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Hi everyone, not sure if this will be useful to anyone but if you are thinking of moving back to the UK/looking to invest in UK from Oz here are a few tips, cheers! Can I get a mortgage in the UK from overseas? (Answered) Today I thought we would look at the one of the most common things I get asked about, on a daily basis! Mortgages…. Can I get one? Is it difficult? I’m overseas and my bank in the UK told me to bu@@er off! What can I do? Can I re-mortgage? And more. What size deposit do I need? This is probably the bit that differs a little bit from someone living and working in the UK. Typically, lenders will ask for anywhere between 20 and 30% as a minimum deposit with the bulk of lenders becoming available when you have a 25% deposit. So, it is feasible, and that being said, if you do have a bigger deposit, always let us know, because it could mean lower rates. Or it could open up different lenders on the market that maybe have a more suitable product, but as a bare minimum, ideally 25% will give you access to the broadest range of lenders. Can I actually get a mortgage? Another common question I get is – “I went into Natwest over Christmas when I was at home and said I want to buy a house, and I'm now living overseas - can I get a mortgage? They said no, no way. Because you're overseas. Absolutely you can. If you are dealing with people that live or work in the UK, you just wouldn't usually use smaller banks or building societies and so you don't know as much about them. With access to over 35+ specialist lenders, 99.9% of my clients can attain a mortgage, its all about doing your due diligence and finding the right lenders. What documents do I need? The main documents that are required and of course this will be different for each person but the main ones are proof of name and address. That’s your passport and utility bill something like that, income, so payslips or if you're self employed, tax returns, bank statements and then proof of deposit and if it's a re-mortgage, then that one's irrelevant as your deposits in the property already. Don’t be surprised if they want more info, they will ask for up to six months worth of bank statements sometimes. So it's just worth being prepared. If you would like any more information on the above then please get in touch. Thanks, Bren

Hi I'm trying to real up on the pros and cons in investing in defence housing. Is this something anyone has invested in, in Australia? If so, love to hear your stories if you don't mind sharing?

Hi Everyone. We’re buying an invistment property in Queensland which we’ll negatively gear. My wife is an Australian citizen; I’m a permanent resident. Does anyone know if there are any tax disadvantages to my ownership of the property (as a PR Brit) versus hers (as an AU citizen)? Thanks. Mark

I am moving to Australia later in the year and I am giving some thought as to what to do with my UK investment portfolio which comprises stocks & shares and mutual funds. I currently use Hargreaves Lansdown in the UK to hold my investments and I assuming that there will be similar financial services companies in Australia although an initial internet search hasn't enabled me to identify an obvious equivalent yet. I plan to cash in most of my UK investments over the next year or two when the exchange rate is favourable and I would like to have a suitable investment account ready in Australia to re-invest in a similar portfolio. Does anyone have any recommendations of appropriate Australian financial services companies offering retail fund and stocks & shares investment accounts, dealing services and access to research data? Good customer service and products are probably more important to me than lowest fees. Thanks in advance for any recommendations, advice or suggestions.

I currently have a small investment in Physical Gold and have been told by the Customs Information and Support Centre that, because it isn't coinage in current use, (gold bars) that it would be subject to Goods and Services Tax on import but, given the fineness of the metal, they would be duty free. No details were given as to the percentage of value of GST that would be applied and I'm looking for any advice on what to do with it prior to making the move to oz or indeed any personal experience anyone has. If gold prices go up before I emigrate, no problem, I'll sell but if they don't... lol Thanks

Is now an ideal time to invest in a UK property ? I ask from the point of view of an Australian. With the exchange rate at around $1.53 and low prices in UK for property, is anyone considering purchasing a UK property as an investment ? Which cities would be good investment buys ?

