Hey there,
I am an American who is interested in buying property in Australia. I own a popular nightclub in New York and earn a good income. I have saved up pretty well too. I thought an investment in Australian real estate would be good idea but I have never bought properties overseas. Am I even eligible to invest as a foreigner?
Thanks.
Logan
As an American citizen, can I invest in Australian property?
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: As an American citizen, can I invest in Australian prope
Hello Logan,
Yes, you are eligible to invest in Australian properties. To get a better picture of buying a property in Australia, it would be helpful if you went through our buying guide for overseas investor. Luckily for you, we can help you get an investment loan via non-resident mortgage.
Could you be more specific as to what kind of real estate are you planning to invest in?
Cheers,
Otto
Yes, you are eligible to invest in Australian properties. To get a better picture of buying a property in Australia, it would be helpful if you went through our buying guide for overseas investor. Luckily for you, we can help you get an investment loan via non-resident mortgage.
Could you be more specific as to what kind of real estate are you planning to invest in?
Cheers,
Otto
Re: As an American citizen, can I invest in Australian prope
Hi Otto,
I want to invest in a vacant land in NSW and let it out to my friend who stays there. I want to know how this type of investment loan would work. Do I have to pay more interest rates being a foreigner?
Let me know.
Thanks
I want to invest in a vacant land in NSW and let it out to my friend who stays there. I want to know how this type of investment loan would work. Do I have to pay more interest rates being a foreigner?
Let me know.
Thanks
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: As an American citizen, can I invest in Australian prope
Hello again,
Do not worry! Lenders now offer the same type of package and basic loan discounts that they offer to Australian citizens. With the mortage, you can even borrow up to 80% of the property value depending on the size of the land you are interested in.
However, getting an approval from Foreign Investment Review Board (FIRB) is absolutely required in these cases. Generally, the Australian government will approve applications to buy vacant land. But it might take a while so it is wise to get the approval first and then come here. It also shortens the loan approval period.
Another point to be noted is you need to have at least 20% deposit plus extra funds (about 5%) for stamp duty (government fee) on the land. Also you have to be quite certain that construction on the vacant land you are trying to buy must start within 24 months (stamp duty will not incur).
First time investment in foreign real estate can be quite confusing, our mortgage brokers are experts in getting tough loans approved. Please call us on 1300 889 743 or enquire online for more information to further assess your situation.
Cheers,
Otto
Do not worry! Lenders now offer the same type of package and basic loan discounts that they offer to Australian citizens. With the mortage, you can even borrow up to 80% of the property value depending on the size of the land you are interested in.
However, getting an approval from Foreign Investment Review Board (FIRB) is absolutely required in these cases. Generally, the Australian government will approve applications to buy vacant land. But it might take a while so it is wise to get the approval first and then come here. It also shortens the loan approval period.
Another point to be noted is you need to have at least 20% deposit plus extra funds (about 5%) for stamp duty (government fee) on the land. Also you have to be quite certain that construction on the vacant land you are trying to buy must start within 24 months (stamp duty will not incur).
First time investment in foreign real estate can be quite confusing, our mortgage brokers are experts in getting tough loans approved. Please call us on 1300 889 743 or enquire online for more information to further assess your situation.
Cheers,
Otto