My fiance is Colombian and as a result we want to buy an IP there. Colombia is classified as a developing country.
Will the major banks offer finance to invest in country's that are considered developing?
No Australian bank will lend for property overseas – you will have to approach lenders in the country you wish to purchase in – Aussie banks with branches there may be able to lend from those branches. It may be hard if you are not working in that country too.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Some developing countries dont have an established mortgage market as we would know it. As an example Vietnam does not generally offer mortgages for property. Brazil is another country where the number of general mortgages is very very low compared to somewhere like Australia. However you can get them in Brazil if you deal with the right company. If you are purchasing through a developer in something like an off the plan purchase they are generally best placed to refer to a lender (if there is one) who is familiar with their project.
Hi ,
Anthony, did you find any information on what you were looking for, i am in the exact same position at the moment..!
thxHi Coasta,
Yes in the end in our case we would need to either come up with the cash ourselves to purchase or apply for a loan at a bank within that country. As my wife is a citizen of the country we are looking to purchase in it makes it easier to get the loan. Not to mention the interest rate is much lower than in Australia.
The main issue we face now is the ability to service the loan as as finding people to rent the property securely is difficult because of the financial crisis.
I am travelling to Colombia later this year with my wife and we'll be looking for properties to buy.
Anthony, shoot me a pm if you can..
I have just returned from Cali, what i did notice is the large amount of vacant properties. This might be the norm , ?im not too sure, my wife is from there, and whilst there i did have a browse at properties.
sorry email is [email protected] thx
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