Purchase Australia property
Anyone who does not have Australian citizenship or a permanent residency visa is
considered a foreign investor – this includes those on long stay temporary resident
visas. Those classed as foreign investors generally can only buy property off-plan or
vacant residential land on the condition that construction of a residential dwelling
starts within 12 months. The Australian Governments Foreign Investment Review
Board (FIRB) regulates the sale of Australian property to people from Overseas.
Foreigners that are not residents of Australia can:
- Purchase residential properties under development (called “buying off the plan”), or new construction that has not yet been sold. There’s no limit on the number of properties an investor can acquire, provided the developer has pre-approval to sell to overseas investors.
- Purchase vacant land for development, provided construction commences within 2 years.
- Purchase an established home for redevelopment purposes. (You can’t rent out the existing home, but you can rent out new construction after the previous dwelling has been demolished.)
- Purchase already developed, non-residential, commercial real estate – though restrictions apply to rural land.
Purchase procedures vary from state to state. Most cases, buyer will sign offer and acceptance forms and if accepted by the seller this becomes a purchase contract immediately. Buyer will need to sign Sales & Purchase contract along with 10% purchase price (Down Payment) payable to solicitor trust account for exchange contract procedure later on. Solicitor fees variety from AUD$1,800 to AUD$2,200. If buyers prefer, they can appoint their own Australia legal license solicitor for represent.
In the Australia mortgage market, buyer tend to only get a loan of 80% of the property’s price & loan terms for up to 30 years with no age restrictions limit. All mortgage applications are reliant on proof of income, so buyer will need to be employed when applying. If buyer have other assets (Rental income, Stock, Bank saving), as this with smooth the way during the application process.
Non-permanent residents or non-citizens of Australia can obtain a mortgage
once approved by the FIRB. Most of the buying are 10/90, so buyer don't have to apply mortgage until close to settlement.
Please refer to: https://www.sro.vic.gov.au/calculators/land-transfer-calculator