MomOfTwo Posted June 14, 2015 Report Share Posted June 14, 2015 hello all u clever people!I can't seem to get a 100% answer on this :We are in the process of applying for our PR but at the very beginning stages...however we want to move our savings and we are strongly considering buying a house in Melbourne now already, even though we know we won't then get the same benefits as when we are living there on a PR.Here is where the decision gets difficult......We do not plan to move to Aus immediately after receiving the PR, as we are not financially ready yet, we have set out 3-4 years . So the question would be:Would we get the 50% stamp duty discount and the $10 000 Home owners Grant, if we do have the PR, but have not yet entered the country with a one way ticket. (Keeping in mind we would do the "activation trip as soon as we get the PR) so assuming we have activated the PR but we are not yet living there.If the answer is yes then we will hang on until we get our PR, as a few months extra will not be an issue. This way savings lots of money.BUT if the answer is NO, we will not get it until we physically live there and live in the house, then there is no reason for us to wait 3-5 years before entering the market. So this is actually really important to know.....I know already that we will NOT get it on a PR obviously lol....but the confusion comes in having a PR but not yet living there....Has anyone else done this before?? I know some people will say wait, but we are really wanting to invest in property....and for quite obvious reasons we do not want to invest in SA, and if we plan to in anycase move to Aus we might as well buy now already and then start paying off on a house, building equity so that when we do move there, we can either sell it and hopefully have a bit of a profit and then enter the market in the CORRECT area where we decide to live ( as this is still a grey area) OR if we get it right now already, we can literally just come and move into our own house, cutting out the whole renting business out which I have done for too many years working as an expat. Cant wait for your replies!!!xoxo Quote Link to comment Share on other sites More sharing options...
ottg Posted June 14, 2015 Report Share Posted June 14, 2015 I order to get the First home owner's grant you must stay in the property within 12-months of settlement. Thus you can tenanted the property for 11-months and move in the 12-month. However if the tenant decided to stay put (irrespective of the lease) you need to go through a court order which complicate matters. The latter can occur where the tenant is in the process of building himself and then settlement for him got delayed. Hmmm...messy and to buy time he will take a knock on the bond but is still a win for him and leaves you in limbo! In short just do it because 10k on the total amount is tiny! 2 Quote Link to comment Share on other sites More sharing options...
rozellem Posted June 14, 2015 Report Share Posted June 14, 2015 We are citizens in Sydney and we got none of the assistance you talk about. Make your calculations without these, then if you get them, they are a welcome bonus. Dont rely on them. I know a couple who came over to validate their PR visa and on that trip bought a house off plan. This was on the outskirts of Melb and took about a year to build. They only lived there for a short time, as the husband got transferred to Brisbane. I think they still own and rent it. Quote Link to comment Share on other sites More sharing options...
MomOfTwo Posted June 14, 2015 Author Report Share Posted June 14, 2015 We are citizens in Sydney and we got none of the assistance you talk about. Make your calculations without these, then if you get them, they are a welcome bonus. Dont rely on them. I know a couple who came over to validate their PR visa and on that trip bought a house off plan. This was on the outskirts of Melb and took about a year to build. They only lived there for a short time, as the husband got transferred to Brisbane. I think they still own and rent it.How did they get a loan so quick? I mean in their validation trip? Quote Link to comment Share on other sites More sharing options...
monsta Posted June 14, 2015 Report Share Posted June 14, 2015 @MomOfTwo I like the way you say that we have advised you from buying for several reasons Getting a loan usually comes down to your income vs monthly expenditure and how big a deposit you will put down.But you could always just pay mortgage insurance if you don't meet the banks criteria. But I can't tell you why you would need to qualify for mortgage insurance. I assume an insurance company won't just insure anyone.And again, talk to a licensed financial advisor about this . A few hundred dollars in consultation fees could save you thousands. Quote Link to comment Share on other sites More sharing options...
Mara Posted June 14, 2015 Report Share Posted June 14, 2015 I must admit, I am on the cautious side, there is no way I would invest in property in Australia BEFORE, I am living here and have had an opportunity to check things out for myself. 2 Quote Link to comment Share on other sites More sharing options...
Jacques Voogt Posted June 16, 2015 Report Share Posted June 16, 2015 Look up PR Australian properties.They specialize in assisting people wanting to buy before they arrive.They might stear you to Brisbane for better investment returns.I think you will need at least 20% deposit and duty to get a loan. That is going to be somewhere between 100k and 200k depending on what you buy.IMHO If you have that kind of cash, then there should be no reason why you would not be financially ready for the move.We came over with less than 10k and that was more than enough. 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.