Investing in Australian property prior to migrating is a great way to step onto the property ladder. You will also start to generate an income as well as build your financial profile.
With over 25 years combined real estate, mortgage broking and financial planning experience we are able to safely guide you through the entire process of purchasing a property in Australia.
We can help you with the following services;
You do not need prior approval if you are:
- an Australian citizen with a foreign spouse and want to buy residential real estate as joint tenants
- an Australian citizen residing abroad
- a foreign national who holds a permanent resident visa, or a “special category visa”, for example, a New Zealand citizen.
Foreigners can normally get approval to buy units, townhouses, and house/land packages in a new development.
Can I get finance in Australia to purchase a property?
Yes. Most Australian banks will lend you money as a foreigner to buy Australian property. You will be able to borrow this money at exactly the same interest rate as an Australian citizen or permanent resident visa holder.
Depending on your visa type the bank may limit the amount you are able to borrow to 80% of the property’s value. This will mean you require a 20% deposit plus additional funds for associated costs.
Through our nation-wide network of licenced mortgage brokers, we are able to assist you in obtaining finance for the purchase a property in Australia. Please contact us to find out more.
What costs are associated with buying a property in Australia?
When buying a property in Australia there are some additional costs that you should be aware of. These included;
Stamp duty is a levy payable to the individual state governments when you purchase a property in Australia. Depending on the type of property you and the state or territory in which the property is located will determine the amount of duty payable. Some states offer large discounts on stamp duty when you purchase an off the plan property.
Legal costs When buying a property in Australia we strongly recommend you engage a lawyer to act on your behalf throughout the transaction. The cost will vary from lawyer to lawyer and is also dependant on the type of property. Most property purchases can be finalised with a legal bill of between $1,500 & $2,500. We can assist in introducing you to a qualified lawyer if required.
Government charges: In addition to stamp duty, there may also be some additional government charged you are required to pay. These charges do vary greatly but are normally quite minimal. Your Australian property lawyer will be able to advise further on what costs you can expect.