03 Oct 2024 Podcast: Finance Files – Non Resident Investment Property Purchase
In this episode, we talk about helping a married couple purchase their second investment property, despite one partner being on a bridging visa. The key challenge was avoiding the 8% “Foreign Purchaser Additional Duty,” which we were able to do by selecting the right lender. This allowed us to keep only the Australian citizen on the title while still using both incomes for the loan.
We also preserved their existing 2.40% fixed rate on their first property by accessing equity to cover the deposit and costs for the new purchase. Additionally, we took out an extra $80,000 to help them purchase a new vehicle, structuring the loan to meet both their short-term needs and long-term goals.
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You Have My Interest is brought to you by Everlend, a mortgage and finance broking firm built for the purpose of educating and empowering you to make informed financial decisions tailored to your wealth goals. Find out more and book in your free initial consultation at https://www.everlend.com.au/
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Find out more about You Have My Interest at everlend.com.au/podcast and connect with us at podcast@everlend.com.au
You Have My Interest provides information and educational content relating to mortgages, finance and property. You Have My Interest‘s content is general in nature and does not take into account the individual financial, legal or tax needs or objectives of its audience members.
It is not intended as a substitute for professional advice. Listeners should seek out a licensed professional to discuss their individual financial, legal and tax requirements.
If you need mortgage or finance advice tailored to your own personal situation, contact Everlend today for a free consultation. Everlend are authorised credit representatives of Loan Market Pty Ltd, Australian Credit Licence number 390222.
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