- Real Estate
Buying foreign property
Some signs are appearing that the apparently never-ending financial crisis in Europe is coming to an end - indeed, the UK is currently experiencing a significant turnaround. We are concerned that the real estate resurgence in southern England has come to soon and is being inflated by Government policies, but believe the conditions are still supportive for Australins purchasing property in Europe. Arranging finance can be difficult, but it is not impossible and rates are very competitive.
Other parts of the world, most particularly Asia, still remain places where you need cash. Our sister website, Exfin, offers more detail on this subject, but suffice to say we are optimistic supporters of Australians purchasing overseas - both for financial gain and because, as beautiful as Australia is, there is more to the world.
You need however to ensure that you purchase property with your eyes wide open - you can experience all manner of trouble buying property on a whim, having viewed it on a beautiful summer's day in Europe. Finance can't be taken as a given, and you need to consider both your tax position and the legalities. If you haven't got time to do this yourself - and buying "sight unseen" from a website is a total no-no - then appoint a professional to help you select and purchase the property. Provided below are an indication of current interest rates applying in each of the countries. These are only summaries, and special loan conditions may apply, such as requiring residency within these countries within the last five years or early repayment penalties.
% of Valuation
|United Kingdom||Please contact us for details - lending rates and access are very dependent on your personal circumstances and all investment properties will require "Buy to Let" mortgages.||60% - 75%||Min GBP100K|
|France||2.3% Variable for 10 Years||80%||Min Euro100K|
|3.1% Fixed for 15 Years||80%||Min Euro 100K|
|3.7% Fixed for 25 Years||80%||Min Euro100K|
|Italy||3.1% Capped Variable for 7 Years||60%||Min Euro 100K|
|3.2% Capped Variable for 7 Years||70%||Min Euro 100K|
|3.3% Capped Variable for 8 Years||80%||Min Euro 100K|
Clicking on the maps below will take you to Exfin and more details regarding the purchase of the property in the United Kingdom, France and Italy.