Sign in to follow this  
Guest Major

Buying real estate as a non resident

    Recommended Posts

    Guest Major

    Hi All,

    I was wondering if anyone has tried to buy in Oz as a non-resident.

    Having lived in Australia previously but residing in the UK I would like to buy property over there(Melbourne to be exact) for a renovation project when I'm visiting friends(who are residents). This gives me chance to make some dollars while in the sunshine for a few months.

    Thing is, Can I just buy as a non-res?

    Can I get Australian mortgage or Uk mortgage for overseas property?

    Could i set up a partneship/business with my resident friend and inject my cash and use his staus?

     

    Further to that does anyone know any areas of Melbourne worth looking at?

     

    Thanks in advance and hope to be with you in the sunshine soon.

    Share this post


    Link to post
    Share on other sites
    Moneycorp

    Moneycorp

    Guest nicnak

    Regarding areas in Melbourne worth looking at, we are moving there at the end of Feb next year and we are looking at suburbs to the east of :roll: melbourne, but then we need schools, parks etc for kids, so you may not want/need that. South Yarra is quite exclusive, so may be good for property investment?? Someone else may be able to advise better...

    Share this post


    Link to post
    Share on other sites
    Guest Jaibee

    There are rules for property purchase as a non-resident. You should visit http://www.firb.gov.au/content/default.asp for more information on what you are allowed to purchase and whether you need to get approval from the Foreign Investment Review Board.

    Share this post


    Link to post
    Share on other sites

    I've been looking into this a lot lately, as we arrived in Melbourne in January.

     

    You can buy off-plan as a non resident without getting permission from the government. All other purchases need permission.

     

    If you want to rennovate, you have to commit to spending a large % of the sales price (40-50% I think) in the rennovations.

     

    If you want to buy land, you have to commit to build on the land within 12 months of purchasing the land, unless of course it isn't residential land with plans.

     

    Apparently permission takes about 30-45 days to obtain, which rules out auctions for most. Hope this helps somehow.

     

    Pj xx

     

    PS, Melbourne is a great city to live in, we've seen many suburbs so far, but settled in Williamstown till we find somewhere to buy ;o)

    Share this post


    Link to post
    Share on other sites

    Create an account or sign in to comment

    You need to be a member in order to leave a comment

    Create an account

    Sign up for a new account in our community. It's easy!

    Register a new account

    Sign in

    Already have an account? Sign in here.

    Sign In Now

    Sign in to follow this  

    • Similar Content

      • By Nic D
        Hi there,
        I'm hoping someone can help me please!
        I'm currently on a 457 visa but have started the process with my employer to apply for Permanent Residency. I'm married to an Australian Citizen and having our 1st baby in September 2017.  I'm not entitled to Paid Parental Leave from the government whilst on a 457 visa and my permanent residency will not be granted before the baby is born.  You can however claim paid parental leave up until the child is 52 weeks old.  My question is, can I apply for paid parental leave within that 52 week period if my PR visa is granted even though I was on a 457 when the child was born? 
        Any help or advice is much appreciated :-) 
        Nicole