West Side Place
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Overview
A four-tower development in Melbourne's CBD, which includes a Ritz-Carlton hotel and over 2,600 apartments.
Building/Community Amenities
- Cinema / Movie Theater
- Clubhouse / Resident Lounge
- Fitness Center / Gym
- Garden / Courtyard
- Parking
- Pool
- 24/7 Concierge
Investment Insights
Legal & Ownership
Legal & Ownership Information
Ownership Structure
Ownership Rights
Full ownership rights (Freehold)
Foreign Ownership
Foreign buyers need approval from the Foreign Investment Review Board (FIRB) before purchasing residential property in Australia.
Tax Considerations
Property Taxes
Property buyers in Australia face several taxes, including stamp duty, which varies by state and ranges from 4% to 6% of the property value. Foreign buyers may incur additional surcharges. Owners are also liable for annual land tax, which is state-specific. Capital gains tax applies to profits from property sales, with rates based on the owner's tax bracket. Rental income is taxable, requiring investors to declare earnings and expenses annually.
Transfer Tax
stamp duty, which varies by state and ranges from 4% to 6% of the property value
Inheritance Tax
Capital gains tax applies to profits from property sales, with rates based on the owner's tax bracket
Important Considerations
Restrictions
- Generally, foreign investors are allowed to buy new properties but face restrictions when purchasing existing properties to maintain housing supply for locals.
Required Documents
Financing Options
Financing Options
Financing in Australia
Australia offers a diverse range of property financing options for foreign buyers, making it an attractive destination for international real estate investment. Typically, loan-to-value (LTV) ratios for foreign buyers range from 60% to 80%, allowing investors to leverage their capital efficiently. Australia's stable economy and transparent legal system further enhance its appeal for mortgage financing. The country's robust banking sector provides competitive interest rates and flexible loan terms, ensuring that foreign investors have ample opportunities to secure financing tailored to their needs.
Requirements for Foreign Buyers
- 1Valid passport
- 2Proof of income
- 3Recent bank statements (3-6 months)
- 4Australian tax file number
- 5Reference letter from a financial institution
- 6Credit history report
- 7Property valuation report
Popular Lenders
Contact Information
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marco.lee@fecil.com.hk
Contact DeveloperMention property ID: West Side Place when contacting.