ankitjain started the topic Overseas Buyer wanting to buy property in Australia in the forum Help Needed! 8 years, 2 months ago
Hi, I studied in Melbourne (international student) and then returned to my country. I want to buy a property near crown casino in Melbourne. How can I buy a property in Australia when it is in resale (not off the plan) -Any options (e.g. form a company)?
Property is likely to be a apartment. I would also take some loan. I will then put the…[Read more]
Ziv, I would be keen know the outcome. I am going to be ringing some accountants myself next week to try and find out who has done this previously. I was told
A) If a person does an individual SMSF then property overseas is in the persons name
Don’t know about situation where 2 or 3 people get together to form the SMSF.
Guys, With no loan requirements – I think this is straightforward.
A) Has anyone set-up an SMSF to buy property overseas – anywhere (say the USA).
Would you recommend any one who can help in this activity (professionally).
All the three of us are Australian citizens and have a Indian OCI (overseas citizen of India -Like dual citizenship).
We are Indian by background but have now settled in Australia.
We have family (parents) in the city in which are planning to buy the property.
No Loan required – Simply want to buy the property off the plan in India.
Terry, Can you help with setting up a SMSF to buy property overseas. If so, I am happy to give you a call and seek professional advice on the matter.
Is this approach (using SMSF to buy property overseas) used by people and approved by TAX office.
ankitjain replied to the topic Panicking – Interest in advance not processed timely in the forum Please advice if anyone else 12 years, 1 month ago
Please advice if anyone else has had this problem with st george bank this year.
ankitjain replied to the topic Panicking – Interest in advance not processed timely in the forum Help Needed! 12 years, 1 month ago
Thanks banker – really appreciate your comments and they will be very useful tommrow.1 à I will lodge a complaint tomorrow morning with the bank and get a complaint number.2 à I will lodge a complaint with the banking ombudsman3à they definitely had a system error ( I have that in email) – also in phone conversations – they kept on repeat…[Read more]
ankitjain replied to the topic Panicking – Interest in advance not processed timely in the forum I am sure I would not be the 12 years, 1 month ago
I am sure I would not be the only person facing this problem – This is definitely a wider issue affecting many customers -please contact me on [email protected] if you or anyone known to you has faced this problem.
This just seems to be really bad time to change lending criteria. I, for example, was thinking about using funds of upto 80% (increase borrowings from my current level of 70%) of my property valuations to fund other investments . Some options being considered include…A) Invest in mutual fund A property purchase overseas (via my family).
ankitjain replied to the topic Increasing borrowings on your existing house – problem with banks? in the forum I did an internet search – 12 years, 6 months ago
I did an internet search – if my move banks i might have to pay another LMI.I did some thinking overnight – My main financial goals should be satisfied if I am able to go to 80% of the combined value of my two houses – If my valuations were a little better then I can go to another bank – borrow 80% and not be liable for paying another LMI.Please l…[Read more]
ankitjain replied to the topic Increasing borrowings on your existing house – problem with banks? in the forum So what are my real 12 years, 6 months ago
So what are my real options1. If I move bank (my lender), do I need to pay Lenders Mortgage insurance (LMI) again or does it move with the loan. This is one single thing that will prevent me moving.2. The house that i live in has No break fees – I have been with the bank for more that three years3. Investment property – I pay inte…[Read more]
Family situation is different but the tax situation would be the same. I am still in Australia – sticking to my safe job here in the current economic climate. Waiting for things (financial crisis) to clam down a bit – plan still remains the same. Calculations have changed now with interest rate at 5%. If I fix now for 3 years – it would be three…[Read more]
Elka, This requires proper investigation and may require rethinking the entire strategy. I will take a week to respond to this one fully (weekdays is busy). Initial thoughts…. It is likely that my going overseas may trigger a CG event.On the IP I was always going to pay capital gains tax. The real concern is the residential property.I would be e…[Read more]
Elka, Very informative posts. I definitely need to get a new tax agent – initially looking through the link — It seems to show it is not too good for me. I will respond after going through it in detail. Thanks a lot
I am returning to India – family reasons. But the whole thing rests on me offsetting my rental income from residential property against income from IP. Current thinking is — I pay income tax on what I earn in Australia in Australia. In India I just pay income tax on what I earn in India from my job their. So my Australian tax return will be in…[Read more]
Property in India is doubling every 3 years currently. Being an Australian citizen of Indian origin I find it easy to relate to that market and I know people who can alteast go and visit the property if the need be. It is all a case of how much does it increase!!!. I went to India over Christmas. I got a loan pre-approval from ICICI bank…[Read more]