Nikki.P

Hi everyone

We are off to Oz in April to validate and were thinking about purchasing land when we are there. We dont intend to move until January 2008 and were unsure whether you could do this and how you would finance it? Would you need to get a mortgage with a UK or Australian Bank?

Someone told me that the Clydesdale Bank is actually owned by Australia Bank but not sure if that's true or even relevant - can anyone help?

thanks

Nikki & John

annqldau

After discussing buying land or house with expats and locals I have decided to go with buy an established house as seems to be less hidden costs and you get what you pay for not something completely different.

Nikki.P

Thanks for that. We weren't sure whether to buy a house or buy land and build on it prior to going (if we could afford it!!) Still not sure about the logistics of financing it though??

thanks again

Nikki

sassie

Hi there. Where are you thinking of settling/buying land etc. I know that a lot of places stipulate that you have to build within a certain time after purchasing the land. With us, we have to have building started within 9 months.

Billabong

Sassie is correct. We are building on North Lakes which is a Stockland development and they do stipulate that you have to start building within 9 months.

I imagine this is only applicable to the new development areas and not acreage for instance that is not associated with a developer.

They went through a phase here where everyone was buying land, sitting on it and then selling on at a profit. I think that has been stamped on.

annqldau

Thought you already had your house at North Lakes sorted, take it you are only renting there at present?

Nikki.P

We were looking to buy something in or around the area of Joondulup which is just expanding by the minute. If we buy a house we would have to rent it out to cover the mortgagewhilst we were still here, and if we bought land and built on it in the stipulated time we would either be looking to move into it or yes sell it for a profit when we move over. Unfortunately, we dont have a house to sell here as we live in rented accommodation therefore won't have any capital to take with us from a house sale. Kind of missed the boat on the housing market here though!!!

Where are you building about?

Nikki.P

Building on the land is a possibility, but once the house was built we would have to rent it out to cover the mortgage whilst we were still over here. We kind of missed the boat on the housing market here and unofrtunately dont have a property to sell so wont have any capital from a house sale to take with us.

Not sure if there is any land in and around Joondulup that isnt assoicated with a developer, they are expanding at an unbelievable rate.

downunderpom

Not quite.... Nikki.P seems to be talking about buying as a foreign resident (i.e. before her visa is issued), in which case she'd need FIRB approval before being allowed to buy. The FIRB place a restriction on the purchase to say that you need to 'commence full time building' before one year is up. So, you have to start building within a year of completing the purchase, and then continue within a reasonable timeframe to completion.

Nikki, as far as financing is concerned, when I did this, I got a mortgage with the Commonwealth Bank. (I still have it). They have a place in London which sorts it all out for you. Can't give you the name / contact details, as I have deleted the information. Maybe one of my previous posts on this subject would have the guys name - it was John something. Good luck!

sassie

Hi again. We are building at a place called Jacobs Ridge which is about halfway between the Gold Coast and Brisbane.

We are at the Council planning stage, so hopefully work can commence in the next few weeks.

Good luck with whatever you choose to do.

Regards

Centurion

Whereas we bought land and its enitrely down to the developer as to what covenents are in place as to when you start building.

Providing that you have a soil test done and make the contract subject to soil test you should not find any horibble hidden costs.

If you do buy land and sit on it though bear in mind you have to pay rates for the land and also maintain the block and dont let it become a jungle.