What are the restrictions which might be applied when making a property purchase from overseas?
If you are a foreign citizen check out http://www.firb.gov.au.
If you are an Aussie living overseas no restriction of course but banks like more deposit I have found when I was O/S.
Hi Forextrader.
There are no real restrictions but the lenders do have different criteria. You don’t necessarily need a larger deposit but it does help. I have had 110% finance whilst applying from o/s. One of the biggest hassles is that the contracts if signed o/s need to be witness / certified by a JP, Consulal General (CG) or someone with the acting authority. It can be very difficult to get a JP from a foreign country to do this. In regards to the CG’s you have to fit their schedules and meet them where they are. The CG’s are normally in major cities or the capital. This doesn’t help if you’re in the rural areas of China or on a little island in Japan and the ferry comes only once a week. Depending on the lender they may want any copies to be certified before sending, so you end up having to make 2-3 trips to see the CG. This can be very time consuming and costly.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
You must be logged in to reply to this topic. If you don't have an account, you can register here.
