Aus Property
Nov 6th 2003, 6:30 am
#1
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Aus Property
As a potential retiree to Aus what are the regulations about buying a second property to generate income and are you restricted to buying new property??
Regards
John
Regards
John
Nov 6th 2003, 8:55 am
#2
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Re: Aus Property
Originally posted by johnharniman
As a potential retiree to Aus what are the regulations about buying a second property to generate income and are you restricted to buying new property??
Regards
John
As a potential retiree to Aus what are the regulations about buying a second property to generate income and are you restricted to buying new property??
Regards
John
)
Nov 6th 2003, 9:28 am
#4
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Re: Aus Property
Originally posted by downunderpom
If you have PR / citizenship, then no - there are no restrictions (provided you have the money to pay for them. )
If you have PR / citizenship, then no - there are no restrictions (provided you have the money to pay for them.
)
Nov 6th 2003, 9:32 am
#5
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Re: Aus Property
Originally posted by johnharniman
Thanks for your reply But what is PR
Thanks for your reply But what is PR
So, if you have PR / citizenship, then just buy the properties, rent them out (yourself or through a real estate agency) and remember to pay taxes on the rental income!
Nov 6th 2003, 10:12 am
#6
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Re: Aus Property
Originally posted by downunderpom
PR = Permanent Residence. If you are a visitor there are all sorts of things to go through with the FIRB - the Foreign Investment Review Board, who don't want 'foreigners' buying up huge chunks of Australian real estate and sitting on it for years, then selling it later at a profit and taking the profits out of Australia.
So, if you have PR / citizenship, then just buy the properties, rent them out (yourself or through a real estate agency) and remember to pay taxes on the rental income!
PR = Permanent Residence. If you are a visitor there are all sorts of things to go through with the FIRB - the Foreign Investment Review Board, who don't want 'foreigners' buying up huge chunks of Australian real estate and sitting on it for years, then selling it later at a profit and taking the profits out of Australia.
So, if you have PR / citizenship, then just buy the properties, rent them out (yourself or through a real estate agency) and remember to pay taxes on the rental income!
As a retiree to OZ I think I can only get a tempoary visa.
So it appears from what you say without a PR visa I cant buy a second property for income/
Nov 6th 2003, 10:34 am
#7
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Re: Aus Property
Originally posted by johnharniman
As a retiree to OZ I think I can only get a tempoary visa.
So it appears from what you say without a PR visa I cant buy a second property for income/
As a retiree to OZ I think I can only get a tempoary visa.
So it appears from what you say without a PR visa I cant buy a second property for income/
No doubt someone like Alan Collett would be able to advise you better.
IF... you can only get a temp visa then you will probably have problems buying property - my deal with the FIRB is that I bought vacant land, and have to start 'continuous building' within 12 months of purchase. Your situation (wanting invesment properties) is different. I have no personal experience of that. Over to someone who has that knowledge....
Nov 6th 2003, 12:51 pm
#8
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My understanding is that if you are a temp visa holder & its your primary place of residence under FIRB guidelines you have to build or buy new. You can buy established however if one of a couple is a PR & the other temp without FIRB IF its your primary place of residence. Other than that, if you only have a temp visa, no investment, Dagboy is in that position atm until he gets his PR.
Someone will correct me if Im wrong! But I think thats pretty close.
Someone will correct me if Im wrong! But I think thats pretty close.
Nov 6th 2003, 10:58 pm
#9
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Re: Aus Property
[QUOTE]Originally posted by downunderpom
Hmmmm... I'd advise checking the immigration forum, but my understanding is that a retirement visa is permanent.
Sorry, but wrong.
Although a retirement visa can be thought of as effectively permanent, it only lasts for 4 years initially and then has to be renewed every 2 years. It comes under the temporary visa banner for DIMIA purposes.
Hmmmm... I'd advise checking the immigration forum, but my understanding is that a retirement visa is permanent.
Sorry, but wrong.
Although a retirement visa can be thought of as effectively permanent, it only lasts for 4 years initially and then has to be renewed every 2 years. It comes under the temporary visa banner for DIMIA purposes.
Nov 7th 2003, 1:36 am
#10
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Re: Aus Property
[QUOTE]Originally posted by Rog Williams
Yep, and another small point (in Victoria anyway). You get hit for a new tax on any properties which aren't your primary residence. It's only a few hundred dollars in our case. We live in the UK now so they class our place in Melbourne as not our primary residence. When we move back we won't have to pay it but would if we had a second property - oh, you get it!
TennisOz
Originally posted by downunderpom
Hmmmm... I'd advise checking the immigration forum, but my understanding is that a retirement visa is permanent.
Sorry, but wrong.
Although a retirement visa can be thought of as effectively permanent, it only lasts for 4 years initially and then has to be renewed every 2 years. It comes under the temporary visa banner for DIMIA purposes.
Hmmmm... I'd advise checking the immigration forum, but my understanding is that a retirement visa is permanent.
Sorry, but wrong.
