The Australian home buying law allows foreigners to buy Australian homes, as long as they meet the conditions. Conditions for buying a home in Australia include:
|Request||Homebuyers in Australia|
|Foreigners who are temporarily residing in Australia (visa period is 12 consecutive months)||Foreigners who do not hold an Australian visa|
|Approval from FIRB (Australia’s Foreign Investment Review Board)||Must have|
|Opportunity to buy a second-hand home in Australia (existing homes)||
|Opportunity to buy a newly built house||Allowed to buy.
|Opportunity to buy vacant land||Purchased for residential construction, if:
As a foreigner who has not yet settled in Australia, you can only buy a house when you meet the above conditions . If you do not fully understand, please schedule a consultation with VEM for answers!
In case you are already an Australian permanent resident or citizen, you can also schedule a consultation with VEM to make buying a home in Australia more convenient!
Mục lục (Contents)
BENEFITS WHEN BUYING HOUSE IN AUSTRALIA
For foreigners residing in Australia, buying a house in Australia helps them have their own house to reside in (and do business if eligible). For foreigners who buy houses in Australia without an Australian visa, if they apply for a visa later, they will have many advantages, such as:
- Have your own house in Australia to reside.
- You can invest in real estate if you meet the conditions.
- Favorable financial proof when children study in Australia.
- Availability of real estate in Australia when applying for an Australian investment visa .
- Earn migration points when you move from temporary to permanent residency in Australia.
Once you understand the attractive group of benefits from buying a home in Australia and decide to invest, please continue reading the next part of the article to know how to buy a home in Australia.
TYPES OF FEES TO PAY WHEN BUYING HOUSE IN AUSTRALIA
Before buying an Australian home, you must do your research to be sure of all the fees and taxes on buying a home in Australia. VEM lists for your convenience:
- License fee from FIRB
- Stamp duty
- Transfer fees and legal fees
- Construction inspection fee
- Mortgage registration fee
- Loan application fee
- Mortgage insurance fee
AUSTRALIAN HOUSE BUYING PROCESS IN 2023
Understanding the process of buying a home in Australia now will make your process of buying property in Australia go more smoothly. This procedure consists of 9 steps:
- Step 1: Determine a budget to buy a house in Australia.
- Step 2: Search and get a loan (if needed).
- Step 3: Apply for a mortgage.
- Step 4: Confirm with FIRB of eligibility.
- Step 5: Search and buy a home in Australia .
- Step 6: Get formal mortgage approval.
- Step 7: Get FIRB approval to buy a home in Australia (if needed).
- Step 8: Send a copy of the transaction contract to the FIRB for approval.
- Step 9: Pay the fee
The way to successfully buy a home in Australia is to complete the steps above. If you are still unsure about the conditions to buy a home in Australia, schedule a consultation with a VEM specialist!
FIRB APPROVAL APPLICATION PROCESS
When buying a home in Australia as a non-Australian foreigner, you must obtain approval from the FIRB. The process of working with this agency goes as follows:
- Step 1: Go to FIRB’s website and choose to accept registration conditions .
- Step 2: Fill in all required information correctly (type of property to be purchased, address, personal information, …)
- Step 3: Read all terms carefully, sign to confirm acceptance of conditions to buy a house in Australia.
- Step 4: Submit the application and pay the prescribed fee.
- Step 5: Receive results from FIRB via email (from 14-30 days from registration).
To get your application approved by the FIRB soon, you must provide information as detailed and clear as possible. If you travel with VEM, you will be guided by an experienced investment consultant through the process of buying a home in Australia, including applying to the FIRB!
NOTES WHEN BUYING A HOUSE IN AUSTRALIA
If you are buying a home for the first time in Australia, you should consider the following factors to choose the ideal home for your family:
- Location of the house: choose a house with a good location so that the value of the house is less affected by the real estate market.
- Ambience: research the area around the house before buying to ensure security and neighbours.
- Infrastructure: accessibility to basic infrastructure, such as traffic systems, green spaces, water sources, internet, telephones, street lights, etc.
- House price market
- Cost and standard of living