Borrowing eligibility

Viewing 6 posts - 1 through 6 (of 6 total)

kmb11
Participant
@kmb11
Join Date: 2007
Post Count: 19
February 18, 2007 - 2:51 am
Hi,
Just a couple of questions from experts on the forum:
1) Can I buy a property get a loan from bank while I am not a permanent Australian resident yet but living in Australia for over a year and soon to become a resident?
2) ATO defines a resident as someone who is physically present in Australia. How’s that classification from property investing point of view.
Thanks
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
February 18, 2007 - 3:04 am
Hi Bloach
Yes you certainly can purchase a property as a non resident and the attached website link may answer a few more questions:
http://www.firb.gov.au/content/faq.asp
If you are requiring financing for the purchase then you will be limited to 80% LVR.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.
Richard Taylor | Australia's leading private lender
kmb11
Participant
@kmb11
Join Date: 2007
Post Count: 19
February 18, 2007 - 3:48 am
Originally posted by Qlds007:
Hi Bloach
Yes you certainly can purchase a property as a non resident and the attached website link may answer a few more questions:
http://www.firb.gov.au/content/faq.asp
If you are requiring financing for the purchase then you will be limited to 80% LVR.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.
Thanks Richard.
The link you provided gives very useful information on property owndership for people still on temporary visas.
It seems like I can buy an investment property which is brand new only.
Very difficult to find a brand new property with good return though [cigar]
Thanks
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
February 18, 2007 - 3:51 am
Yes it has its downsides however the Depreciation and Building Write off will be at a premium.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.
Richard Taylor | Australia's leading private lender
kmb11
Participant
@kmb11
Join Date: 2007
Post Count: 19
February 18, 2007 - 4:34 am
Thanks Richard,
Hoping to get PR in 3-4 months, I think I should use this time for preparation and expanding my knowledge
Thanks for mentoring.
Paul Dobson
Participant
@pauldobson
Join Date: 2003
Post Count: 1,196
February 18, 2007 - 5:16 am
Hi bloach
Just in case you fall over “the deal of the century” beofre you get your PR, you could aleays use an option to secure the property. And, if you want to live in the property you could use a residential lease combined with an option (generically called a Lease/Option). Steve has some information about Lease/Options at:
https://www.propertyinvesting.com/strategies/lease-options.html
Good luck.
Cheers, Paul
Paul & Karen Dobson
negative2positive
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