[JimboJokersMCC]

Can anyone out there help with some info. I need advice as to what to do with my properties. I have a small portfolio of properties. All with mortgages but all rented out and looking after themselves nicely. Eventually I want to take the equity out of them and put it to my home in Australia (we haven't moved there yet) or other investment properties but I'm not sure how best to do this because of tax, changing markets etc

I'd also like to know how easy, and what is the process of getting a mortgage for my own residential property once I arrive in Australia? Anyone got any experience of this?

Thanks

Jim

 

[Bbay2Oz]

If you feel prices are going to fall then I guess you're better off selling now. If not, why sell and keep the cash in a low yielding deposit? It is giving you a steady income (assuming you're cash flow positive). In any case you're probably going to take some time deciding on the suburb and settling down and won't be buying right away. I'd say keep them until you settle down comfortably, see whether you like living here and then decide.

Where do you plan to live in Australia?

 

[JimboJokersMCC]

I was kind of thinking that. We're headed for Adelaide. Think we'll rent for 6 months or so but then I'd like to buy. How easy is it for an new resident to get a mortgage?

 

[Bbay2Oz]

Depends on your job/regular income and deposit. Your past credit history should help.

 

[tuba]

We are thinking of the same thing. Then we decided to keep our flat and rent it out before we leave. The monthly rent I get wont even cover my weekly rent in Australia but better than nothing...
After a few years we will decide what to do. In the beginning I didn't want to leave anything behind. Finding a tenant, following the transaction looks a bit annoying to me. And we have noone to look after the place, like parents or friends. Everyone is too busy.
But I think still better to keep something back in case of anything wrong happens in near future.

 

[happybuddha]

Is there a best practice followed by immigrants who aim for citizenship ? How is the net asset/net income (from world over) calculated for immigrants ? In such cases does holding a property earning rental income abroad be a hindrance ? Pay taxes in both countries in case the country in question doesn't have a tax agreement with Australia ?

 

[JimboJokersMCC]

Depends on your job/regular income and deposit. Your past credit history should help.

Is it right they use your credit history? I'd heard that its irrelevant in Oz as they use different credit agencies/systems.

 

[JimboJokersMCC]

We are thinking of the same thing. Then we decided to keep our flat and rent it out before we leave. The monthly rent I get wont even cover my weekly rent in Australia but better than nothing...
After a few years we will decide what to do. In the beginning I didn't want to leave anything behind. Finding a tenant, following the transaction looks a bit annoying to me. And we have noone to look after the place, like parents or friends. Everyone is too busy.
But I think still better to keep something back in case of anything wrong happens in near future.

How long before you go and are you planning on buying or renting?

 

[JimboJokersMCC]

Is there a best practice followed by immigrants who aim for citizenship ? How is the net asset/net income (from world over) calculated for immigrants ? In such cases does holding a property earning rental income abroad be a hindrance ? Pay taxes in both countries in case the country in question doesn't have a tax agreement with Australia ?

Could do with knowing most of the above too. I did speak to a financial advisor who works both sides of the world. I'm waiting for him to get back to me on most things. But I did learn, that if you keep a property in the UK, the australian government use its value at the time of you emigrating for any calculations. ie, if its worth £100k when you emigrate and when you sell it years later for £150k you will pay tax on the £50k to Australia. They also don't have a tax free allowance like they do here so you pay it on all the capital gain.

 

[tuba]

I was thinking of speaking to realtors 2 months before our departure to rent our place. After maybe 2 years in Australia, we will think about selling this one for a downpayment there.
But the fact that we'll pay tax for our flat here in turkey makes me worried. Around how much tax must we pay for our flat? Does anyone have any idea?

 

[Bbay2Oz]

I have 2 properties back in India. Can't sell them immediately for a number of reasons. One of them used to be our principle place of residence before we left India. The capital gains will only be calculated from the change in value SINCE arriving in Australia (i.e. change in value from the date I arrived here to the date of sale). Then I also have to take into account the currency depreciation.

Will have to research more into how CG tax will be calculated and applied from the ATO website.....

 

[JimboJokersMCC]

I was thinking of speaking to realtors 2 months before our departure to rent our place. After maybe 2 years in Australia, we will think about selling this one for a downpayment there.
But the fact that we'll pay tax for our flat here in turkey makes me worried. Around how much tax must we pay for our flat? Does anyone have any idea?

I honestly don't know yet but I'm trying to find out. Ill keep you posted unless anyone else can let us know sooner?