If you are Moving to Australia from the UK or any other part of the world, you may live in a rented apartment or buy your own property. You can also invest in real estate in Australia even without living in the country. Buying a property in the country is not difficult if you know how to go about it. The process is not much different from the process of buying property in the UK or Europe.
The first thing that you should bear in mind if you are planning to buy a property in Australia is that housing price differs from one city to another or one location to location. Housing cost in some places is higher when compared with other places. Houses are very costly in cities like Sydney, Perth, Melbourne, Brisbane and others. However, these areas have better work opportunities and thus may be the most suitable for expats who are looking for employment opportunities. But you can look for affordable houses in the remote areas or rural areas. So, it is important that you take that into consideration.
Another factor that you should take into consideration if you are looking to buy a home in Australia is the weather condition of the area you want to live in. Australia has different climatic condition. Some areas are hotter during the summer season than others. It also rains more in some places than in others. This is why it is important for you to consider the location before buying your property.
Get the necessary documents and paper
If you migrated to Australia, you should ensure that you have all the required documents before you can start your search for a property. So, if you are not a permanent resident or a citizen of Australia, you will require Foreign Investment Review Board ‘s permission in order to be able to purchase a property in Australia. FIRB will provide you with a reply within 40 days from the time you send your application. However, they are authorized to extend it to 130 days if the circumstance is quite unusual. As you are waiting for the approval of FIRB, you can have a conditional contract prepared for you. But you may not require any permission from FIRB if you are buying property in a rural area or if you are buying a newly built home. Your agent will be able to tell you whether or not you need approval.
It is worth noting, that some of local shipping companies offer also real estate services via their agents in the OZ. It is always worth to ask your moving team whether they can offer support in buying property in Australia.
Buying house in Australia
You can buy a home via a real estate agent or through an auction. Buying through auction is a common practice in Australia. But if you prefer buying through a real estate agent, you can make use of the internet in search of a home for sale. Once your offer is accepted, the exchange contract will be easy. It is your right to be given a cooling off period. You will be required to make 10 percent payment as you are now tied to the purchase of the house. The contract during the cooling off period will be conditional on some clauses like mortgage approval, survey and others. Before you can complete the purchase, your agent will check the title deed after running local searches in similar manner as it is done in the UK. The completion will take place six weeks after the exchange day.
Check suitability
It is important that you buy a home that will serve your purpose during your stay in Australia. This is because you are also required to apply for approval from FIRB in case you want to resell your home.
Getting the necessary paperwork ready for mortgage
It is advisable that you have all the required documents ready before you apply for mortgage. This will make the process easier for you. Some of the documents you should earlier obtain even before coming to Australia are your credit score, bank statement, letter from the manager of your bank and the likes. In Australia, mortgage applications require proof of income and thus there is nothing like certification loan. Note, that you will not be able to find any bank in the UK that can provide you with mortgage to finance the buying of the property in Australia. Thus, if you prefer raising the money from the UK, you should not rely on the banks. You can make use of other means like releasing equity from your property in the UK.
Taxes and other fees
Owing a property in Australia can be very costly. You may be required to pay taxes and some fees on your property. So, it is advisable that you know the various fees and taxes you are required to pay. Typical examples of such fees and taxes are local tax, mortgage application, legal fees, land transfer registration fees and others.
The above are some of the factors that you should take into consideration when you are looking for a house in Australia.
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