Hi Guys We're Aussie Citizens but living in the UK and I'm desperate to get on the property ladder in Oz - and as a commitment that we will move there one day. We lived in Sydney but feel it too expensive and, with a young family, I think Canberra could be the place. We've visited many times and have friends there, little commuting, more reasonable property prices etc. Anyway, please could I pick your considerable brains/expertise. 1. What do you think property's up to at the mo? Still rising? Although interest rates are tipped to rise too aren't they? 2. I've seen a couple of family houses I like round McKellar and Evatt. Is that a good rentable area? Although I'm not sure if we rented it out if we would cover the mortgage as they are around $600k. What is the most people are prepared to pay for rental? Is there really such a shortage of good rental as I read on here? 3. Anyone got any idea about tax implications? I know we would have to declare the rental in Australia. My husband seems to think it would be really punitive and we would get clobbered by Capital Gains Tax if we sold which would wipe out anything we ever made. Is he right or is he just trying to put me off. I've had a look at the ATO site but I don't seem to get very far not really knowing the sorts of figures we're talking about. Thanks for your help and hope you all have a great weekend. Sarah x

If an investment visa is obtained would it mean that we wouldn't be able to get our children into school as they would be classed as overseas students?? Not that we have this visa but we are considering all options and implications at the moment. Thanks

We had a property rental in the UK and are now toying with the idea of buying an investment property here. Either as a holiday let or long term let. Can anyone give us advice on what are the negatives/positives of doing this in Austrailia. Would a holiday let be better than a long term let or vice versa? We are renting ourselves at the moment and would probably continue to do so even if we bought an investment property. Would we still be eligible for the First Homeowners Grant and no stamp duty to pay. Anyone with any advice at all please let me know (you can PM me if you prefer). thanks

we are thinking of putting the money we make on our house into a 5 yr investment plan. due to the crap exchange rate we thought this would be a good way to make some extra money rather than just moving it to oz dollars. we have been told that if we were staying in the uk we wouldnt pay any tax on the payout at the end (about 30% profit). does anyone know what the implications would be if we are living in oz when it matures?

Beautiful new Modern 1 Bedroom Investment Unit in the heart of Coolangatta fantastic views overlooking ocean, Surfers Paradise skyline and hinterland. Pool, gym. Low body corp fees. 5 minute walk to beach, shops, restaurants and Twin Towns Club. 10 minutes drive to Gold Coast airport. Only 1 hour drive to Brisbane. $400,000 Contact Glen at glenmcameron@hotmail.com for further details.

The FIRB has changed the criteria from 1st March 2009 for people purchasing a property, while on a tempory Visa eg 457. If the property is to be your perm residence, then you no longer need to obtain FIRB approval as long as you live in the property within 6 months of purchase. This is to try to quicken up the house buying process.

I think a lot of people on this site will remeber who I am and how we got to Australia but for the few of you that may not I'll give a brief outline! I arrived in Sydney on 14th January on a Business Owners Visa (up to 4 years temporary but can apply for PR once the business I own here meets the criteria - basically $250k p/a turnover and employing at least 1 Australian). The business plan that got our visa was based on me setting up a chauffeur company when I arrived, being an 'owner/driver' for a time and then building up the business to eventually buy a second car, employ another driver etc etc. I did this business in the UK (very sucessfully over 8 years, built up the fleet to 16 Mercedes / 27 drivers....) so it seemed like a possibility of doing it again although I did feel like a complete change of career as the chauffeur business is very 24/7 and I wanted more quality time with the kids etc.... Anyway - now we are here and the recession is starting (although I don't believe it will be anywhere near as bad as the UK) I have done my research and business travel to airports etc is down a massive 40% so I'm now thinking this would be a really bad investment! I had sold the house in the UK before we came out but the house sale fell through the week before we left (booo!). It has since sold again and am happy to say we've exchanged contracts and completion is set for 17th April. This means that the capital I have agreed to put into a business will be availbale again and I don't know what to do!! Because I couldn't simply 'not work' until the money came through I set up a small domestic cleaning / ironing service that is slowly but surely building up (I got an accountant that has sorted my ABN and TFN so it's all above board!). I'm tempted to continue on with that until I know what I should do but I'm worried the government will be on my doorstep any day now asking what headway I've made into setting up this business that's going to meet their criteria! I'm under no illusions that it would take a lot of toilet scrubbing to get to $250k turnover so can hardly say this is the big plan!! I just think that buying an existing business in the current economic conditions would be risky and dangerous... the last thing I want is to lose everything! Also does anyone know, if you have said you're going to be investing $250k in a business here you have to actually invest that amount? With the house prices dropping in the UK the final sale price on my house was about $60k less than the amount originally anticipated. Whilst we still have enough to cover the amount we said we'd be investing it would leave us with nothing else in the kitty, therefore risking everything! Hoping that someone out there can offer some words of wisdom :notworthy: Zoe xxx PS, apart from the business stresses Sydney (Northern Beaches) is lovely!! xxx

