Using Equity from overseas property

Viewing 5 posts - 1 through 5 (of 5 total)

John
Participant
@nasesco
Join Date: 2015
Post Count: 2
October 16, 2015 - 11:42 am
Hi Guys! Hoping someone can give me a little advice, cant seem to find the answers I’m looking for on the net. I own an apartment in the UK and house in Ireland. Just wondering if there is a way I can use the equity from one or both of these assets to buy a property in Australia or failing that to invest in precious metal etfs?
Many thanks,
John
Corey Batt
Participant
@cjaysa
Join Date: 2012
Post Count: 1,010
October 16, 2015 - 2:57 pm
Best bet would be to talk to a UK based lender – Australian banks aren’t going to touch it.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone Me
Investment Focused Finance Strategist - servicing Australia-wide
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
October 16, 2015 - 3:00 pm
Agree with Corey – you’re going to have to look into overseas funding. Perhaps hit up Richard Taylor who spends time in the UK – I think he might invest their too.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
October 16, 2015 - 3:38 pm
Hi John
Yes very true i have just come back from 4 months in the UK and still own property down in Bournemouth on the South Coast.
Hate to say if you are an expat and are paid in non GBP there is now NO lender who will lend to you even if you are a UK / Irish Passport Holder.
I was over there this time on a combination of business / holiday buying property for some forum clients.
Only way to fund it is thru vendor finance.
Cheers
Yours in Finance
0-40 Properties in a decade. Ask me how.
Richard Taylor | Australia's leading private lender
John
Participant
@nasesco
Join Date: 2015
Post Count: 2
October 16, 2015 - 7:24 pm
Thanks for the info all. I have lived in Australia for over 5 years now. I read online that if I sell my property in the UK that I’m currently renting out within 6 years of vacating it that I don’t have to pay capital gains tax on the profit. Is this correct? This was my PPOR before I left the UK. Seems too good to be true.
If I were to hold this property over the 6 year limit would that mean I would have to pay CGT on the entire profit thereafter or just a portion of it?
Appreciate your help guys.
John