Buying From Overseas
Expatriate Australians are often surprised to learn that they have ready access to the same home loans as Australian residents.
Australian Citizens and non-residents purchasing Australian property
Australian citizens and permanent residents living overseas can aquire any property in Australia and access any home loan available to Australian residents.
The term non-resident for lending purposes applies to persons who:
· Permanently resides out of Australia and is not an Australian citizen
· Is an Australian citizen that has been living and working out of Australia for more than six consecutive months
· Is not an Australian citizen but has been residing in Australia for less than six consecutive months.
Offshore mortgage brokers
If you are purchasing property from offshore, it is important to deal with a mortgage broker who is experienced in expat or nonresident lending. Offshore brokers typically know what loans work best for your situation and which lenders are happy to work with expat borrowers, particularly if you don’t intend to return to Australia to sign your loan documents or you wish to borrow a reasonably large amount of money.
Transferring foreign currency for property purchase
If you are buying an Australian property from overseas, whether as an investment, holiday or retirement home, or to live permanently, it is likely that you will have to pay for your property in Australian dollars. Foreign funds are typically transferred through banks or foreign exchange merchants.
Foreigners buying Australian property from overseas
Foreign investment or a foreign interest is a corporation, business or trust in which foreigner and any associates have 15% or more ownership or in which several foreigners have 40% or more aggregate of the ownership. There are various forms of investment and proposals with regard to foreign investment in Australian real estate. These include the acquisition of:
· Developed commercial real estate valued at AUD$5 million or more
· Residential real estate-irrespective of size
· Residential real estate –irrespective of size-unless exempt under regulations.
Foreign investors with foreign investors review board approval, purchasing in Australia have access to the same range of loans as Australians. However they are not allowed to borrow more than 80% of the property value.
For more information please use the following link: http://www.firb.gov.au/content/real_estate/real_estate.asp
OzForex
When buying a property overseas, transferring money can be expensive if you are using the major banks. Thankfully, Ray White Sylvania Waters have now partnered with currency specialists OzForex so you can send money faster and for a lot less. Their fee is only AUD15.00 and their rates are much better than banks. Best of all you can do it anytime you like online or by phone – they are open 24-hours a day, business days!
By using OzForex you will enjoy;
ü No receiving bank fees in most countries
ü Extremely competitive foreign exchange rates across 18 currencies
ü Online access 24/7
ü Access to a dedicated Dealer by phone 24-hours a day, 5 days a week
ü Complete exchange rate transparency
ü No transaction fees for amounts over AUD10,000
ü Risk management tools through Limit Orders and Forward Exchange Contracts
ü Exchange rate alerts via email
ü Access to our highly regarded daily and weekly “Market Commentary”
To speak to one of our accredited dealers about your foreign exchange requirements call 1300 300 424 in Australia (0845 686 1950 in the UK; 1800 680 0750 in Canada or 0800 161 868 in NZ) or register online. [www.ozforex.com.au/partner.asp?id=703] with us is FREE and you can view our live dealing rates immediately.
As a client of Ray White Sylvania Waters you will receive your first two transactions fee FREE. www.ozforex.com.au