Just to confirm what others have said, I'm a UK passport and driving licence holder living in Aus, own an Aus registered vehicle and am currently applying for a carnet from the NRMA (NSW issuer) without any problems, even giving a UK address as my permanent address.
One thing to investigate before you decide whether to apply with the local motoring club or with the club in your home country is the security rates for the countries you plan on travelling to. I'm going to Africa and for a carnet issued by the RAC (UK) the rate for Egypt is a massive 800%, whereas the NRMA (Aus - NSW) rate is 200%. Don't ask me why there's a difference between countries. If you want to check the Aus rates I've copied and pasted from the application form. The figure on the right is for a car, on the left for a bike.
Australia 100% 30%
Egypt 200% 150%
Europe 100% 50%
India/Pakistan/Sri Lanka 400% 400%
Iran 470% 470%
Japan 100% 100%
Middle East 150% 100%
New Zealand 50% 25% Singapore/Malaysia/Indonesia 200% 150%
South America (trans) 300% 200%
South Africa 150% 100%
Syria 400% 400%
Trans Africa 200% 150%
Regarding the valuation of your vehicle, the NRMA will want this in writing from an authorised person. This might cost some money to obtain, but a licenced valuer will be able to give a wholesale value which is likely to be less than you'll pay to buy.
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