyo loan products relationship manager Hank Daaboul said they were looking at resuming Niseko loans, but were not willing to be drawn on details or give any time frames. “At this point the product is still under review,” Daaboul said.
The CBA was the first international lender to move into the Niseko market with its ‘Niseko 300’ product. The loan was structured to allow borrowers to finance purchases in Niseko without requiring additional real estate security, and soon reached its initial target of 300 loans.
In the midst of the global financial crisis, the CBA, along with other international lenders, tightened their lending policies and the Niseko 300 was not extended.
Finance options for investors keen to invest in Niseko are limited and can only be secured on property elsewhere or by cash.
The CBA’s return would help reinforce the investment picture by providing an alternative to those unwilling to commit to a cash purchase.