URGENT advice needed with buying property in OZ while still in UK

[AnxiousMum]

Ok, husband has now decided he wants to get another mortgage to buy a property in Australia (if we can find one) while we are still in UK.

Some website are saying you cant buy property in OZ if you are not a resident, and would need to buy brand new house not ever been lived in.

Other websites dont mention this pitfall at all.

Has anyone done this themselves? What are the problems with doing this if any?

[Pinhead]

Originally Posted by AnxiousMum

Ok, husband has now decided he wants to get another mortgage to buy a property in Australia (if we can find one) while we are still in UK.

Some website are saying you cant buy property in OZ if you are not a resident, and would need to buy brand new house not ever been lived in.

Other websites dont mention this pitfall at all.

Has anyone done this themselves? What are the problems with doing this if any?

I was told by Estate Agent in Melbourne that people who don't have PR/citizenship can not buy resale property/land in Oz only 'off the plan' properties which have restrictions on the number of units that can be sold to overseas residents.

Someone did post here that it was possible to get authorisation from the appropriate body in oz to by pass it but I'd never heard of this.
I would suggest that you look on Real Estate, Property, Land and Homes for Sale, lease and rent - realestate.com.au for a property you are interested in, contact the EA through the website and ask them directly.

I bought a resale property in Melbourne in 2006 from the UK by raising a mortgage on my UK property but I had PR at the time. Mind you it was to the best of my knowledge never checked & I was not asked to provide proof.

If you are looking to buy a property in Melbourne or Brisbane areas I can give you contact details for conveyancers which I have used which you could also ask.
Send me a private message if I can help any further.

[AnxiousMum]

Bless you Pinhead will do.

I am hoping he will change his mind and go for the other option I like more.

Renting out property here, (once got Independant Skilled Visa,) then getting mortgage and buying in Oz, we are basically thinking of having two properties in Oz one to rent out and one to live in.

[linziwilson]

hey.... haven't done this ourselves because my husband is an aussie but I know that it is definitely possible...you need to apply for a certain type of permit.... just email any aussie estate agent.. also worth speaking to Commonwealth Bank in London... we just got a mortgage with them for a plot of land in oz...

[Pom in Paradise]

hi. you can only buy brand new unless you are perm res. this restricts you and basically you would need to buy in a new high growth area. good luck.

[Sergio Lopez]

Hi there

You're right, for a non-permanent resident to purchase Melbourne (or for that matter any Australian) property you are limited to new (never leased before) or off the plan. This is a stipulation from the FIRB (Foreign Investment Review Board), I urge you to Google this as well by typing in "FIRB".

Having said that it leaves you with many, many opportunities. Many would argue that this is a better option because you don't have to contend with the typical issues of an older property.

I represent developers across all of Melbourne and have access to the widest range of new and off the plan properties in the one place. We've helped many overseas buyers secure a Melbourne apartment. Let me know if there is anything I can help you with. I've attached a "Property Request Form" below to better understand your needs.

Warm regards
Sergio Lopez
+61404659330
Apartment Superstore

First name

Surname

Address

Email address

Mobile number

Home number

Business hours number

Are you ready to buy now? If not, when?

Do you have a 10% deposit available and/or finance (pre)approved?

What price range?

What area(s) or suburb(s)?

Why are you buying? (invest or live in)

Are you an Australian or NZ citizen and / or permanent resident?

What type? (off the plan, new, almost new)

How many bedrooms?

How many bathrooms?

How many car parks (if any)?

What minimum size?

What features?

What facilities (if any)?

What else is important to you (if any)?

How do you prefer to be contacted?

When is the best time and day to contact you?

How did you find out about my services?

For what street and suburb would you like your GIFT “Property Sales Report” valued at $50?

[AnxiousMum]

Hi Sergio, Thanks for the information. We are still talking about it now, I will definately contact you though if we decide to go ahead down that route.