Hey all,
I have recently graduated from university and joined an engineering full time job. I'm looking forward to buy my first property by the beginning of 2009 as I'm expecting to get permanent residency by December 2008. My parents (who are overseas) are going to help me out with the 20% deposit and thus require to transfer from overseas. I was wondering whether anyone has any idea about the obligations that Australian government might have about receiving a lump sum amount of cash from overseas. Any information and suggestion will be appreciated.
Regards,
Mashfiq
The Cash Transactions Act requires institutions to advise of any large cash receipts and recent legislation changes to the Anti Money Laundering Act also requires a Bank to make investigation on suspicious receipts.
In saying this from what you have mentioned I wouldnt think you will have any issue at all.
Just make sure the funds are cleared and in your account well prior to settlement.
Richard Taylor | Australia's leading private lender
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