Hi Guys,
I am wondering if anyone else has experineced or heard of selling a property in Australia (VIC) to investor from overseas?
Does anyone have more information regarding this issue (selling second hand or brand new property to overseas investor) ?
How about mortgage ? is that possible for that person to get mortgage in Australia ? If yes what are the requirements ?
Thank you for the respond
Regards
Andre
Andre
Australia has some restictions about foreigners owning real estate. Best for your buyer (not you) to ceck these out. It would be difficult for a bank to lend, the well endowed foreigner is a classic case for a wrap contact.
In many cases they cannot buy residential property unless it is in an off the plan project then up to 50% can be sold to overseas investors. There have been changes to these rules for Americans withthe free trade deal.
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand Buyers advocate
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Unless you are specifically wanting to sell it to someone overseas, like a friend or relative, why bother with the hassle, just sell it to someone else. If they want it bad enough they can do the running around.
Hi Andre,
A foreign investor will require permission from the FIRB in order to purchase property in Australia,
this link below to the FIRB web site may help, Cheers.
http://www.firb.gov.au/content/real_estate.aspRegards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Andre, many banks have no problem lending to a foreigner. LVRs are a bit lower. Serviceability is pretty much the same.
With regards to a foreigner being a ‘classic case’ for a wrap contract, I don’t think so!!! Most of these are done on properties which an overseas investor would never be allowed to purchase.
I would not bother running around for the purchaser. It is highly unlikely they would be able to buy the property anyway.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksHi Guys,
Thank you for your respons. Actually the buyer is one of my relative who is interested to invest in property in Australia. So I was thinking to sell 1 of mine to him.
I don’t really understand about a foreigner being a ‘classic case’ for a wrap contract. Can anyone please elaborate a bit more regarding this issue?
Thank you
Regards
Andre
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