My first post on this website.
We are British Nationals living and working in the Philippines for 10+ years.
Our kids are now studying in Aus and we would like to move to Aus within the next 3-5 years and eventually retite there.
We would like to get foothold in property market but restrictions on non resident real estate investment “seem” to make this less attractive as we can only but brand new or off the plan but most houses we like and can AFFORD are the older properties.
Anyone got any ideas/suggestions to help us out on this?? Not too fussy on which part of Aus we buy in as we will treat it as investment/foothold in proprty market at this stage.Ed
Non resident lending is tricky. You need to have a 20% deposit plus costs to purchase so on a $AUS 250,000 property you would need $50,000 plus $10,000 in costs to buy.
If your income is derived from a country not on the banks acceptable list then you will need to rely completely on rental income unless you buy when you arrive in Australia.
The banks with the best non resident lending policy are St George Bank (www.stgeorge.com.au) and HSBC (not sure of the website details).
I would suggest you send an email to them or call them and ask what requirements they would apply in your circumstance.
Hope this helps
Davo70
Non resident lending is tricky. You need to have a 20% deposit plus costs to purchase so on a $AUS 250,000 property you would need $50,000 plus $10,000 in costs to buy.If your income is derived from a country not on the banks acceptable list then you will need to rely completely on rental income unless you buy when you arrive in Australia.
The banks with the best non resident lending policy are St George Bank (www.stgeorge.com.au) and HSBC (not sure of the website details).
I would suggest you send an email to them or call them and ask what requirements they would apply in your circumstance.
Hope this helps
Davo70
Thanks your help this is good advice.
The deposit etc is not a big issue as I do have some funds I can invest but finding the right property and right lender etc is more of an issue.
Thanks again your response.Ed
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