[finance]

In Aust we allow overseas residents to purchase property in Australia with certain conditions to be met. If the applicant is an Australian Citizen or holds permanent residency status though not currently living in Australia they can borrow as a Non-resident. The interest rate usually is "loaded" by up to 0.25% of the standard rate. They are also limited to a maximum $ lend and maximum loan to value ratio depending on the location of the property. If the applicant is a foreign investor they must meet the approval of the Foreign Investment Review Board. One of the usual conditions is that the property has to be new; that is, never lived in previously. The main purpose of the Review Board is to protect the cost of housing for Australians which might otherwise be inflated by wealthier foreign business owners. It also creates more rental housing to be made available for Australian residents. It is assumed that Foreign Investors would rent out their purchases.