Benefits & Privileges

Octo Octo
Australia
United Kingdom

Eligibility

  • Malaysians or Malaysian residents aged 18 and above
  • CIMB Preferred Banking and Private Wealth customers
  • London: Not a permanent resident or citizen of the UK
  • Australia: Not a permanent resident or citizen of Australia

Requirements

  • Completed and signed application form
  • Photocopy of identity card
  • Latest 3 months' payslip/BE or B form/ EA form/ EPF statement
  • Latest 6 months' bank statements
  • Booking receipt or contract of sale
  • If self-employed, latest 2 year’s audited financial statements and 6 months' company bank statements

Fees and Charges

Indicative Fees & Charges for Loan / Mortgage

RINGGIT DENOMINATED LOAN (MYR) 

 

Banking Fees and Charges 

*CIMB Bank Berhad reserves the right to vary the fees & charges stated below with prior notice.

Products / Fees Charges
Home Loan 
Processing Fee RM200 A Non refundable payment upon first disbursement of the Facility
Handling / Cancellation Fee RM300 To be charged when borrower want to amend or cancel the loan application after acceptance 
Home Flexi Smart
Processing Fee RM200 A Non refundable payment upon first disbursement of the Facility 
Handling / Cancellation Fee RM300 To be charged when borrower want to amend or cancel the loan application after acceptance 
Redraw Fee Up to RM25 To be charged for each and every redraw transaction. The actual redraw fee depending on the channel used to effect drawing. Please refer to Bank’s official website for details

*All fees and charges are non-refundable and may be updated by the Bank on its website from time to time.

FAQ

I am a Malaysian but have PR status in Australia. Do I qualify for the loan? (for properties in Australia)

No. The qualifying criteria for Overseas Mortgage product is strictly for Malaysian who has no PR status in Australia and has obtained FIRB approval to purchase the property in Australia

 

I am a Malaysian but have PR status in UK. Do I qualify for the loan? (for properties in UK)

No. The qualifying criteria for Overseas Mortgage product is strictly for Malaysian who has no PR and not citizen of UK. 

 

Does the product cover completed properties as well as those under construction?

Australia

The product covers only “Off The Plan“ properties which are direct purchase from developer.
 

London

The product covers for both completed and under construction properties.

 

Do I need to take up Group Mortgage Term Assurance (GMTA)?

Group Mortgage Term Assurance is optional (applicable for MYR Loan only).

 

Who is eligible for the loan?

Preferred Banking customers and above (i.e. Private Wealth and Private Banking customers). 

 

Do I need to purchase fire insurance?

You will have to purchase fire insurance for the building and contents personally from insurance company in Australia and provide a copy of the certificate with the Bank endorsed as the mortgage.  For strata properties or non-landed properties, you are to obtain the proof of renewal for the fire insurance policy from Body Corporates (Management Corporation) on a yearly basis for as long as the property is charged to the Bank.

 

Is refinancing of an existing loan with another FI (whether onshore or offshore) allowed under this scheme?

Yes, refinancing is allowed but subject to Bank’s discretion.

Only applicable to property that was purchased directly from developer (this is applicable for properties in Australia).

 

For a property that is under construction, when will the Bank disburse the loan?

The Bank will only disburse the loan upon completion of the property with Occupancy Permit and Title issued.   It could be 1 to 3 years later depending on the construction progress.

 

What if AUD/GBP depreciates after loan is disbursed?

If AUD/GBP depreciates against MYR causing the loan-to-value (“LTV”) to increase, margin call may be triggered. If the LTV has breached the Bank’s tolerance level, you are required to top up the shortfall within 7 working days.

 

Will the Bank be willing to finance all types of properties, including student accommodation, hotel residences, etc?

This scheme is designed to finance only residential properties, both landed and non-landed i.e. houses and apartments.  We will not be financing student accommodation, hotel residences or commercial properties.

 

 Is loan disbursed in MYR or AUD/GBP?

Disbursement of the loan is in MYR and will be converted to AUD/GBP based on the AUD/GBP exchange rate using the Bank's spot rate on the Business Day prior to the date of disbursement, as determined by the Bank.

 

 Is Valuation Report required?

Yes, Valuation Report is required upon full completion of the property. Loan to be disbursed will be based on the lower amount between purchase price in SPA and current market value in the Valuation Report.

 

What if I cancel the loan after accepting the Bank’s offer?

The Bank will immediately appoint solicitors and valuer upon your acceptance of the Letter of Offer.  Hence, all fees and charges (if any) will be borne by you if the loan is aborted or cancelled subsequently, even if the loan is yet to be disbursed.

 

What is Bank Negara Malaysia FEA (Foreign Exchange Administration) rules – Investment Abroad?

A Malaysian resident/corporation with domestic Ringgit credit facilities is allowed to convert Ringgit into foreign currency up to RM1.0 million / RM50.0 million per calendar year for investment in foreign currency assets inside and outside Malaysia (including conversion & remittance of FX for investment)

No limit to convert Ringgit into foreign currency for a Malaysian resident/corporation without domestic Ringgit credit facilities

No limit for investment in foreign currency assets by Malaysian resident individual/corporation (even with domestic Ringgit borrowing) using their own foreign currency funds placed offshore or onshore).