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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Can you buy a property as an expat?

By Reporter

May 17 2018
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Invest

Can you buy a property as an expat?

By Reporter
May 17 2018

While many expats may believe it’s impossible to borrow for property, it’s often down to individual lenders’ policies, a lending specialist has advised.

Property, buy property, property market, house market

Can you buy a property as an expat?

By Reporter

May 17 2018
Share

While many expats may believe it’s impossible to borrow for property, it’s often down to individual lenders’ policies, a lending specialist has advised.

Expat lending specialist at Omniwealth Alfred Moller said expats should understand that just because their bank won’t lend to them, it doesn’t mean all banks won’t.

He said there are seven points expats should think about before applying for a loan.

1. When it comes to lending policies, all banks are different – even the big four banks, NAB, ANZ, Westpac and the Commonwealth Bank.

2. Loan to value ratios (LVRs) can be between 60 and 90 per cent, including lenders mortgage insurance (LMI).

3. Interest rates can also range from 4.5 per cent to 7 per cent depending on the applicant and their requirements.

4. Boutique lenders tend to have more flexible policies when it comes to expats, with some considering self-employed income. However, “there tends to be a 1 per cent risk fee associated with the lender with many restrictions”, Mr Moller said.

5. Expats should think carefully about title ownership when they and a non-Australian citizen partner are looking to purchase. “Implications such as foreign purchaser’s duty, land tax surcharge and FIRB approval are common issues for non-residents,” the specialist explained.

6. Even if your employer covers all your costs, the lender might still consider the minimum household expenditure measure (HEM) for living expenses.

7. Only 50-80 per cent of foreign denominated income is usually accepted, due to associated exchange rate risk.

“It is not always beneficial for an expat/non-resident to apply for an investment loan as not all brokers understand the long-term implications,” Mr Moller added.

“It is highly recommended that expats seek tax advice within their local tax jurisdiction and Australia before making an approach for funding.”

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