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You are here: Home / Buying Investment Property

Investing in Property Types in Melbourne the Proper Way for Foreign Nationals

July 17, 2011 by Mortgage Broker Melbourne Leave a Comment

Property types in Melbourne vary. As one of the cities with the biggest growth in real estate (the other being Perth and Sydney) finding a property in Melbourne is exciting, but there are certain guidelines one has to take into consideration to ensure there is a financial return and a healthy spread of risk.

As one of the countries increasingly becoming popular to foreign nationals both for leisure and business purposes, it’s not surprising to see a lot of foreigners flock down to the city Down Under and look for properties they can use either as an investment or residence.

Anyone who wishes to settle temporarily or permanently in Australia will definitely need to have somewhere to stay. Whatever the purpose may be, an individual will take delight in the fact that there are different property types in Melbourne available.

Apartments, condominium units, single-family houses, even commercial spaces are easily available for everyone. Both rural and urban areas can provide tourists and even locals the opportunity to have their own slice of the housing pie.

If you’re a foreign national and wants to make sure if investing in various properties in Australia is the right decision, take a look at the different property types in Melbourne and why the demand for each is great.

Commercial spaces/buildings

Investment property is one of the more popular choices for foreign nationals. There are a lot of businesses that need a place. Purchasing a commercial space or building and leasing them out to companies is always a good way of getting a good return on investment.

Single-family homes

Presently, 70% of Australia’s population owns a residential property. This is very indicative of how much people desire to get their own home. Buying a house will be good if you intend to permanently live in Australia. But if you just want to use it as an investment, you can have it leased to families looking to have a place to stay.

Apartments

Australia is becoming one of the hottest tourism spots in the world. Melbourne is one of the cities that people flock down to because it’s a great place to visit. Tourists who are intent on staying for weeks are most likely going to look for apartments instead of hotels just so they can save more money.

Holiday properties

Tourism is a major industry in Australia. Other foreigners who come and visit the country will want to stay somewhere that’s comfortable and near tourist destinations. Holiday properties provide those two. You can count on a steady stream of income by investing on holiday estates.

It is important that you take care of all the legalities first before deciding on any property types Melbourne. Acquiring properties by foreign nationals is covered by certain laws mandated by the respective government agencies so it’s best to familiarize yourself with that first.Property types in Melbourne

Filed Under: Buying Investment Property Tagged With: investment property, types of property in Melbourne

Different Melbourne Home Loans That You Can Easily Qualify For

July 11, 2011 by Mortgage Broker Melbourne Leave a Comment

Melbourne Home LoansMelbourne home loans are available to practically everyone who wishes to have their own home. No matter what income bracket they may be from, there will be a home loan type that fits their needs.

Now that rates are falling, it is the perfect time to go hunting on a house. There are different home loan products individuals can take advantage of these days. With the help of Melbourne home loan experts, it will be very easy to locate a property and get approved for a home loan.

Home loan products are customized to meet the needs of borrowers. Based on your income, status, or preferences, you will find a specific type of loan that you can qualify for. Here are some of the home loan types you can shop for:

First Home Buyer Loans

People purchasing a home for the first time have a wide range of options—fixed and variable rates, low doc loans, or no-deposit home loans.  The great thing about buying a home for the first time is that you can be eligible to a grant that can provide you $7,000.

Basic and Standard Variable Rate Loans

These types of loans provide borrowers a lot of flexibility. Borrowers can choose to make higher repayments to save on interest rates and take out years off their loan terms. In case the Reserve Bank of Australia slashes rates, your monthly payments will be reduced. However, if the rates go up, you will have to pay more. But if you make sure that you pay more on your repayments, you will still be able to save money in the long run.

No-Doc and Low Doc Home Loans

Borrowers who can’t present proof of income or statement of assets and liabilities and other important documents will still be able to qualify for a home loan with this product. This basically allows anyone to have a shot at being a homeowner.

However, this type of loan can pose a lot of risk for the lenders so, to compensate, they may charge higher fees.

No Deposit Home Loans

This type of loan doesn’t require borrowers to save up for the deposit because there will be no down payment. All a borrower needs to pay for are moving costs and some fees. This is great because anyone can buy a house without spending a lot of time trying to save on high down payment costs.

The only problem is that due to the recent global crisis, a lot of banks took out this loan from the products they offer, although there are still some lenders who offer this.

Investment Home Loans

Investment home loans allow borrowers to purchase properties that they can use as a source of income for the coming years. Different people take advantage of investment loans, and it is the best time to spend money on something that is profitable. Melbourne home loans experts will make sure that you find getting approved for this type of loan is convenient.

Becoming a homeowner is not a problem in Melbourne, especially if you have experts helping you. So don’t wait any longer and start shopping for really good rates.

Filed Under: Buying a Home, Buying Investment Property Tagged With: types of home loans in Melbourne

Benefits Of Buying Investment Property in Melbourne

March 7, 2011 by Mortgage Broker Melbourne Leave a Comment

Buying Investment Property in MelbournePlanning for your future is the best step you will be making in your life. Planning ahead allows you to have more control over your future. Buying investment property Melbourne will greatly benefit you in the near future.

An investment property is a kind of property that is not intended to be occupied by the owner. It is usually purchased specifically to generate income through rental income or what we call capital gains. As we all know, prices of properties increase every year. One benefit of buying investment property in Melbourne is that you will be able to buy these properties at a lower price as compared to buying these properties five years from now.

It will be better than opening a time deposit with the bank. If you are engaged in buy and sell business you will know what we mean by keeping property investments. You will buy a property then sell it after a few years when the price for such property has already increased. The return of investment will be higher than the interest income in a time deposit.

Investing in property has proven to be a wealth creation vehicle for many rich generations. Their forefathers embarked on purchasing lots of lands long time ago and when the right time comes, they will be reaping the return of their investment. You may also want to know that buying investment property Melbourne will give you tax benefits.

Before purchasing property for long term investment, you may want to know all the important tax considerations which include negative gearing, depreciation, capital gains tax and how tax benefits can make your investment pay. Negative gearing means that you will be borrowing money just to buy an investment property. Hence, it is needed that the income that will be derived from the property bought will be higher than the cost of loan or the interest expense.

However, if the income is lesser than the interest expense, then there is negative gearing. You must take note that as the time goes on, the value of the property increases. This will result in an income that will be more than the expense in the long run.

The next item to be studied is depreciation. If you are engaged in a business and the property you just bought is a business asset or an asset that is used in the business, then you can claim depreciation expense. An expense will lower your tax payable. Examples of assets that are subject to depreciation expense are the following: refrigerators, furnitures, and cooktops. These assets can be written off during the life of the asset. You will need the services of an accountant to help you with the computation and with schedules and allowances.

You will also have to learn about capital gains tax if you are buying investment property Melbourne. This tax benefit cannot take effect immediately. You need to sell your capital asset first before you can claim the benefit. The good news it that you will only be liable to pay the capital gains tax if your gains exceed your capital losses in the given taxable year. But you must comply with the holding period rule. You will have to hold on to the asset for a certain period of time. You will really need the services of an accountant because this is a very complex area.

Filed Under: Buying Investment Property Tagged With: benefits of buying investment property, buying investment property, buying investment property in Melbourne

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