Can someone tell me what are the rules about foreign people buying property in Australia? My friends are from China, they have a mortgage in China, can they still get a mortgage here? They are not in Australia and do not have a PR.
Hi May
Yes then can still obtain a loan however the lvr will be reduced and they will be required to obtain FIRB approval.
This will restrict the type of property they can purchase so suggest they check this out first.
http://www.firb.gov.au/content/default.asp This may help them.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Richard mentioned, need approval from FIRB. The 4 keys points are-
1. Can only buy for Investment purpose ( limit applies)
2. Must be residential ( unless your paying under a company’s name)
3. Can only purchase NEW properties, off the plan, land with construction to start within 24 month….no existing dwelling.
4. LVR is set at 70% – income from china acceptable- but must work for a multinational company or a “big” organisation- FULL DOC ONLYhttp://www.shapehomeloans.com.au/non-resident-home-loans-
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
What do your friends want? What can they afford? Where would they like to be? Why are they here? Do they have the means to put the cash up, or is this hypothetical? You have money, we do stuff. You have no money, we do no stuff. Easy.
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