Foreign Investor Wanting Help With FIRB Approval!!

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acheng
Posts: 55
Joined: Wed Jun 24, 2009 1:15 pm

Foreign Investor Wanting Help With FIRB Approval!!

Post by acheng »

Hi there,

I am a foreigner looking to buy in Australia (I am located in Singapore). My husband and I own a business earning in excess of 100k AUD pa. We also own our home outright.

The property we want to buy is for our son who is currently studying at University on a Temporary/Student Visa in Melbourne. We want to purchase an apartment for our son that is close to his school.

We previously applied for a loan in Australia but were knocked back because the property we wanted to buy was not acceptable to FIRB and could no longer proceed with the application. We want to purchase an established property but were advised FIRB will only approve new properties.

I was wondering if there is a way to get around the FIRB ruling of new houses only and what some of our other avenues may be available for us?

Thanks,

Elena Cheng

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Foreign Investor Wanting Help With FIRB Approval!!

Post by Otto Dargan »

Hi Elena,

Unfortunately because FIRB will only approve new properties under their Foreign Investors Scheme, you will be unable to purchase an existing property for your son if you want to apply for the loan as a Non-Resident.

Some of the other options I can offer you are:
  • Consider buying a new property. New properties have the benefits of quick sales and faster move in time, allowing your son to be in his new home sooner.
  • If you are adamant about purchasing an existing property, we can look at the path of putting the loan in your son’s name. To be eligible for this your son will have to be working and have enough income to service the loan. This will allow you to look at established apartments.
You can also refer to our Foreign Investors Pages for more information.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

acheng
Posts: 55
Joined: Wed Jun 24, 2009 1:15 pm

Re: Foreign Investor Wanting Help With FIRB Approval!!

Post by acheng »

Hi Otto,

Thank you for getting back to me.

My son is not currently working as he studies full time, meaning we would be unable to have the loan in his name.

I did also find your page very helpful!

After deliberation myself and my husband are going to start looking at new apartments for our son to live in. Thank you for your advice, it is greatly appreciated!

Thanks you.

Elena

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