Accesing overseas equity to invest in Australian property.

Viewing 5 posts - 1 through 5 (of 5 total)

britswiss
Participant
@britswiss
Join Date: 2007
Post Count: 2
May 11, 2007 - 12:41 pm
Hi, Newbie here.
Is it possible that an Australian lender will use my parents equity in their property (with thier consent of course) even though the proprty is in the UK? I live in Brisbane and I am looking to include their equity with mine to use in investment properties.
Thanks in anticipation.
Simon
duckster
Participant
@duckster
Join Date: 2004
Post Count: 1,674
May 12, 2007 - 11:34 am
It might be worth your while to enquire with this scenario at Citibank as they are a global banking company with branches in many countries and may be the only hope of a bank that might be open to cross country investment .
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 12, 2007 - 1:40 pm
No, I don't think it would be possible. What you could do is get your parents to access the equity and to lend or gift you the deposit for your property.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
britswiss
Participant
@britswiss
Join Date: 2007
Post Count: 2
May 12, 2007 - 9:52 pm
Ok Guys. Thanks for your responses. I'll look into it further, it's obviously not straight forward.
Cheers
Simon
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 13, 2007 - 12:22 am
I would guanrantee they wont.
Even Citibank Australia will not lend on US properties to Australian residents.
The only solution would be to approach a UK lender and as mentioned gift the deposit to you. (In the UK there is a considerably more choice when it comes to Nodoc / lodoc that here in Oz if proving their income is a requirement).
Richard Taylor | Australia's leading private lender