Search Results for: foreign

Australian Property – Financial Stability and Foreign Involvement

RBA Head of Financial Stability Jonathan Kearns, spoke at Aus-China Property Developers, Investors & Financiers today.  He said the Bank has responsibility to promote the stability of the financial system as a whole so carefully monitors property markets because poor commercial property lending and the large stock of residential property debt means risks to financial … Continue reading “Australian Property – Financial Stability and Foreign Involvement”

Senate Approves Foreign Vacant Property Fine

The legislation to tighten some aspects of investment property, and levy a charge on vacant foreign owned property has been passed in the Senate. The legislation prevents property investors from claiming travel expenses when travelling between properties, as well as tightening  depreciation on  plant and equipment tax deductions. Foreign owners will be charged a fee … Continue reading “Senate Approves Foreign Vacant Property Fine”

CBA Axes “Foreign” ATM Charges

The CBA today (yes on a Sunday!) has announced they are killing the ATM charge incurred by non-CBA customers withdrawing cash from their ATMs. In a first for an Australian bank, Commonwealth Bank has removed ATM withdrawal fees so all CommBank and non-CommBank customers won’t be charged an ATM withdrawal fee by us when they … Continue reading “CBA Axes “Foreign” ATM Charges”

CBA’s Potential Exposure To Foreign Jurisdictions

From The New Daily. The Commonwealth Bank could face big penalties on top of estimates of $300-$500 million fines in Australia if international regulators are forced to act over its breaches of rules around money laundering and terrorism financing, experts say. Foreign regulators have been far harder on banks than their Australian counterparts, levying billions … Continue reading “CBA’s Potential Exposure To Foreign Jurisdictions”

Foreign Investors in Sydney paying almost four times as much stamp duty as locals

The HIA says recent changes to stamp duty in NSW mean that foreign investors now pay almost $100,000 in transaction taxes to acquire a standard apartment in Sydney – almost four times as much as local buyers. This remarkable finding is contained in the latest Stamp Duty Watch report which has just been released by … Continue reading “Foreign Investors in Sydney paying almost four times as much stamp duty as locals”

Can Australia get any worse for foreign buyers?

From Mortgage Professional Australia. New financial year brings additional charges and regulations as Treasury predicts number to more than halve. Capital controls, bank lending standards and foreign buyer taxes could “wind back the clock to 2015”, international real estate portal Juwai.com has warned. The new financial year has hit foreign buyers with increased stamp duty … Continue reading “Can Australia get any worse for foreign buyers?”

Sydneysiders blame foreign investors for high housing prices

From The Conversation. Sydneysiders are concerned that foreign investors, and particularly Chinese real estate investors, are pushing up housing prices, according to survey findings published this month. A majority believed foreign investors should not be allowed to buy residential real estate in Sydney. The federal budget was the government’s latest attempt at navigating a policy … Continue reading “Sydneysiders blame foreign investors for high housing prices”

Foreign firms could “colonise” Australian banking

From Investor Daily. Australia’s slowness to offer open data leaves the country’s banking sector open to an incursion from more competitive foreign companies, according to Tyro Payments. Speaking to members of the French-Australian Chamber of Commerce on Wednesday, 3 May, Tyro Payments executive director Jost Stollmann said that globally, banking is on the cusp of … Continue reading “Foreign firms could “colonise” Australian banking”

Citi Australia halts new foreign interest only lending

From Australian Broker. Citi Australia has updated its new home loan policies including a freeze on new interest only lending to foreign buyers. Effective from 13 April for all new Citibank applications, the interest-only repayment option on both standard variable loans and the Mortgage Power line of credit is now not available for: Loans solely … Continue reading “Citi Australia halts new foreign interest only lending”

There’s finally hard data on the huge role of foreign buyers in Australian property

From Business Insider. We now know how many houses foreign investors are buying in New South Wales and Victoria, the hotbeds of Australia’s housing affordability debate. According to new research based on data obtained under a Freedom of Information request by Hasan Tevfik and Peter Liu, research analysts at Credit Suisse, foreigners are buying property … Continue reading “There’s finally hard data on the huge role of foreign buyers in Australian property”