Hi
I am aware that this question has been asked a lot recently on this forum. However I would like to know is it possible to borrow the funds in Australia and purchase a overseas property. i.e borrow from one of the banks here and pay the mortgage in aus dollars.
From my current research it seems the process are as follows:
1: Arranging finance (can you arrange locally and pay the mortgage of in aus dollars.)
2: Check with the accountant about the tax laws involved (i.e double taxing agreements, etc). Also what can be claim in tax
deductions from this property.
3: Find a lawyer who understands foreign property dealings. This is so you aware of the legal process, your rights etc. ( cananyone recommend one?)
4: Find a good property management agent for you property overseas ( again can anyone recommend one?)
5: Start looking.
Given the currency exchange rate is looking good and the property prices here in Melbourne and Sydney is just getting insane. It seems like purchasing an investment property in overseas is a better option.
Hello Brennan
Mate I just got my website setup this week with all this information on it for Australian investors to grab a US bargin check it out and email me if you like on anything I may have missed.
You might want to secure your exchange rate whilst the Aussie dollar is so strong – there are many currency companies that can fix the rate at todays if you want to forward buy. The euro is strong too so perhaps you will get more in the US especially with all the foreclosures flooding the US market.
Get good legal advice before buying in Europe.
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