curly

Hi,

Wonder if anyone can give me advice?
My parents are wondering if it's possible to buy a property ( in Oz ), live in it for possibly 3 months at a time, coming back to the UK in between. Would we be right in that the property would have to be a new build or doesn't it matter?

Thanks in advance,

C

wongstonn

Hello,

The legal right to be able to buy a property is bound up with what your parents' visa situation is. Australian citizens and permanent residents have no restriction on what property they can buy or sell. Other visa types (and non-visa holders) have a much more restricted choice. It would be worth asking for further feedback on all the other permutions or doing some other research. I think the Australian government websites ought to be able to help you in this regard.

Neil

Melbguy

Hi,

In Victoria, if the money to purchase is coming from overseas and the purchasers are not of resident status then you would only be able to purchase off the plan. If the property is brand new but completely finished this would also not be classed as an off the plan purchase. Be careful as alot of people have been enticed to pay way over the odds for off plan property. If however a resident was to purchase the property and a mortgage be held over that person then it shouldn't be too much of a drama. 457 visa holders can purchase property but only to reside in. Check out
http://www.firb.gov.au/content/default.asp
this will explain in much more detail.

ljj

We have friends who 'bought' a property for their parents who are here for 4 months of the year. The parents gave them the money for it- they own it on paper and it would be theirs if something happened to their parents. Not sure what the Tax implications are though.

LJJ