stamp duty Archives - Uniik Finance

Investing in Australian property has become popular with overseas investors and Australian expats looking for strong returns and stability.

However, there are some main points you should know in advance

In December 2015, the Australian Government introduced new legislation to foreign investors to purchase Australian property. The changes are that non-resident buyers can only invest in new dwellings, off-the-plan properties under construction, or vacant land with a view to development.

If you are not residents, you are not allowed to buy established dwellings unless you plan to demolish the dwelling and construct a new one within 4 years of the date of approval. Non-residents who purchase property in Australia are required to seek approval from the Foreign Investment Review Board (FIRB) for each purchase. However, the good news is that you can apply online for the approval and there is no limit to the number of the new dwellings you can purchase. According to FIRB, a new dwelling must be built on residential land, must not have been previously sold as a dwelling, and must either:

Not have been previously occupied
If the dwelling is part of a development and was sold by the developer of that development, not have been previously occupied for more than 12 months.

The process of obtaining approval and purchasing properties for foreigners may involve some professionals:

- Conveyancer or solicitor: to take care of your legal work and documents
- Mortgage broker: free service when you need to get a mortgage through Australian lenders.
- Accountant: to help you with financial structure and tax advice
- Buyer advocate: for properties hunting stage, who understand your situation as well as the local real estate market.
- Other professionals (if required) like town planners and architects, etc. when you plan to demolish and develop new dwellings to meet the requirement from FIRB.

Finally, it’s also worth remembering that there are tax implications for investing in Australian property. Any rental income you receive from your investment will need to be declared on an Australian tax return, while you’ll need to pay Capital Gains Tax on any profit you make when selling the property.

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Extremely competitive ,Professional and efficient
I recently refinanced my home loans where Uniik finance who did all the hard work of finding the best possible loan for my circumstances , when I realised my interest rate had become really uncompetitive due to my old lender not passing through rate cuts and even increasing my rates by small bits here and there over the years. By getting Hans to look into my portfolio and moving me to another loan provider who was able to reduce my rate from well above 6% to just 3.82 %, which adds up to a lot of dollars saved every year. The initial application with with Uniik finance was very easy.
There was no hassle and the time involved was well worth the savings!
Hans has been great to deal with, both through the application and with day to day stuff.Thank you again
Highly recommended.

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How can foreign buyers invest in Australian property?

Tag: stamp duty

How can foreign buyers invest in Australian property?

However, there are some main points you should know in advance