KING OF THE HILL
Hill climb motorport has the appeal of most motorsport fans. Clive Collins takes us through the twisty turns of his local track just outside of Noosa.
 

PURCHASING A HOUSE AS A NON-RESIDENT
If you are considering purchasing a house as a non-resident of Australia read our expert introductory guide from Paramount Capital
 

FINDING HAPPINESS ALONG THE WAY!
Happiness is a journey, not a destination. So says Judi, now a resident of Adelaide with her husband Ian and their son, young Thomas. Here she explains what attracted her most about the city she now calls home.
 

HIPPY CAMPER OR HAPPY CAMPER?
VW Camper vans - do they make the ideal travelling companion and what model should you choose for that surfing safari across the desert? "To rent or to buy?" that is the question!
 

CITY OF SEASONS
Melbourne in a day? Okay, maybe three... Take in the sights and sounds of this cosmopolitan city that grabbed our hearts. We hope it does the same for you.
 

ON TOP OF THE WORLD
Perched precariously a quarter mile above sea-level, the village of Montville, overlooking the coastal strip of Queensland's Sunshine Coast, suffers a weekend population explosion. What's the attraction?
 

POPE GONE. WHERE NOW?
Now the Pope has left Sydney it's time for the many thousands of young people who celebrated World Youth Day to move on. Some will go home, but some will stay and it's interesting to note the tourist tactics used to encourage youngsters to stay a little while longer in this beautiful country of ours.
 

HOUSE BUILDING IN AUSTRALIA
This is the story of how 2 migrants, recently arrived in Queensland, made the decision to go with a build company and have their colonial style house built on an awkward block of land.

NON-RESIDENT HOME LOANS

If you're thinking of buying a property in Australia but do not live here, Paramount Capital may be able to help you.

Non-resident home loans are specifically designed for people who are not Australian Citizens or do not hold Permanent Residency status.

What is a Non-resident Home Loan?

It is a type of home loan suiting those wishing to invest in Australian real estate or for those wishing to emigrate and do not have PR status.

The basic technicalities of a Non-residential home loan are similar to a standard residential home loan but are subject to parameters built around the product itself and governed by the FIRB (Foreign Investment Review Board).

Non-resident Home Loan Parameters:

• Maximum home loan lend ratio of 80% of purchase price.
• FIRB approval required for all Non-residents.
• Contract of sale must state ‘subject to FIRB approval’.
• A property needs to be identified and placed on the FIRB application form for it to be assessed.
• Some Non-resident home loan lenders apply a loading on the repayment which takes into account changes in currency exchange rates.

Who specifically requires a Non-residential Home Loan?

• An applicant who does not hold Permanent Residency Status.
• A person who is not an Australian Citizen.
• In essence a someone who is classified as a ‘foreign’ person.

What types of property can a ‘foreign person’ acquire?

• Vacant land upon which to construct a dwelling.
• A new dwelling (not previously occupied or sold).
• A stand alone house (not previously occupied or sold).
• A second hand dwelling to be demolished and a new dwelling constructed.

How much can I borrow with a Non-residential Home Loan?

The main limitation to a Non-residential home loan governed by the FIRB is that the Non-residential home loan itself shall not exceed 80% LVR - that is not more than 80% of the valuation of the purchasing property.

What is the FIRB and why do I need FIRB approval?

The FIRB is a government body which governs the legislation surrounding foreign persons acquiring property in Australia.

The Foreign Investment Review Board has strict regulations which must be adhered to if a foreign person is to successfully acquire real estate in Australia.

The above is intended to be a general guide on overseas loans and the FIRB. Detailed information is available on restrictions, legislation, application forms and statutory notices through www.firb.gov.au

What is my next step in obtaining a Non-residential Home Loan?

A Paramount Capital Consultant will be happy to discuss your requirements, guide you through the FIRB and help you find out how to own your own Australian property sooner. For a complimentary consultation please call +00 11 618 9201 1090, fill in the enquiry form or simply email us at info@paramountcapital.com.au with your details.

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