Buying property as a non-resi...

[Barbaraw]

Hi,

My daughter and family are residents in Queensland, up on the sunny coast. My partner and I visit every year for six weeks. But of late we have been thinking about maybe buying a property and making two eleven week visits per year.. we were thinking of an apartment (perhaps renting it out while back in the U.K.- but maybe not); or even a static park home or similar.

But I have just been made aware that non-residents are only about to buy new or off-plan properties. This is a blow to us. Not sure about the details, but it has come as a blow to us. We wonder if there is anyway around this. We cannot bethe only people to find ourselves in this position.

Does anyone know if there is anyway we can find a property / base for that kind of strategy? Any and all advice gratefully received.

 

thank you.

 

kind regards

[Marisawright]

You are correct.  Temporary residents can buy an established property, but as you are only visiting for a short period each year, you can't.  You have to buy brand new.   You will have to apply to the FIRB for permission to buy (and pay a fee). You will also be charged a substantial amount of extra duty on the purchase.

A static park home won't get you around the rules, because although you're only leasing the land it stands on, the lease runs for more than 5 years (and that makes it subject to FIRB).  

The only way around it is to gift the money to your daughter and let her buy the home in her name. Of course, that may raise issues as legally, you then have no claim or control over the property.

https://firb.gov.au/resources/guidance/gn03/

[Barbaraw]

Thank you. That is so depressing. But, I suppose, best we know now.

 

kind regards