Expats Guide to Buying A Home In Australia

Photo courtesy of our Bryon Bay Accommodation

Here’s What Expats Need To Know About Buying A Home In Australia

If you’re thinking about moving to Australia and buying a home, you’re not alone; a recent Census found that nearly half of all Australians alive today were born overseas, or they have at least one parent who was.

There are lots of fantastic reasons to emigrate to Australia, but if you are buying a home as an expat there are a few rules and regulations that you will need to know about. Of course the process can vary slightly from state to state, but in general, there are a few rules that apply across the country. There are also lots of misconceptions about buying a home in Australia; for instance, many foreigners think that you need to be a citizen to get a mortgage, but in reality, this isn’t the case. Here are two things that you should know about buying a home in Australia.

Set a budget and arrange pre-approval of mortgage 

Before you start looking for a new home you should set a realistic budget, and once you have done this you can get your mortgage pre-approved so you can start looking at properties. This is because you are more likely to be accepted if you make an offer with a pre-approved mortgage, so it will make your house hunt much easier and less stressful! However, it is worth noting that you may struggle to get a pre-approved mortgage if you already have another type of mortgage in another country – and you may also need to qualify with the FIRB to get a pre-approved mortgage.

Confirm that you qualify with the FIRB

If you are a temporary visa holder or a non-resident, you will need to also need to find out if you need to apply with the Foreign Investment Review Board (FIRB) to buy a home. Don’t worry about this application taking a long time; normally this is a simple process that takes around two weeks. The fees that you need to pay will depend on the value of the home you buy; if the home is 1 million dollars or less you can expect to pay around $5,000, and if it is over 1 million you can expect to pay anywhere between $10,000 and $50,000.

Buying a home in Australia can transform your life for the better, but it is important to be aware of real estate rules and regulations. This will make your move easy and fun, rather than stressful and time-consuming!