It is common for the media to comment that the property market in one state is in a period of flatness, while in another, the property market is taking off for a boom. In recent years, the property situation in Sydney and Perth has been reported in this way. Many Sydney suburbs have been regarded as being flat, while almost any property in Perth has been regarded as being a candidate for boom conditions.
Clients are sometimes challenged by the prospect of living in one state but purchasing an investment property in another. It is true that under State laws there may be variations in certain aspects of the legal ownership of property. These variations may include things like the rate at which stamp duty is paid, the existence or nonexistence of land tax and various other state rules but they do not apply to the funding package.
The question arises, ‘Is there any barrier to using my own broker to purchase a property in another state?’ we would like to assure you that, as far as our role as a mortgage broker is concerned, we are more than happy to discuss your options with you. All of the financial institutions with which we hold agreements are equally capable of mortgage lending for a property purchase in any State or Territory of Australia.
Many people decide to diversify their property investment portfolio by buying in a number of different states and cities. If you have decided to diversify in the same way, we are well placed to help you with the finance for your interstate property portfolio and our affiliate, RHL Real Estate can help you locate the best investment property.