@skupi Yeah the employer is important and the bigger the better, so that means domestic SMEs won’t get same treatment. Has to be one of the major corporations.
Given your wife’s company is foreign, not one of the fangs, and short work history, those are all probably credit negative
If you can read Japanese below is an article about it
@irag8er Interesting, I’d have thought the layoffs this year would have meant one of the fangs would be seen in a negative light. The company has a market cap over $150B…
@skupi Our house maker was very straightforward with us: I, as a foreigner, shouldn't even put my name on the application unless I got a PR or naturalization or something. On paper it looks like my income will get us a better rate, but in reality it was more likely to hurt or not help at all. So house is in my J-wife's name, with just her income in the loan...
Not sure if that is relevant to you but they do play favorites here.
@bestafar yep same thing happened with me. But i wanted my name on something so i actually bought the land in cash, so the land is in my name but the house is in my wife's.
@bestafar That’s definitely relevant, and exactly what we’re doing as well. We were advised the same as I don’t have PR, and while I earn a lot more it seems it’s a hindrance more than helps.
When I applied for a housing loan with Biwako Bank, they rejected the application, saying that their insurer would not insure a loan to a foreigner, full stop. Permanent residency, stable university employment, and a Japanese wife with full-time permanent employment meant nothing to the insurer. Had no problems with Sumitomo Mitsui Trust Bank though.
@skupi Check out TokyoStarBank since they're foreigner friendly. They may be able to include your income as well. The interest rate will certainly be higher I'd assume but it should still be around 3%.
@victoria37 It's insane when compared to the current mortgage rates in Japan. Not at all insane when compared to mortgage rates worldwide. I obviously agree that a nice 0.7% rate is much more desirable, but 3% is actually very modest and completely average elsewhere (current markets are wild though). Obviously I don't know OP's financial situation, but I know exactly what he's going through to a much worse degree, and paying more than your neighbors could be worth it for the privacy and comfort of a home you own, when you otherwise couldn't. Plus, refinancing is always a future option if need be and easier to get with some home equity and payment history.
I'll stop now. Good luck to OP, I hope you get a home somehow!
@naa Yeah I feel the same. Coming from NZ where property prices have risen to unattainable levels for many and now interest rates have followed, a ¥15m house @ 3% seems very reasonable. And as you suggest refinancing after a year or two is an option. That along with the fact it’s possible to get it paid off in a few years means it isn’t a bad last resort. I’d just rather have the cash flow and capital making money instead of paying off low interest debt.