Hi Does anyone know about South Australia re-introducing the $100K investment bond as a way of entry into Australia, what it is, how it works etc Thanks

We currently have a land and house package for sale due to a change in our financial circumstances. The property is due to be completed in 4 to 5 months time. The property is located in Melbourne, Featherbrook Estate, Point Cook. Purchase Price was $320,000 Lowset 3 bed, 1 bath, 1 garage, backyard. It is a whole new village which will have a shopping Centre, Medical Centre, Recreational facilities, Primary School etc. We have purchased this property from Central Equity, you can find out more details of the project on thier website www.centralequity.com.au Point Cook is an up and coming area and is only 20 minutes from Melbourne City Centre and there are also rail links. We have taken the Investment Package option which will guarentee us rental income of $15,450 for the 1st year. We also have a big reduction on stamp duty and will only have to pay $7,000. We have paid a 10% deposit which converts to $32,000 and need to obtain a 90% mortgage which we are unable to do as my partner has had to taken a drop in his wages. We are very reluctant to sell this property as we know it is a good investment for the future which is why we would prefer a partner to invest another 10% for equal profit. Failing this we will need to sell quickly so we are willing to look at any sensible offers with regards to forfieting a percentage of the 10% $32,000 we have already invested. There is another option of being a non contributing partner where we will have a contract drawn up and for just having your name on the mortgage you will be paid a certain percentage at the time of resale, we can go through the particulars in detail and come to an agreement on the terms. This option basically means that you will have no financial commitment to the property e.g paying any mortgage repayments but will have your name on the mortgage for us to be able to be albe to obtain the finance. We currently live in Woody Point, Redcliffe Peninsular and have been here for several months, please feel free to contact us if you are interested or have any ideas on how we can go about saving our investment. Theresa or Andy on 07 3283 6760 or (Andy's Mobile) 0414 713273 or (Theresa's Mobile) 0414713236 Thanks you for taking the time to read this.:frown:

Hi, Can anyone tell me how practical it is to purchase a holiday let in Oz whilst continuing to live in UK? We would like to purchase an apartment and have it managed by australian agent within block with a view to moving there permanently in years to come. Does anyone have any advice in this area of what to look out for and the types of mortgage that would be applicable? Many thanks, Jo

