Buying property in Oz

[Mr D Black]

I would like to buy a property in australia for a holiday home. I would like to live there for 3-6 months of the year, and the rest of the time in the UK.

I heard that as a UK resident you can only buy new build property and not second hand homes. Is this true? If this is the case are there any ways arounf it?

[Dijana]

Dear Mr Black,

I hope the following explanation, gives you a good understanding of Australian non resident investors.

Second�Hand Real Estate
Acquisitions of residential real estate that has been previously owned or occupied, that is second-hand houses, flats or units, are not normally approved except for the following two categories:

Foreign nationals temporarily resident in Australia, holding a current temporary resident visa which permits continuous residence in Australia for a further period of more than 12 months from the time of application. The dwelling must be used as their principal place of residence1 and not for rental purposes, and must be sold immediately when their visa expires, they no longer reside in the property or when they cease to reside in Australia.
Persons who hold visitor or bridging visas are not eligible for approval under this category.
This category includes students 18 years of age and over studying courses of more than twelve months duration at recognised tertiary institutions.
A general limit of $300,000 applies to the value of properties acquired by these students.
Foreign companies with a substantial Australian business, buying for named senior executives continuously resident in Australia for periods longer than 12 months, provided the dwelling is sold when no longer required for this purpose. Whether a company is eligible, and the number of properties it may acquire under this category, will depend upon the scope of the foreign company's operations and assets in Australia.

For any one who requiries more information about investing in Australia, please contract: [email protected], we are melbourne based and look after many non resident loan applications, throughout Australia.

Regards

Dijana Cane