Forum Replies Created
BilXy
you will be suprised that most of the aussie big banks are in london and you can borrow £ to buy aussie property. I assume for ausie citizen of coure. while this may not be a big part of their interest in UK it could be worth having a chat to them. at least this way you are paying £ then sending money home each month and paying all the conversion fees etc. if the £ gets stronger then you can benefit this way as well! it could not get too much weaker then now.
cheers
creany
Evening Pappy
Just doing something similar by buying my sisters shares from a deceased estate. I am buying into a trust. If you are not on the land title then you are up for the whole stamp duty. State Revenue does not miss a beat here. However your legal costs can be reduced. Instead of a contract of sale, we have a "transfer between related parties by way of valuation". I needed a property valuation that was for stamp duty purposes and addressed to them. The cost will be less then the price of a contract of sale for one of the parties.
Cheers
MichaelHello Elkam
I can recommend ozforex. I used them while I working in London and sending money back to Aus. Good rates and provided great service. Fees were cheaper compared to some of the other providers. The first transaction I had to be in contact with their foreign exchange person to verify it in Sydney but after that all my transactions were automatic as it was going to the same account. there was a £2000 minimum transaction.
Cheers
MichaelEvening Bravo,
A little while back I was in a similar position with a choice of buying one or two IP's and renting with similar money. After seeing an accountant he gave me the advice of putting all my money into a PPOR and borrowing equity out of PPOR for the first IP. The first thing is he stated you need a roof over your head but it is also an investment. This reduces your non-deductible loan as much as you can. The next part was all the money used to buy the 1st IP was 100% borrowed in effect. It was much better when it came to tax time. the initial deposit you pay in cash for IP's does not allow for any interest deductions. What happens in a couple of years when you want a PPOR and your money is tied up in IP's? Would it be the best time to sell?
My personal opinion is that at some stage your mortgage repayments will be less then renting. The sooner you get there the easier it can become.
Cheers
Creany
