jgt Posted March 22, 2016 Share Posted March 22, 2016 Hi guys not been on for a while .wondered if any have kept there house here in aus and rent it out, Just looking at scenarios, if we go back to the uk we wont be able to buy due Perth fleecing us of everything, any advice helps, PLEASE no AUS verses the UK, ttfn Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted March 22, 2016 Share Posted March 22, 2016 Yes you can keep your house here and rent it out, I'm not sure if you have to advise your mortgage broker though. Link to comment Share on other sites More sharing options...
Chortlepuss Posted March 22, 2016 Share Posted March 22, 2016 No tax free allowance if not Australian resident so you'll need to make sure your deductions are well set up - maybe even revisiting your mortgage/getting some advice from knowledgeable financial advisor. You'd possibly have to change to buy to let mortgage and check out impact on insurance. Lots of people do it, so doable you just need to sort out finances. Will you have any Oz income against which to negatively gear?? Timing of move to sort tax year could be important to ensure that you can claim any loss - Good luck! Link to comment Share on other sites More sharing options...
VERYSTORMY Posted March 22, 2016 Share Posted March 22, 2016 Check out what the rent is likely to be against mortgage payments. We considered it but found that it wasn't feasible as rents have fallen a lot and we would end up with fairly large repayments on top of rents. Also, be aware, with 17,000 empty houses and apartments in WA at the moment, it could take time to get a tenant. Link to comment Share on other sites More sharing options...
FTA Posted March 22, 2016 Share Posted March 22, 2016 Yep, it's normally much better to keep the house in Oz, rather than sell-up. You will have to pay tax on all of the rent, but with deductions for interest, depreciation, maintenance, and travel expenses back to Australia you should be able to build up a decent amount of tax credits. These can be offset against any tax liabilities in the future. This sounds like your only option unless you want to take the hit and pay the bank out now. And it's not a bad time to be sending money back to Australia if you really have too. Perth prices will bounce back at some point, so if you can afford to keep the house it is probably better to try and sell it at a profit in the future. Link to comment Share on other sites More sharing options...
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