Do you have to be an Australian citizen to obtain a homeloan from Australian banks (majors or loc docs)? If anyone knows it would be helpful. Taa[blink]
Hi Vanessa
Welcome first to a fellow Pom to the forum.
The question has a split answer:
1) Whether you can actually invest in Australia in the first place.
2) Whether you can obtain a loan from a Australian lender.In summary:
Answer 1) Foreign persons temporarily resident in Australia for a period exceeding 12 months from the time of application for approval are eligible under foreign investment policy to acquire residential real estate. If the property being purchased is an established dwelling, that is, one that has been previously occupied or sold, foreign investment approval is still available provided that the dwelling is to be used as the person’s principal place of residence, not for rental purposes and the property must be sold when their visa expires or they cease to reside in Australia.
2) Many Australian Financial Institutions accept application from foreign citizens however normally reduce the LTV limit or insist that the security is self funding without havinbg to rely on their foreign income.
As always there is exceptions but hope this helps.
Cheers Richard
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
What if you are an international company or trust that wishes to invest in Australian property? I assume that there wouldn’t be any problems at all…
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Jacob
Same story. This link might help answer any further questions
http://www.firb.gov.au/content/default.aspCheers Richard
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
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