Hi All I’ve just been reading the last 30 pages of the big BE thread on the Capital Investment Scheme. I refer in particular to Post # 1660 on Page 111 of the thread – the FAQs extract. For what it is worth, I have the following comments: It was the prerogative of State and Territory Governments to particpate in or withdraw from the scheme, and the Commonwealth has no power to compel States or Territories to continue in the scheme. Whether the State or Territory Government authorities actually issue a security is, and always was, a matter for them to determine. If so, was it lawful for the Commonwealth to get involved with a scheme over which it now says it has never had any control? Why did the DIAC website contain no warning to visa applicants that the Commonwealth was apparently relying on nothing more than a wing and a prayer? Wasn't it irresponsible of the Comonwealth to offer this wheeze to visa applicants without tying the State Treasuries into it legally first? Applicants for any visa must meet the requirements specified in the Migration Act 1958 and the Migration Regulations 1994. The applicants have done so. The requirements included lodgement of the $100K. Their intention to pay it was frustrated by the actions of others, not by the applicants’ failure to meet the requirements specified. So does the Commonwealth actually have any valid point to make with the statement above or is it just waffling about nothing? So, those GSM applicants who had deposited a capital investment before the scheme closed received the bonus five (5) points. Those who were unable to lodge their capital investment are now unable to receive the 5 bonus points. I have seen DIAC process and grant two GSM applications within 48 hours of submission during the last two months. The legislation does not envisage that the Minister will drag his feet over the processing times for applications, nor does it authorise him to do so. The only reason why the applicants were “unable” to lodge their bonds before the State Treasuries ditched the scheme was because the scheme closed on to new applicants on 31st August but by 3rd December the Minister’s own inefficiency about processing applications lodged on or before 31st August meant that some 3000-5000 applications had not been sufficiently processed by a date some 3 months later. Why not? Why can’t I just put the money in Commonwealth bonds or a bank? The Instrument in the Regulations specifies that the capital investment must be deposited in one of the participating Australian State or Territory government authorities. The Regulations do not permit a deposit in Commonwealth bonds. So change the Regulations with retrospective effect. Doing so would not disadvantage a single visa applicant but the Minister’s current dithering around does. The department is currently considering a number of options within the limits of the legislative framework which applies to the pre 1 September 2007 visa applications. Pressure from the High Court would encourage celerity of thought. Decisions on those applications dependent upon receiving bonus points for making a capital investment, will not be made until all available options have been fully explored. The Court can make the decisions on behalf of the Government, I expect. The Court does not find it necessary to deliberate for ever and a day in a state of complete mystification about how the relevant Law works and what the limitations on the Minister’s powers might be. Which section of the legislation empowers the Minister to dither indefinitely? How long will it take? We are unable to give a definite time frame regarding the outcome of our investigations. There are complex legal and policy issues associated with any possible options which are still being worked through. An announcement will be made when these issues are resolved. I suspect that this stance is not lawful. The Court has been known to excise provisions in the legislation which operate unfairly and/or unlawfully. It can probably find the power to do so again in this situation since the Government seems unable to resolve its dilemmas without assistance from the senior judiciary. If a provision cannot work - and the Minister claims that it no longer can - then the best solution is to get rid of it instead of worrying about what it says. Applicants are advised when they apply for a visa that there is no guarantee of a visa being granted. That advice is predicated on the notion that the applicant might make a mistake or might be unable to comply with the legislation. In this case, the Law-makers are the ones who find themselves unable to comply with their own legislation, it seems. The advice above does not envisage or cater for the facts which have actually arisen. This clutching at feeble straws makes the Minister look like an incompetent idiot and his Government risible with it. The Bench would be able to assist the Minister, I suspect. Why has the Minister not sought help and guidance from his own Court – the finest legal brains in Australia? Applicants who have applied for a Class BN intending to meet the criteria for the Skilled – Independent (subclass 136) visa can seek state/territory nomination in support of their application – to be assessed against the criteria for a Subclass 137 visa. Applicants should check each State and Territory nomination website to determine whether their occupation is on one of the State and Territory lists. See: Nomination by State/Territory Government. Wasn’t the bonus points scheme supposed to be an alternative to the above proposition? If so, why is the Minister trying to avoid dealing with the issue that is actually at stake here – his own inability to award the extra points because his intentions were frustrated by third parties? And which State lists should the applicants be considering? The current ones, or the ones that were in effect at the relevant times? Some of them have been altered since 31st August 2007, I believe. The Minister cannot have this one both ways! If applicants have not already claimed the maximum for English language points available under Schedule 6A, ‘competent English’, they may undertake an International English Language Test Scheme (IELTS) test. To achieve ‘competent’ English, an applicant must score at least six on each of the four components. Applicants who can demonstrate this level of English language proficiency will achieve 20 points on the GSM points test. Were native English-speaking applicants able to do this under the old scheme? Applicants can also withdraw their current application and reapply under the new GSM visa stream and be assessed against the post 1 September 2007 requirements. Why should they? They were and remain able to comply with the relevant requirements. The applicants are not the ones with the problem. The Minister is the one with the problem, so why should the applicants give him a get out of jail free card? However, please note that withdrawal of your application will result in the loss of your visa application charge (VAC) paid to lodge your current application, and a new VAC will need to be paid to lodge a new application. Not if the Court declares this avaricious notion unlawful, buddy. The department is concerned that there has been considerable speculation by some migration agents and others regarding the resolution of this issue. Intervention by the Court would resolve any speculation. When a decision is made, an update will be provided on the ‘What’s New? Recent Changes in General Skilled Migration’ page. Or in the case law database in AustLII, of course….. AustLII - AustLII: Advanced Search

My husband wants to buy an investment property. We're considering buying in Perth because we're heading out there anyway (2 yrs). It looks like a good place to invest, long term. Is getting a mortgage in Perth complicated?

