Hi All
This is my first post and I really appreciate any advice.I am 40, never owned a property and live in China. I’m single, no kids.
My mother passed away after a long battle with cancer, during which time I cared for her.
After she passed, having just a few thousand, I decided I would try my luck in China and have a good job here as
a designer and art teacher in Shanghai. I can save about 2,000AU per month after expenses because I live in the school dorm.I have saved 20,000 dollars in about 11 months, so far and can borrow the same from friends and family. So I have about $40,000 as a deposit.
But I have no idea if I can invest while being overseas.Should I wait until I eventually move back to Australia? or is it possible to pay a mortgage off while abroad.
I have heard that there are significant taxes for investors now, if not living in the property.Side issues. My father lives in Hamilton – I would love to get a unit of some kind closer to Melb so he can be closer to family. A 2 bedroom place in a rural area ( Ballarat?) renting out one room and keeping the other free is a vague plan.
My limit, probably about 180,000-200,000 total price because that’s the kind of mortgage I could afford if something happens and I have to go back to Australia.
Again, I really do appreciate some advice, comments or encouragement.
Many thanks
RLand tax is payable on rental properties whether or not you are in Australia (except in NT). The rules differ from state to state though so get some professional advice in the state you want to invest.
If looking for a house as an investment, do not confuse it with a house you want to live in. Look purely at the investment potential, the numbers etc. If you look for a house that you would like to live in you risk buying a dud investment.
You can buy while living overseas but may have a tougher time obtaining finance from an Aus bank while you have a foreign income. See how you go, but you may need to shop around. It may also help if someone in Aus (eg your father) is willing to sign as guarantor – but the bank will ask for this if they require it.
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