WCS

Youll need to consider more than just finances

Lea Uradu, J.D. is graduate of the University of Maryland School of Law, a Maryland State Registered Tax Preparer, State Certified Notary Public, Certified VITA Tax Preparer, IRS Annual Filing Season Program Participant, Tax Writer, and Founder of L.A.W. Tax Resolution Services. Lea has worked with hundreds of federal individual and expat tax clients.

If you feel like youre ready to buy a house, the first question youre likely to ask yourself is how much can I afford? Answering that question means taking a look at a number of factors.

Before you snap up that seemingly great buy on a home, learn how to analyze what "affordability" means. You’ll need to consider various factors ranging from the debt-to-income (DTI) ratio to mortgage rates.

Are you a New Zealander wanting to buy a house in Australia?

Yes you can! If youre an NZ citizen buying property in Australia everything works the same as if you were an Australian citizen buying property in Australia. You may even be eligible for the first home owners grant.

However, if you are not a NZ citizen there are some restrictions for foreigners wanting to buy property in Australia, depending on your visa and residence status.

Find below some advice on how you can buy your dream home in Australia and some smart tips to avoid paying more than you need to in fees and charges.

Yes – Kiwis living in Australia can absolutely purchase a house here!

As a New Zealand citizen you are allowed to live and work in Australia permanently, which has the same effect for the purposes for working and buying a house in Australia. Your loan can be used for any kind of residential housing. This includes both a home to live in and an investment property in Australia. New Zealand citizens living in Australia can borrow up to 95% of the value of a property plus Lenders Mortgage Insurance (LMI).

Be aware that some Lenders (Im a Mortgage Broker) require the borrower to be a Permanent Resident or a Citizen, this will mean that while buying a property is not issue, finding a suitable lender, for the mortgage, might at times be hit and miss.
I am currently checking with the lenders I have access to, to ensure that they will lend to Kiwis. I currently have one lenders that requires a Permanent Resident or a Citizen, but as a Kiwi we may not have any documents to substantiate our position.
Kiwis can also qualify for the First Home Buyers Grants and Stamp duty Discounts, these vary State by State.
Before you blow too much money on rent, put a little away, this can build towards a deposit for a property purchase, in some cases about $20,000 might be enough to get you into a cheap house.
Property prices in many parts of Australia have grown considerably for many years. Owning a property can also provide a stable platform for you and you family.
Rents in some places can be as high, or higher than the cost of the mortgage payments, so consider the idea of buying some property either for an investment or for you and your family, you can later sell it when youre ready to head back home.

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Rules apply on who is allowed to purchase property, although any Australian Citizen or Permanent Resident of Australia can a buy a house in Australia without any restrictions.

Each State has its own rules and regulations on purchasing property.

What may be correct procedure in one State may not be the same in another, so it is advisable to always check first, before assuming that what you have heard elsewhere actually applies.

If youre buying a house in Australia for the first time you may be eligible for the First Home Owner Grant. This includes migrants with permanent residence who have already owned a house elsewhere.

You are paid the First Home Owner Grant directly if you are the house buyer. You cant claim the grant for land purchases.

In most states, there are house price caps on grants and there may be further restrictions such as the property being your primary home.

Are you ready to take on the challenge of buying a home in 2022? Make sure to read our how-to guide before you jump in.

How To Buy A House In 13 Steps

Most home sales involve the following 13 steps:

Table Of Contents

Let’s take a closer look at what each of these steps involves and what you’ll do along the way.

Buying a house is one of the biggest decisions you will make. And it can be nerve-wracking to figure out all the steps.

You might not know what to do first, how to find a home inspector, or how much you should offer on your dream house. So where do you start?

You want to make sure that you are doing everything correctly because the process of buying a house is complex and time-consuming.