Most individuals, couples and families migrating to Australia go with the intention on settling into their new life quickly, securing a job and ultimately buying their own property.
With interest rates in Australia at a record historical low, most migrants wish to move quickly in securing their property.
We answer some key questions and explain the process.
Step 1: Can I buy a property in Australia?
Before starting the home buying process however, foreign buyers need to apply to the Foreign Investment Review Board (FIRB) for permission to buy property in Australia. http://firb.gov.au/.
Step 2: Will I qualify for a mortgage?
Arranging mortgage pre-approval is the obvious next step and means you know up front how much you have to spend. The amount you may be able to borrow will largely depend upon the visa you’re on and your credit rating. So make sure you leave the UK knowing your credit rating. There are a number of UK websites which provide you with your latest credit rating, like https://ukcreditratings.com.
Step 3: Are there any hidden costs?
In Australia, home buyers are required to pay Stamp Duty on the purchase price, along with a number of other fees and insurances, so it’s important you factor these in when calculating affordability.
Because the home buying process varies from state to state, you can check out the stamp duty on this website: http://stampduty.calculatorsaustralia.com.au/.
Step 5: Are their limitations on the amount of money I can move from UK to OZ?
There is no limit on the amount of funds you move between countries. However with money laundering being a global problems for governments, we recommend you speak to your currency exchange expert in the UK before you migrant down under. Foremost Currency Group have a specialist Down Under FX team and they can help you open your bank account and move funds to OZ, smoothly, quickly and securely as well as provide better rates than high street banks. www.foremostcurrencygroup.co.uk.
Step 5: Mortgage brokers – should I use one?
Most people now use a mortgage broker when securing a property in Australia, particularly first time round. A mortgage broker can help you secure the best type of mortgage for your budget and lifestyle and minimize the hassles in securing the property of your dreams as well as give you guidance on insurance options.
We recommend its worthwhile securing the services of a local Australian mortgage broker such as http://www.mortgage-express.com.au. They work directly with leading property agents in Australia like Harcourts www.harcourts.com.au.
Tee is a regular speaker at the Down Under Live shows and her seminars cover renting and buying property process in Australia and New Zealand.