If you are a non-resident domiciled outside of Australia, you can still buy an investment property and you can even borrow funds for it in Australia. There are just regulations and rules that you need to be aware of. PR Australian Properties have been helping foreign buyers since 1991 and will guide you through all the steps necessary.

 

If you do have PR in Australia (Permanent Residence Visa) then some of these requirements are not necessary

 

A few facts for non-residents

1) you cannot buy a second-hand property

2) when you want to sell you need to sell to an Australian citizen not another foreign buyer

3) If you want to organise a mortgage here you can if you have the following:

 

•  proof of income there. Recent pays slips and 2 years tax returns in your country. If you are self-employed, you will require then both personal and business tax returns.
•  proof of identity e.g., passport, driver’s license, ID cards 
• credit report from your country
• Rates notices from any properties you have in any country.

The lenders will consider 70% to 80% Mortgage so you will require 20% to 30% cash deposit (plus costs which we will explain)

 

You will need to apply for FIRB approval (foreign investment review board) which is a formality and has a cost to that.

Non-residents also have a loading to pay for stamp duty and this varies from state to state.

Loan interests will be slightly higher than it is for citizens.

 

If you are considering relocation in the future, there are significant benefits to acquire an Investment Property PRIOR TO RELOCATION

Non-residents can also claim the substantial tax benefits which reduces the tax on rental property.

 

Please contact Jenese email: jenese@prprop.com.au 

for any further information on the above