Overseas Borrowers
If you are looking to purchase property in Australia but do not live here you may still be eligible for a home loan, however the process and respective level of ease will depend on your residency status. Overseas borrowers usually fall into three categories:
- Australian permanent residents or citizens currently residing overseas who want to buy investment property in Australia;
- non-permanent residents or non-citizens living in Australia who want to buy property in Australia; or
- non-permanent residents or citizens not living in Australia who want to buy property in Australia .
Purchasing Australian Property From Overseas
If you are a non-resident purchasing property in Australia from overseas, you are required to obtain approval to purchase from the Foreign Investment Review Board (FIRB) prior to taking out an actual home loan application. The Foreign Investment Review Board is an Australian Government entity that regulates the sale of Australian property to overseas persons and corporations.
Home Loan and Investment Loan Options for Overseas Borrowers
Find out which home loan or investment loan options are right for your partcular situation. Our morgage brokers can also help you negotiate a better loan deal and submit your loan application. Simply call us on +61 2 9249 3739 (or 13 LOAN for callers within Australia) or email us the form on this page and we will get back to you at a time that is convenient for you.
Non-Residents Purchasing Vacant Residential Land
If you are non-resident looking to purchase vacant residential land in Australia, you will usually be granted approval on condition that you will commence construction in 12 months. Approval will also usually be granted to buy home units and townhouses off-the-plan, under construction or newly constructed (but never occupied), on condition that no more than half of the units in any one development are sold to foreign interests.
Other situations where approval is normally granted include:
- Foreign companies buying residences in Australia for their senior executives;
- Foreign nationals temporarily residing in Australia for more than 12 months, buying for their own use as a principal place of residence, subject to the sale of the property when they cease to reside in Australia; and
- Foreign nationals purchasing residential real estate as joint tenant with an Australian spouse.
Income Tax and Capital Gains Tax on Your Australian Property Investment
It is a requirement for non-residents to account for Income Tax and Capital Gains Tax on Australian property investments. There are tax incentives available in Australia, but you should check the Foreign Investment Review Board site for details or talk to a mortgage broker who has a good understanding of investing from offshore.
More information and home loan help
For more information on how and where to find a better home loan deal from an extensive panel of Australian banks and secure mortgage lenders, or to speak to your local area mortgage expert, contact us on 13 LOAN (direct +61 2 9249 3739)
