Renting out a Australian property while working overseas

HI, I am a permanent resident and looking at buying a house. Just in case I have to go back overseas for some years in the future....could I keep the house and rent it out?

Having migrated with a skilled migration visa (Resident Return Visa now), I don't think there are problems with getting a loan. Are there any other issues to know when buying property as a permanent resident?

Many thanks Karin

[Hoa Hong]

Morning Quorn,

Thank you for your forum post, being a permanent resident of Australian means you can purchase a property in Australia for owner occupied or investment up to a 95% lend with some lenders out there.

To answer your question if you are working overseas you can keep the property as a investment with no issues at all. The bank does not worry about where you are working as long as the repayments are made.

We assist with a majority of Australian PR's working overseas to obtain a loan, for you now currently in Australia and working looking to buy this is not a issue at all and we have some excellent rates that can help you out.

[Otto Dargan]

My understanding is that you can lease the property out without any restrictions from the bank or the FIRB. However I would recommend that you check with them both first. Some banks will certainly not like this, however would not be able to do anything about it!

If your PR status was revoked due to you being outside of Australia for too long then there is a possibility that the Australian government would ask you to sell the property.