Refinancing to buy overseas

[strangep]

Hi all

Have been away for a while so hope everyone had a great Christmas and a Happy New Year's

This is just a quick question and hopefully not too tricky....

I have a couple of friends who are living over here in London and wish to refinance their Australian properties to buy here. They own a couple of properties on the GC and have seen some good growth over the last couple of years and wish to access some of the equity they have built up to use as a deposit.

Does anyone know of a previous thread that deals with a situation like this??

Alternatively, could anyone suggest a possible strategy... I thought they may be able to use LOC's and access the funds that way. That would mean an LOC on each property I think which seems a lot of work.

Any information received would be greatly appreciated.

Cheers
Paul

 

[BV]

Paul,

Do they have a loan on the properties?

Don't the local banks want to see local taxable income before the lend any money?

Cheers

 

[Rolf Schaefer]

Refinance for expats

Hi Paul,
re-finaning for expats living overseas and earning their income overseas can be done, its all in the presentation to the banks.
Ask an independent accredited mortgage broker for advise.

 

[always_learning]

I live in Tokyo and I have a LOC with Westpac based on my properties in Australia. There is nothing stopping me using that LOC to purchase OS, even Tokyo.

I would suggest that you say you want to use the LOC to fund IP investments in OZ.