Why invest in property in Australia? Investing in Australian property has become popular with overseas investors and Australian expats looking for strong returns and stability.
And Many countries have very restrictive foreign investment laws or banking regulations that make it difficult to invest.
You don’t need to setup a company in Australia or buy with a citizen.
Government approval for foreign investors is simple and inexpensive. Read about the rules below.
Specialist mortgage brokers can assist you to obtain finance.
There’s strong and effective consumer protection legislation in Australia through the National Consumer Credit Protection Act 2009 (NCCP Act)
Australia’s legal system is based on the UK system so it’s familiar to many investors.
There’s minimal political, social, economic or national security instability in Australia.
Buying property in Australia from countries like China, the UK or USA can be difficult if you don’t have the right information or you don’t have the right professionals on your team.
These professionals include a real estate agent or buyers agent, a solcitor, an accountant and a mortgage broker that specialises in foreigner mortgages.
5 steps when buying a property in Australia :
Step 1 – Organise your team of professionals
You’ll need a conveyancer or a solicitor to take care of the legal work for you. Their job is to complete searches on the property, manage the transfer of ownership and review the contract before you sign it.
Keep in mind that your appointed conveyancer must be in the same state as the property you’re buying or at least be licensed to deal with that state.
It’s common for a real estate agent to recommend a conveyancer to you but we suggest that you choose one that is likely to be impartial.
A good Australian mortgage broker, with experience in helping non-residents to apply for a mortgage, is an essential member of your team of experts.
The mortgage broker can be anywhere in Australia, they don’t need to see the property you are buying and, for most residential mortgages and loans, their services are free.
If you want to buy a property in Australia, speak to an expert Australian mortgage broker.
A buyers agent is also very useful if you’re located overseas and can’t physically inspect the property you’re buying.
The main job of a buyer’s agent is to source the property and negotiate a great deal on your behalf.
They’ll deal with the real estate agents for you and ensure that the property you’re buying represents a good opportunity.
Your buyer’s agent must be licensed and have some presence in the state that you’re buying a property in.
Keep in mind that a buyer’s agent should give independent and objective advice: they shouldn’t be selling his/her own properties.
Some buyer’s agents will charge a fixed fee, while some other will charge an upfront fee as well as a percentage of the purchase price of the property.
A true buyers agent will not earn any commission from the seller so, if they are, they are working for the seller and not for you!
We can put you in touch with some reputable buyers agents if you need assistance.
In order to qualify for a mortgage, it’s essential that you obtain a pre-approval before you begin looking for properties.