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jimithechew

Buying property....

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Hi all,

 

I understand anyone can purchase a new build if you are not a resident, but my question is:

 

the MIL is over on an aged parent visa (804) with a waiting time till processing of 356 years.

 

Is she able, in some way, shape or form, able to buy an existing (2nd hand) house?

 

I fear the answer is no.

 

Any advice welcome.

 

Cheers

 

JTC


Voted worst new member 2011..... :err:

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Hi all,

 

I understand anyone can purchase a new build if you are not a resident, but my question is:

 

the MIL is over on an aged parent visa (804) with a waiting time till processing of 356 years.

 

Is she able, in some way, shape or form, able to buy an existing (2nd hand) house?

 

I fear the answer is no.

 

Any advice welcome.

 

Cheers

 

JTC

 

Why not buy in your name?


Nearly there! Don't drop the ball now guys! Vaccines are weeks away. Stay safe!

 

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Hi guys, thanks for the replies,

 

@ Oz, We looked at the FIRB, but for some reason couldn't make heads of tails of it, will look again.

@newjez, I think the tax office will ask where a large sum of money has just appeared from... but yes this was a consideration! would surely have to pay tax...


Voted worst new member 2011..... :err:

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Hi guys, thanks for the replies,

 

@ Oz, We looked at the FIRB, but for some reason couldn't make heads of tails of it, will look again.

@newjez, I think the tax office will ask where a large sum of money has just appeared from... but yes this was a consideration! would surely have to pay tax...

 

I would definitely get some advice (tax-wise) before thinking about buying in your name. Not for the reason you have given as you could provide evidence that the money came from your MIL. It would be more the future Capital Gain which would not apply if it was in your MIL's name.


Timeline: 309/100 Sent 7/8/13, Money Taken 9/8/13, CO appointed 3/9/13. Med 3/12/13. Police check 4/12/13. VISA GRANTED 8/4/14, Subclass100. Recce August 2014. Arrived 30 July 2015.

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Hi guys, thanks for the replies,

 

@ Oz, We looked at the FIRB, but for some reason couldn't make heads of tails of it, will look again.

@newjez, I think the tax office will ask where a large sum of money has just appeared from... but yes this was a consideration! would surely have to pay tax...

 

 

You could get a mortgage 'rent' it to her, and even negative gear it. But consult a tax adviser. But there are legitimate arrangements that could solve your problem, as long as there is good faith and agreement between you.


Nearly there! Don't drop the ball now guys! Vaccines are weeks away. Stay safe!

 

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Hi guys, thanks for the replies,

 

@ Oz, We looked at the FIRB, but for some reason couldn't make heads of tails of it, will look again.

@newjez, I think the tax office will ask where a large sum of money has just appeared from... but yes this was a consideration! would surely have to pay tax...

 

The link I included seems to explain it pretty clearly. She comes under the heading of a 'temporary resident' if she's on a BV and it says the following about the provisions for temporary residents:

Established (Second-Hand) Dwellings

 

Temporary residents need to apply if they wish to buy an established dwelling. Temporary residents may acquire one established dwelling only and it must be used as their residence (home) in Australia. Such proposals normally meet with no foreign investment objections subject to conditions (such as, that the temporary resident sells the property when it ceases to be their residence).

 

Temporary residents are not permitted to buy established dwellings as investment properties.

 

It seems to me that she would have no problem at all and all without any financial fancy footwork to get around the rules.

Edited by Ozmaniac

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I would like to offer a comment on property purchase, from my experince I would never use a lawyer.

 

There are many good convenyancers, get several quotes, if you really want to use a lawyer (I can see no advantage in that) many now realise they have to compete for business and will provide quotes.

 

Also when the transaction is complete I now make sure I get all my documents (including wills and trust deeds) and keep them in my own safe, I also scan anything important and keep a copy in Dropbox.

 

If you have a mortgage the lender will hold the title but if you don't owe anyone a cent your documents are yours.

 

if you are in a small town consider using someone out of town. Small town gossip can be toxic, I always thought it came from people in town with nothing better to do, I now know some lawyers are the source of gossip.

 

Trust no one but yourself....... The first we know of people being incompetent and/or untrustworthy is when it's to late, so protect yourself as much as you can, if you have doubts get out at the earliest oportunity, don't chase your losses.

Edited by Country vic
Typo

Beware lawyers and lien: ‘…..Possession is nine-tenths of the law is an expression meaning that ownership is easier to maintain if one has possession of something, or difficult to enforce if one does not….

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