All Topics / Help Needed! / Advice for non-Australian resident?

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  • Profile photo of ReneRene
    Member
    @rene
    Join Date: 2004
    Post Count: 3
    December 11, 2006 - 6:58 am

    Hi everybody,

    First of all, my compliments to this site and the posting members who regularly contribute. There’s a bundle of knowledge on here.

    Ok, here’s my question:
    Even though I have been living & working in Australia for 3 years, I am currently still on a working visa and do not have Australian Residency. Therefore it is very hard (read: almost impossible) for me to get a mortgage. I am here on my own, so I don’t have anyone else that I can fall back on.
    Basically what I would like to know is if there are investors out there who have been through a similar situation and know of any loopholes or investment techniques which will allow me to start investing in property.
    The only options that I am aware of at the moment are:
    1. Having a friend take on a mortgage and for me to pay for the interest & fees. Unfortunately, there are very limited friends who will do this.
    2. Getting a financial partner.
    3. Go to one of those loan sharks which charge outrageous interest and fees (and therefore making it very hard to actually have a positively geared property).
    4. Find a rich Australian woman, merry her within a week and become a citizen! (My preferred option [biggrin] )

    I was hoping some of you could brainstorm a bit with me to give me some ideas of the possibilities I have.

    Thanks for your help!

    Profile photo of Kipper57Kipper57
    Member
    @kipper57
    Join Date: 2006
    Post Count: 252
    December 11, 2006 - 8:43 am

    From what I can see you have done all the research, is there any reason you have not applied for Australian Citizenship or permanent residency? I am not sure what is involved in this. I think getting married is a bit drastic, which country are you from?

    Wayne Skewes
    Mortgage Broker
    Email [email protected]
    http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
    Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    December 11, 2006 - 11:49 am

    Off the top of my head, I know of at least one lender that would lend to you (ie to non residents, even those overseas). From memory, up to 70% LVR too.

    Terryw
    Discover Home Loans
    Parramatta
    [email protected]
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of richiorichio
    Member
    @richio
    Join Date: 2006
    Post Count: 1
    December 11, 2006 - 2:06 pm

    You might also want to check out the following:

    Foreign Investment Review Board (FIRB)
    and go to the link:
    http://www.firb.gov.au/content/faq.asp

    As far as I know, since you are not a resident you would have to get approval from this place – e.g. I am on a temporary visa 457, therefore I am not allowed to purchase residential real estate for investment purposes, unfortunately. So I think it depends on what Visa you are here.

    cheers
    richio

    Profile photo of ReneRene
    Member
    @rene
    Join Date: 2004
    Post Count: 3
    December 11, 2006 - 11:24 pm

    Thanks for the replies everyone.

    Ok, a bit more background info:
    I am an Aeronautical Engineer from The Netherlands, currently on a 457 Visa (Temporary Working Class Visa). Contrary to what some Australians might think, it is not always that easy to get Citizenship, which is fine, I believe that the government policy on this is correct.
    However, I do know that sometimes you have to be a bit creative to achieve what you want, hence my post.

    Thanks Richio, I’ll have a browse on that site today and see what options I have (if any).

    And wanelad, the getting married options was a joke. I know that there are plenty of foreigners out there that are willing to take the easy way out but I am still a bit of a (hopeless?) romantic in that I want to find love and not a ticket to wealth…..

    Cheers

    Profile photo of kum yin laukum yin lau
    Member
    @kum-yin-lau
    Join Date: 2006
    Post Count: 342
    December 12, 2006 - 2:17 am

    Hi,
    Getting an Australian PR offers both options of living in Australia whilst retaining ethnic citizenship.

    It involves wanting to live in Australia & is not too difficult under the skilled migrant intake scheme. Took me about 3 months & I applied from overseas.

    Since then, I’ve bought a number of investment properties & have retained my original citizenship and have Australian PR on a 5 year term. Pending my decision on citizenship, this has gone on for 10 years.

    Hope this general info is of some help to you.

    By the way, I found that the hardest bit is the social isolation that comes with migration.

    Good luck,
    Kum Yin

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