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FOREIGN EXCHANGE | Cesar Tordesillas, Malaysia

Maybank expects RM300M in ringgit mortgage expansion to Melbourne

Maybank expects a take-up of RM300 million in the next 12 months in expanding its overseas ringgit mortgage loan scheme to Melbourne.

Maybank deputy president/head of community financial services, Lim Hong Tat, said the move will help the bank achieve double-digit growth for its home financing segment.

"The Australian market has not suffered a fall in median house prices. In fact it had grown by an average of 9.1 per cent per annum on average for the past 10 years," he said in explaining why investment property in Melbourne offered great returns and exceptional growth potential.

"The Global Financial Crisis in 2009 and 2010 saw property prices in markets such as in the UK and US fall significantly. However, properties in Australian actually increased in value during this period," he added.

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