Buying land from down under is a process that depends on your reasons for purchase. You may be an oversea investor, or an Australian ex-pat looking for a promising investment opportunity. You may just be looking for a house.
Whatever the reason, if you’re buying a house in Australia, you need to know what you’re signing. Read on to discover how buying a house in Australia can be a simple, painless process.
Why Are Investors Looking for Property in Australia?
It was really important to us to be able to buy our own home in Australia. Wed been home-owners for many years in the UK, and moving into a rental when we arrived in Brisbane was a strange feeling.
When we arrived, I had no idea about the Australian mortgage market. We didnt know how easy it would be for foreigners buying property in Australia, even though we were permanent residents. I didnt know whether wed be able to get a mortgage easily, especially as Matt was working on temporary contracts and I was self-employed. We had no idea how much we might be able to borrow or what sort of house we might be able to afford or what amount of deposit we needed. We figured wed rent for a year to figure out which suburb we liked best and hope everything worked itself out by the time our contract was coming up for renewal.
About six months into our rental contract we were introduced to mortgage broker Anish Prasad, from i Lend Finance Solutions, by a friend (check him out on my Resources page). He came over to our house one evening and talked us through all of our options. We realised we could afford to buy sooner than we expected and he answered all of our questions and addressed all of our concerns.
Australia is one of the best destinations to experience the open space, wide range of beaches, and famous harbor bridge. Apart from this, Australia offers a high quality of living to its people and a safe atmosphere. It also includes better education for the candidates of Australia and abroad. Therefore, it becomes an enchanting spot to live.
Moreover, buying a house in Australia has become easier nowadays. Therefore, it is one of the best investments of an individual to obtain a home in Australia. Also, not locals can take their dream home in this sovereign country, but foreigners can also do. But, they have to follow the guidelines given by the Australian government to purchase a house.
In addition to this, temporary residents and permanent residents both possess the advantage of purchasing a house in Australia.
Kiwis have similar rights to Australians when it comes to buying property in Oz. If you’re thinking about buying a home in Australia, this guide will walk you through the process, the pitfalls and the prerequisites.
One of the bonuses of NZ and Australia being so close is that Kiwis can buy property easily on the other side of the Tasman. A Kiwi can waltz into Australia and buy an urban property without FIRB approval — so what are you waiting for?
There are a number of websites, and some specific to the state you’re looking in. The top five largest and Australia-wide online real estate sites in Australia are:
When buying a house, one of the most important steps you can take is getting pre-approved.
Kat Tretina Edited by Chris Jennings Updated January 4, 2022
Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as «Credible.»
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free — so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Share this page
Buying a house can positively change the direction of your life and create wealth and security for generations.
But like anything this important, homeownership comes with a fair amount of work, sacrifice, and some risk.
Fortunately, it may not be as difficult as you’ve built it up to be. And there are a ton of resources — both online and in real life — to help.
Buying a house is a different experience than, well, pretty much anything else. But by knowing what to expect and taking it one step at a time, you can learn how to buy a house like a pro, even if it’s your first time.
Finding a good real estate agent is all-benefits, no drawbacks for buyers. It costs you nothing, but will save you so much time—and you’ll have a pro’s know-how throughout the process. Agents have access to the Multiple Listing Service (MLS), which gives them first glance at what’s for sale in the neighborhood you want at the price you can afford.
Trulia can also help connect you with a Premier Agent when you click “Request Info” on any property page. Premier Agents are qualified agents who you can trust to work hard for you. You can also ask friends and family or visit a local real estate office. Prepare a list of questions to ask a real estate agent, and interview them before committing.
Buying a house is a complicated process and can seem daunting to first time buyers, our step by step guide explains what you need to do to buy a house.
Compare a huge range of first time buyer mortgages on our comparison tables
How to buy a house can be broken down to nine steps:
If you are living outside Australia now, that does not automatically disqualify you from buying a property in the country. Although stricter rules apply, the Australian real estate market is open to expats.
If you are an Australian living abroad, you might be wondering if it is possible for you to apply for a home loan. The answer is yes – however, you will need to meet stricter criteria for approval.
You can usually apply for a home loan under the following circumstances: