Hello all,
New poster here, so bare with me. I am only just starting down the road of property investment and I have been devouring the information here and in other places. It's been said before but this is an excellent resource and want to thank those who contribute so much.
I am looking to use a property in the UK (value: GBP 470,000, no debt) as security for my first IP here in Aus, via a UK loan. The property is currently held in a BVI via a trust, with poor cash flow and difficult access to equity. I am looking to move this to direct ownership, to reduce complexity and improve CF, equity access.
I have already approached an expat mortgage provider (in UK) and have an agreement in principle (50% LVR, 4% fixed for 5years), with the current tenant and costs this property would be roughly cash flow neutral.
A UK local tax advisor has told me that the UK interest will not be deductible on my UK return. However my understanding is that it would be on my Australian return, as well as depreciation.
1. Does anyone have any experience with expatriate finance in AU? Anything I should be asking in particular?
I would like to use a third party service (ozforex) to transfer the funds, approx $325,000. Before you say it, I know I need professional advise, hence my second question.
2. Can anyone recommend an accountant in Sydney that would be well suited, with local and international experience.
I am looking towards 10year plan and am considering Trust structures for the 2nd or 3rd property.
Thanks for reading, any thoughts would be much appreciated.
New poster here, so bare with me. I am only just starting down the road of property investment and I have been devouring the information here and in other places. It's been said before but this is an excellent resource and want to thank those who contribute so much.
I am looking to use a property in the UK (value: GBP 470,000, no debt) as security for my first IP here in Aus, via a UK loan. The property is currently held in a BVI via a trust, with poor cash flow and difficult access to equity. I am looking to move this to direct ownership, to reduce complexity and improve CF, equity access.
I have already approached an expat mortgage provider (in UK) and have an agreement in principle (50% LVR, 4% fixed for 5years), with the current tenant and costs this property would be roughly cash flow neutral.
A UK local tax advisor has told me that the UK interest will not be deductible on my UK return. However my understanding is that it would be on my Australian return, as well as depreciation.
1. Does anyone have any experience with expatriate finance in AU? Anything I should be asking in particular?
I would like to use a third party service (ozforex) to transfer the funds, approx $325,000. Before you say it, I know I need professional advise, hence my second question.
2. Can anyone recommend an accountant in Sydney that would be well suited, with local and international experience.
I am looking towards 10year plan and am considering Trust structures for the 2nd or 3rd property.
Thanks for reading, any thoughts would be much appreciated.
