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Guest Major

Buying real estate as a non resident

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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.

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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...

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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.

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Guest pj

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)

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