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Can I buy a house in Australia...


dodgydarji

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Yes you can but it has to be a new build if you are not a resident. You're partner can obviously buy anything as a citizen..... not sure about the defacto bit.

As a prospective purchaser do you think the property market might be a little overheated? Just curious as might be in the same situation but when looking at it from a distance it looks a little scary our there

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Ah okay, well thats good to know that there is at least an option as opposed to no options.

 

In previous experiences, I have always felt if you are ready to take the plunge just go for it! However I think you are right in saying the market is overheated, but I tend to look for homes which are positively geared. Meaning if I were to ever rent the home then it would cover the mortgage at the very least. This is what I have done with the two properties I have in the Greater London area. I leave both knowing they will pay themselves off with a little extra left over.

 

Also I don't have any private pension so really I am banking on property being my 25 year savings account.

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As a prospective purchaser do you think the property market might be a little overheated? Just curious as might be in the same situation but when looking at it from a distance it looks a little scary our there

 

With falling interest rates the market will go up for another year or two, and quickly. In 2 years it may be less competitive, but the prices will be higher.

 

My $0.02

 

BB

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Ah okay, well thats good to know that there is at least an option as opposed to no options.

 

In previous experiences, I have always felt if you are ready to take the plunge just go for it! However I think you are right in saying the market is overheated, but I tend to look for homes which are positively geared. Meaning if I were to ever rent the home then it would cover the mortgage at the very least. This is what I have done with the two properties I have in the Greater London area. I leave both knowing they will pay themselves off with a little extra left over.

 

Also I don't have any private pension so really I am banking on property being my 25 year savings account.

 

I like that idea but excuse the ignorance but isn't every property potentially positively geared depending on circumstance? If you have a 100% mortgage the rent will never cover the mortgage, insurance, purchase cost and repairs but with a 10% mortgage every house in the world is positively geared!

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Ah okay, well thats good to know that there is at least an option as opposed to no options.

 

In previous experiences, I have always felt if you are ready to take the plunge just go for it! However I think you are right in saying the market is overheated, but I tend to look for homes which are positively geared. Meaning if I were to ever rent the home then it would cover the mortgage at the very least. This is what I have done with the two properties I have in the Greater London area. I leave both knowing they will pay themselves off with a little extra left over.

 

Also I don't have any private pension so really I am banking on property being my 25 year savings account.

 

Property investment in Australia is very very different from property investment in London. In London banks will not lend unless the rent will exceed the mortgage. Here you can negatively gear your investment properties against your salary so a high % of rental properties would be negatively geared. It is very unusual to have a positively geared property to start off with unless you apply a small mortgage to it, in which case you are probably not being tax-effective.

 

BB

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I suppose I have a lot to learn about buying in Australia! For now when getting there we shall be renting. Thanks for the giving a better insight buzzy-bee

 

can1983 I see your point :) .. I will be in the category of having 15-20% deposit.

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Guest Home Loan Experts

Hi,

 

So long you apply for a home loan with your Australian Citizen partner there is a lender out there who can lend 95% of the purchase price. The requirement is, you have to have a 5% deposit plus costs. This deposit will need to be genuine savings i.e in you bank for 3 months, or accumulating to the 5% deposit for the last 3 months.

 

Obviously, the more deposit you have the less lending parameters in place the bank will enforce.

 

Hope this helps.

 

 

Regards,

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