Selling property to investor from overseas

Viewing 7 posts - 1 through 7 (of 7 total)

ayr007
Participant
@ayr007
Join Date: 2005
Post Count: 5
June 4, 2005 - 2:26 pm
Hi Guys,
I am wondering if anyone else has experineced or heard of selling a property in Australia (VIC) to investor from overseas?
Does anyone have more information regarding this issue (selling second hand or brand new property to overseas investor) ?
How about mortgage ? is that possible for that person to get mortgage in Australia ? If yes what are the requirements ?
Thank you for the respond
Regards
Andre
quiggles
Member
@quiggles
Join Date: 2002
Post Count: 98
June 4, 2005 - 3:38 pm
Andre
Australia has some restictions about foreigners owning real estate. Best for your buyer (not you) to ceck these out. It would be difficult for a bank to lend, the well endowed foreigner is a classic case for a wrap contact.
Nigel Kibel
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@nigel-kibel
Join Date: 2005
Post Count: 1,425
June 4, 2005 - 8:40 pm
In many cases they cannot buy residential property unless it is in an off the plan project then up to 50% can be sold to overseas investors. There have been changes to these rules for Americans withthe free trade deal.
Nigel Kibel
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Fast Lane
Member
@fast-lane
Join Date: 2004
Post Count: 527
June 5, 2005 - 4:33 am
Unless you are specifically wanting to sell it to someone overseas, like a friend or relative, why bother with the hassle, just sell it to someone else. If they want it bad enough they can do the running around.
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
June 5, 2005 - 8:36 am
Hi Andre,
A foreign investor will require permission from the FIRB in order to purchase property in Australia,
this link below to the FIRB web site may help, Cheers.
http://www.firb.gov.au/content/real_estate.asp
Regards
Steven
Mortgage Broker
Mobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.au
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Robbie B
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@robbie-b
Join Date: 2004
Post Count: 2,493
June 5, 2005 - 10:16 am
Andre, many banks have no problem lending to a foreigner. LVRs are a bit lower. Serviceability is pretty much the same.
With regards to a foreigner being a ‘classic case’ for a wrap contract, I don’t think so!!! Most of these are done on properties which an overseas investor would never be allowed to purchase.
I would not bother running around for the purchaser. It is highly unlikely they would be able to buy the property anyway.
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ayr007
Participant
@ayr007
Join Date: 2005
Post Count: 5
June 5, 2005 - 11:54 pm
Hi Guys,
Thank you for your respons. Actually the buyer is one of my relative who is interested to invest in property in Australia. So I was thinking to sell 1 of mine to him.
I don’t really understand about a foreigner being a ‘classic case’ for a wrap contract. Can anyone please elaborate a bit more regarding this issue?
Thank you
Regards
Andre