Hi everyone,
I’m a non-PR resident in Japan on a work visa, and I was recently approved for a mortgage with Suruga Bank. The interest rate is 2.475% (variable), and I’m trying to understand whether this is reasonable or if I should look for better options.
A bit more context:
- Visa: Work visa (no PR)
- Employment: Same company for almost 3 years
- Annual income: About 5.8 million yen
- Marital status: Married (spouse is not Japanese)
- Japanese ability: Can speak and read Japanese
- Property: 中古住宅( in Hokuriku area)
- Purchase price: 18 million yen ( 30 years)
- Down payment: 20%
- Loan type: Variable-rate mortgage (this is my biggest concern)
My main worry is the variable rate — if interest rates rise further, this could potentially go up to 4% or more in the near future, which feels risky.
My questions:
- Is 2.475% variable considered high in the current market, especially with a 20% down payment?
- Is it realistic for a non-PR, buying a property, to get a better rate?
- Are there other banks (major or regional) that are known to work with non-PR applicants?
- Given the risk of rising rates, would it make sense to apply elsewhere now, consider a fixed-rate option, or wait (e.g., PR, longer tenure)?
Has anyone here had a similar experience as a non-PR with a Japanese mortgage?
I’d really appreciate hearing your thoughts or experiences.
Thanks in advance!
by Exciting_Brother_755