Although a retirement visa can be thought of as effectively permanent, it only lasts for 4 years initially and then has to be renewed every 2 years. It comes under the temporary visa banner for DIMIA purposes.
TennisOz
Nov 7th 2003, 1:52 am
#11
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When I was a temporary resident I looked into this.
As a temporary resident there are NO restrictions on buying a home. There are FIRB restrictions on buying an investment property as someone already said. However, these do not prohibit you from being able to buy an investment property, but merely limit what you can or cant buy.
You CAN buy an investment in a new development consisting of multiple units or townhouses where the developer has FIRB permission to sell a percentage to foreigners up to a maximum (dont remember the exact percentage but I think its 20%). The building developer will be able to tell you if you are able to buy one of their properties and will fall over backwards to help you do so.
You CAN buy land and have a house built for an investment property.
You CAN NOT buy an already constructed standalone house as second home/investment property as a temporary resident.
I was thinking of going down the land purchase and build route, until I realised that I could only afford land in parts of Australia so far away from where I was living (Sydney) that it became all too difficult.
Hope that helps. Look up the FIRB rules on the internet, I recall that its all in pretty plain English.
As a temporary resident there are NO restrictions on buying a home. There are FIRB restrictions on buying an investment property as someone already said. However, these do not prohibit you from being able to buy an investment property, but merely limit what you can or cant buy.
You CAN buy an investment in a new development consisting of multiple units or townhouses where the developer has FIRB permission to sell a percentage to foreigners up to a maximum (dont remember the exact percentage but I think its 20%). The building developer will be able to tell you if you are able to buy one of their properties and will fall over backwards to help you do so.
You CAN buy land and have a house built for an investment property.
You CAN NOT buy an already constructed standalone house as second home/investment property as a temporary resident.
I was thinking of going down the land purchase and build route, until I realised that I could only afford land in parts of Australia so far away from where I was living (Sydney) that it became all too difficult.
Hope that helps. Look up the FIRB rules on the internet, I recall that its all in pretty plain English.
Nov 7th 2003, 3:53 am
#12
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Originally posted by Herman
When I was a temporary resident I looked into this.
As a temporary resident there are NO restrictions on buying a home. There are FIRB restrictions on buying an investment property as someone already said. However, these do not prohibit you from being able to buy an investment property, but merely limit what you can or cant buy.
You CAN buy an investment in a new development consisting of multiple units or townhouses where the developer has FIRB permission to sell a percentage to foreigners up to a maximum (dont remember the exact percentage but I think its 20%). The building developer will be able to tell you if you are able to buy one of their properties and will fall over backwards to help you do so.
You CAN buy land and have a house built for an investment property.
You CAN NOT buy an already constructed standalone house as second home/investment property as a temporary resident.
I was thinking of going down the land purchase and build route, until I realised that I could only afford land in parts of Australia so far away from where I was living (Sydney) that it became all too difficult.
Hope that helps. Look up the FIRB rules on the internet, I recall that its all in pretty plain English.
When I was a temporary resident I looked into this.
As a temporary resident there are NO restrictions on buying a home. There are FIRB restrictions on buying an investment property as someone already said. However, these do not prohibit you from being able to buy an investment property, but merely limit what you can or cant buy.
You CAN buy an investment in a new development consisting of multiple units or townhouses where the developer has FIRB permission to sell a percentage to foreigners up to a maximum (dont remember the exact percentage but I think its 20%). The building developer will be able to tell you if you are able to buy one of their properties and will fall over backwards to help you do so.
You CAN buy land and have a house built for an investment property.
You CAN NOT buy an already constructed standalone house as second home/investment property as a temporary resident.
I was thinking of going down the land purchase and build route, until I realised that I could only afford land in parts of Australia so far away from where I was living (Sydney) that it became all too difficult.
Hope that helps. Look up the FIRB rules on the internet, I recall that its all in pretty plain English.
do you still have it? Regards John
Hi Herman
After much searching I have now found an e-mail address for enquiries which may also be of interest to others [email protected]
However I would still like to hear from anyone who has done what Im contemplating.
Thanks to every one for the the inputs Regards John
Last edited by Squidgy; Nov 7th 2003 at 6:08 am.
Nov 7th 2003, 9:23 am
#13
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Location: Dreamland AKA Brisbane which is a different country to the UK
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Originally posted by johnharniman
Thanks for the info. But I cant find the FIRB web address
do you still have it? Regards John
Hi Herman
After much searching I have now found an e-mail address for enquiries which may also be of interest to others [email protected]
However I would still like to hear from anyone who has done what Im contemplating.
Thanks to every one for the the inputs Regards John
Thanks for the info. But I cant find the FIRB web address
do you still have it? Regards John
Hi Herman
After much searching I have now found an e-mail address for enquiries which may also be of interest to others [email protected]
However I would still like to hear from anyone who has done what Im contemplating.
Thanks to every one for the the inputs Regards John
John, heres the FIRB website & relevant pages, just chose the type of real estate you are interested in.
FIRB - buying residential real estate
