is this feasable

[Fisher1]

Hi all

 

Can anyone tell me whether this idea is feasible:

 

As we cannot emigrate ourselves and our daughter has no room for us to stay when we visit, I have hit on the idea of buying a new small studio / one bed holiday type apartment as a nouron resident. I thought we could rent this out to holidaymakers when we were not using it, the rental providing aussie dollars for our holidays. As long as we bought new, is this doable?

 

Thanks in advance

[Zack]

Hi all

 

 

Can anyone tell me whether this idea is feasible:

 

As we cannot emigrate ourselves and our daughter has no room for us to stay when we visit, I have hit on the idea of buying a new small studio / one bed holiday type apartment as a nouron resident. I thought we could rent this out to holidaymakers when we were not using it, the rental providing aussie dollars for our holidays. As long as we bought new, is this doable?

 

Thanks in advance

Not sure if the law has changed.But all the states in Australia have different Laws and rules.I live out on acreage in Queensland,one day a guy and his wife from England, knocked on my door, to ask if i knew where a property they were interested in buying was.He had this mud map the realestate had given him.I didn't know where it was. A few weeks later i ran into this couple in town,and asked how they got on.They said they couldn't buy anything,untill their residency was sorted out.There was a article in the paper only last week about people in China wanting to buy property in Australia.They said they could as long as they lived in them,they couldn't rent them out.Hope this is some help.But i would make certain what you are thinking of doing is legal. Before you hand over any cash to ANYONE.There are more SHARKS on land,than in the sea.in Australia.

[Guest GeorgeD]

Hi all

 

Can anyone tell me whether this idea is feasible:

 

As we cannot emigrate ourselves and our daughter has no room for us to stay when we visit, I have hit on the idea of buying a new small studio / one bed holiday type apartment as a nouron resident. I thought we could rent this out to holidaymakers when we were not using it, the rental providing aussie dollars for our holidays. As long as we bought new, is this doable?

 

Thanks in advance

 

You need FIRB approval (which is normally a formality, I haven't heard of any individual being declined if it meets the criteria on the website). If you purchase a NEW property then you can rent it out as a holiday home. (See here http://www.firb.gov.au/content/real_estate/residential/plan_individual.asp?NavID=43) The process is free and can be done online. You can do it after the fact too, like me, (which means that although you have breached the law they waive any penalty and retrospectively approve your purchase.) If you don't apply and are found to have bought somewhere, that's when you can get into trouble...

 

For a secondhand dwelling, you are not allowed to rent it or use it as holiday accommodation. You also can't run a business from it. Basically you are supposed to live in it.

[boganbear]

You can buy property if you are not PR or citizen if you are buying a property with someone who is a citizen and you will live in it but if you leave the country you have to sell it. However, getting a mortgage is another matter. I know a few people who couldn't get mortgages straight away. I couldn't even get a credit card for over 6 months!!!!

 

Oddly enough I had an enquiry about this at work last week. FIRB does reject quite a lot of applications - mainly from China though. As this is Federal law, the law is the same for all of Australia and not dependant on where you live as some people have said.

[Guest The Pom Queen]

I have moved your question in to it's own thread.

[calNgary]

Maybe viable IF your daughter bought the property as i think you would struggle not being a resident/migrant.

 

Cal x

[Guest GeorgeD]

You can call the FIRB and ask them if you qualify...they won't give you a definitive answer, but they can give you an idea if there is any issue with what you are proposing. I didn't know about needing their permission until after I had bought my house, so I called them and they told me not to worry as there was no reason I wouldn't receive it and they told me how to do a retrospective applicaion.

 

You need to apply for permission for a specific property, so you need to give them an address when applying. If you are interested in multiple properties it may be in your interest to apply multiple times. All applications are free.