Related foreign investor Q?

W

WebBoard

Guest
From: Curious Onlooker


Hi all,

Before I go wading through the FIRB site, thought it worth asking here in case someone has first-hand knowledge.

My brother-in-law, a foreign national, wants to invest in Australia.

He proposes putting up the deposit, while splitting the repayments, and title, with myself and spouse.
This would be his 'investment' in Australia, and our place of residence.
(no, his name isn't Santa Claus)

Can anyone point me to an individual/solicitor/anyone, who has first-hand knowledge and can smooth the process for us?
An anlogy would be conveyancing: rather than getting lost in the paper-trail, using a solicitor to hold our hand.

Perhaps there's another scenario we could consider?

Any and all replies appreciated.

Curious Onlooker
 
Last edited by a moderator:
Reply: 1
From: Tibor Bode


Hi CO,

I don't have experience, but am aware some sort of rule that foreign nationals can only invest in new properties. It might be something worth to keep in mind, but please confirm as this is just something I've read.

Tibor
 
Last edited by a moderator:
Reply: 1.1
From: Les .



G'day CO,

Long time, no see (I assume you are the same CO from back a-ways...)

Do check the FIRB - it is actually not too onerous to check, and supports what Tibor had to say. As I recall, it's only about 4 - 6 pages, and a very easy read.

There are one or two options, e.g. if your relative came to Australia, and needed a place to stay, then "new" is not mandatory, but the must sell as they leave (or something like that...)

Look at "www.firb.gov.au" - you'll find it won't take much more than 20 minuted to absorb,

Regards,

Les


- "Eschew Obfuscation" - ;^)
 
Last edited by a moderator:
W

WebBoard

Guest
Reply: 1.1.1
From: Curious Onlooker


Hi Les and Tibor,

I've been speaking to a broker who has shed some light on the situation as well ..

With myself & Mrs CO as joint signatories on both title and mortgage, it appears there's no need to go through the FIRB (because we are resident here etc.)

If anyone is interested, post any progress/hindrances we encounter along the way.

Curious Onlooker
 
Last edited by a moderator:
Reply: 1.1.1.1
From: Tibor Bode


Hi CO,

Your broker might be right, but I'd rather confirm it talk with a solicitor in advance. I read about it and also every time I buy a property (it applies to all names who appear on the title) I have to sign a declaration as other parties whether I am an Australian citizen or not.

As I said, I am no legal expert, but asking a solicitor might cost $50 or $100 in advance and you you where you stand BEFORE you commit yourself and others.

Or maybe we have a resident solicitor on the forum who can advise freely.

Tibor
 
Last edited by a moderator:
Top