Dear investors and mortgage specialists,
I’m about to move to Australia soon and I’d like to buy my 1st IP within next 6 months after my arrival.
I’ve sold all my properties at home, invested the money and now I have $35K-$40K of passive income (dividends, bonds, p2p loans) and money for 25-40% IP down payment.
Could you tell me about how realistic it is to get financing before I get a job in Australia?
Thank you for your help!
Alexander
RussianAussie (QLD)
https://www.facebook.com/sanderinozFeel free to write me a message or add me in Facebook to chat about property investing
Hi Alexander
Firstly welcome to the forum and indeed the Country when you arrive.
Regretfully even with the income you currently have you wont be able to use this income in support of an application for finance with evidence of 2 Years Tax Returns.
Once you arrive and have full / part time employment this income and the potential rental income can be considered for servicing.
Enjoy the move.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hello Richard,
Thank you so much for your reply and your help!
It was sad news that I can’t get financing immediately.
I had some IP experience at home (as a hobby) and wanted to buy IP in Australia as soon as I research local market good enough.By the way, in european countries they usually give loans to foreigners but demand bigger down payment to protect bank from losses.
Turns out all Chinese buyers buy without any mortgage in Australia! WOW!Could you tell me if I still need 2 year’s tax returns in case if I get a job much sooner?
Sincerely yours,
Alex-
This reply was modified 9 years, 1 month ago by
RussianAussie (QLD).
RussianAussie (QLD)
https://www.facebook.com/sanderinozFeel free to write me a message or add me in Facebook to chat about property investing
Hi Alex
No with full or part time employment there is no need for 2 Year Tax Returns.
Only reason we would need these if we are trying to take non payg income into consideration.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Good day,
I’m not sure how much time will pass before I get a well-paid job…
I think 3-12 months at least, so for now PAYG is not an option :(
I have passive foreign income now and I don’t want to miss one an opportunity to double my money during next market collapse.
Maybe there’s any other way to get financing for IP or PPOR? Nodocs loan, establishing company\trust, rent2buy etc?
I want to retire early :)
Best regards,
AlexRussianAussie (QLD)
https://www.facebook.com/sanderinozFeel free to write me a message or add me in Facebook to chat about property investing
Hi Alex
Regretfully Nodoc loans are a thing of the past in Australia post NCCP.
If are buying in a Company name then the loan is considered non coded so there is less requirement for the lender to ask for the traditional income evidence however there is still something known as “responsible lending”.
Even as a Short Term Business lender we look at the reasonableness of the loan application and the likely exit strategy.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Are you still working in Russia and when are you moving to Australia?
You could have purchased the property before coming to Australia and could have easily obtained a loan at 80%. You just need to show proof of your Russian salary.
Turns out all Chinese buyers buy without any mortgage in Australia! WOW!
I have many Asian friends, I helped purchase Australian properties. None of them used more than 20% of their funds. They could easily borrow 80% of the properties value. As long as you can proof that you have a salary.
Will you have a temp or perm visa when you come to Australia? This will determine what kind of property you can purchase?
Cheers
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auGood day,
I have permanent visa (independent skilled migrant) already so I don’t have any limitations in property.
I’m going to move in September-October.
I wanted to spend a few months for QLD market research after I arrive, because I don’t think I can buy quality CF+ property remotely.
Before I find a job in Australia I hope to continue working remotely in Russia, but I’m not 100% sure yet.
Best regards,
AlexRussianAussie (QLD)
https://www.facebook.com/sanderinozFeel free to write me a message or add me in Facebook to chat about property investing
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This reply was modified 9 years, 1 month ago by
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