Hi
I am new to this forum and to investing in property. As an austrialian living abroad it has additional challenges but they are being overcome. The internet is an invaluable tool and can tell you some things about who you want to deal with and who not to.
My question is…..as expats the banks will only lend 80% max due to mortgage insurance..you cant get any, thus negating the benefit of only putting 5% or 10% down. I have been trying to think of different strategies to take advantage of this situation and am having trouble thinking outside the box[
].I can see that means that when we return that some refinancing can be done. We have looked into wrapping and can only undertake such ventures with 25% deposit.[
]. i have also looked into joint ventures.It just seems so frustrating when we are saving $5000-6500 per month.
Hey Tamara,
Welcome to PI.com []….(thanks Bruce for the nifty name).Can I ask a few questions……
Where are you wanting to invest ?
What sort of investments are you wanting to make ?These may help people offer assistance.
Enjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Hi Tamara
how about adding some info like your rough time frames for investing remotely and returning too.
Bruce [
]ps: is Brunei pretty ??
Hi
To answer a couple of the questions.
We are flexible about where we will invest. But initially we have decided in Brisbane. This is only because my husband is a pilot and this is one of the two Australian destinations his airline flies into. As I said this is only a starting point.
We have decided that we want to do cashflow positive investments some being buy and hold and a few for captital gain but we feel we need to know the market better than we do to make this step.
We have a plan to be financially free in 10 years, quicker if possible. Until we get to this stage we will be unable to come back as the employment opportunities are limited for pilots. We have our young children to think about and in 10 years our eldest will be a teenager and educational it will be time for us to be back.
Finally Brunei is a developing country with the very rich, the Royal family, and the rest. It has beautiful jungle and coastline but they have a problem with litter which is ruining their environment. I guess that it is a phase that all developing nations go through. It is a great place to bring up young children.
I hope that helps
Hi Tamara,
I understand the frustration you may have in getting finance while you are overseas as banks like to see you pay taxes in Australia for two years before they lend.
You mention that the banks will only loan you 80%. Be careful with this information as this LVR is mostly only available in built up postcodes, if the property you wish to buy is in a remote postcode the LVR may be closer to 70-75%. Check when you chose your property.
Seeing you are saving so much each month, I would think that a 20-25% deposit would not be too much of a struggle. By also providing this amount of deposit you will have:
instant equity in your property.
You will not have to pay MI(Mortgage Insurance)
You will take the decision, if the property is remote, out of the hands of the Mortgage Insurer.
The repayments will be lowerAs for Brisbane property, AD lives up there(we are on the Gold Coast) and he may know of a broker who can help you find a property that meets your criteria.
Say hello to the Sultan for me…
Cheers
EP
Hi Tamara,
I came across this web site a few days ago, it might be of interest to you:
http://www.australiapropertycentre.com/I am not sure about the content since I didn’t spend too much time on it.
Ben
*************
APIM coming soon …*************
Thanks Ben
I had a look at the site and has some interesting info even for expat investors.
What do people think of buyers agents? I have a couple of interviews lined up when we take a break in Brisbane early March. We are planing do do some property research as well as take a break from life on the equator.
EP I am sure that the Sultan would say hello but he has an embarrassing problem with his second wife and in 3months and 10days will have divorsed her….
].
]. i have also looked into joint ventures.
]….(thanks Bruce for the nifty name).
]
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