Hi All,
I am a UK resident living in Oz for past two years on a business visa, I would like to start my investment portfolio by purchasing a property here in Melbourne, I am unsure how being a non-resident will affect me, does anyone have any ideas?
Many thanks!@
Nico
You will be restricted to Foreign Investment Review Board approved properties unless you are, or become a resident. These are usually all new properties and few older ones. More information about this can be obtained by going to:
http://www.firb.gov.au/content/default.asp
Also, the amount you can borrow against a property will be severely restricted as your income will not be derived from Australia (when you go back). Usually around 70% of the purchase price can be borrowed.
Various lenders will accommodate your needs though.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdHI Nico,
I am a UK resident back here in the UK I have had no trouble getting 80-70% IP mortgage loans through westpac with no problems and they have taken good care of me making sure i have not been ripped off.
Hope its of some help.
mgr.
mgr,
Tell him your interest rate.
Westpac are not the most competitive when it comes to international investors.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdHi Nico,
My brother has had some experience with writing loans for overseas clients. He is in Melbourne also. If you would like to speak to him PM me your contact details and I’ll get him to call you.
Regards
AlistairThanks everyone for your advice so far, this is a great forum, I appreciate it!
Mgr, your comment on interest rates is important to me, I don’t want to pay a high rates just because I am a non-resident. I want to maxamise my profits, so the lower rates is what I am hoping for. By the way, I do not have any intentions on leaving Australia, I will hopefully be a resident one day, just not yet…
I will chack out the FIRB also, thanks!
Nico
Hi Nico,
You should have no trouble obtaining finance,
St George will finance non-residents up to 80% LVR, Normal fees and interest rates apply.Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
