Fisher1 Posted June 13, 2013 Share Posted June 13, 2013 Hi all We are UK res. with family in Aus and are thinking of selling our buy to let here and reinvesting the dosh in an Oz buy to let. As far as we know we are allowed to buy there as long as we buy newbuild. We think this would be good for us because it would give us an Oz income to spend on accommodation if the flat were let, or a place to stay if it wasn't. (Daughter's place not big enough, esp. not for a long stay.) If we ever get to live over there we would have our starter home all sorted. I've been browsing the property sites on the internet and have come across many 'Meriton' type apartments for sale on some sort of lease back scheme, which guarantees rental income. They seem to be five year leases, at the end of which you can renew or live in the property yourself. The figures quoted seem way too good to be true, and I suspect that, like time share, the sting might be in the service charges. I just wondered if anyone on here has any info about these schemes? Thanks Kath Link to comment Share on other sites More sharing options...
Fisher1 Posted June 13, 2013 Author Share Posted June 13, 2013 Just hoping for a reply. Thanks to anyone who knows about this. Link to comment Share on other sites More sharing options...
Rupert Posted June 13, 2013 Share Posted June 13, 2013 I thought you said you had to buy new build? These won't be will they? I have never heard of it myself, could you post a link of what you are thinking of perhaps. Link to comment Share on other sites More sharing options...
Fisher1 Posted June 13, 2013 Author Share Posted June 13, 2013 Thanks Rupert, for replying. (If there was no major negative these would be a great idea for us.) These were new build apartments on the Northern Beaches in Sydney - I noticed one block and then seemed to keep seeing them ... will look for a link. Link to comment Share on other sites More sharing options...
Guest GeorgeD Posted June 13, 2013 Share Posted June 13, 2013 The FIRB don't allow Temporary Residents to buy Second Hand dwellings for investment purposes. It needs to be new. You can buy a Second hand home to live in as your primary residence, you just can't rent it out. http://www.firb.gov.au/content/guidance/gn2_jan2012.pdf There are no restrictions if you are a Permanent Resident. Link to comment Share on other sites More sharing options...
Paul1Perth Posted June 14, 2013 Share Posted June 14, 2013 If it looks too good to be true it will be. I would be very careful. Link to comment Share on other sites More sharing options...
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