Can I ask if anyone has heard of or is getting to oz on this method??? I have heard that if you are prepared to invest a sum of money into the Australian Government for a number of years you can apply for a visa. How does this work?? Does it really exist?? or is it just rumours?? Any replies would be greatly appreciated Tina

Hello I am a new member on this forum, I applied for 136 visa (Skilled Independent Class) last July. The Capital Investment Bond was annulled because of the system was abused by some Indian nationals. I am not on MODL, and I have no avenue to get the additional 5 points to get the pass 120 for the pass mark. The the Capital Investment Bond is my only solution. Are there any member on this forum who are in the same position as me? if yes, did you get Case Officer assigned or have you heard some news from DIAC? Thanks for your replies.

Hi All, Can someone clarify if an UK estate agents valuation is sufficient for the ATO to calculate the cost base. Raj

Hi, does anyone know what is happening with getting 5 points for capital investment that has just been stopped? We put in our application a year and a half ago and was 5 points short so we made it up by agreeing that we would invest some money into an Australian bank for one year. We have been told by our consultant just before Christmas, due to some fraudlent cases they are stopping this, therefore we are now 5 points short again. Our consultant has told us to holdfire and wait and see if the Australian government will change anything as there must be quite a lot of people in the same situation as us, it just seems a bit unfair to change the goal posts after our application has gone in, not to mention the time and the money we have spent. :arghh: As anyone any thoughts on this, or knows anymore? Thanks, Tracey

Guys, this is for all of you who have been affected by the withdrawal of the Investment Bond in Dec 07. It relates to those people who have applied for their visa pre Sep1 2007 and needed the 5 points for their application. Please visit http://britishexpats.com/forum/ and choose Australia / Immigration / 5 points for Investement Bond withdrawn Sept 07?? Go to the end of the thread and see whats happening!!

Hi Everyone! Just wondering what decisions people are making if their 136 app has been frozen due to the withdrawal of capital investments. Are you waiting for a decision? Or are you re applying for 175 visa?? Yours impatiently... Jo x x :cute:

Our application was, it seems, this far from being approved when *this* happened: Capital Investment Scheme for pre-1 September GSM visa applications Prior to 1 September 2007 GSM visa applicants could earn 5 bonus points if they deposited at least $100,000 in a designated security for a term of not less than 12 months. The NSW, Queensland and NT Treasury Corporations and the SA Government Financing Authority had been State and Territory authorities participating in these arrangements (the Western Australia Government withdrew from 1 July 2007). Each of the participating States and Territories have notified the department of their withdrawal of support for the use of treasury bonds for this purpose. This means that no State or Territory will issue a security in which an investment is a ‘designated security’. There is no compulsion on States or Territories to participate in the scheme. Whether the State or Territory government authorities actually issue a security is ultimately a matter for them to determine. The new visa arrangements for the GSM Programme introduced from 1 September 2007 did not include the provisions for the lodgement of designated securities. The closure of the arrangements will only affect visa applications lodged before 1 September 2007. (Source: What's new? – Professionals and other Skilled Migrants – Workers – Visas & Immigration) We have been told by our agent that ours is one of 4500 applications currently shelved 'indefinately' until this is resolved. However the immi website doesn't mention anything about things being resolved, only that all states have withdrawn from the scheme. We wonder just what is actually happening with regard to the scheme and, more importantly, our application. Is anyone else affected by this? If so, have you been told anything of use? We have been adviced to consider re-applying in order to speed things along which is a pain, as the GSM criteria under which we applied last April have changed, so a re-application has to be done from scratch; skills assessment and all. Thanks.