Moving to Australia and Buying a Home there
I have arrived, I am loving it, I want to stay! So, can I purchase my dream home if I don’t yet have permanent residency or citizenship?
The great news is, in short, Yes!
Most people will rent on arrival as it has the dual benefit of letting you get to know an area first, and you don’t have to worry about paying rates or water connection fees. However, if you are planning on staying long-term or are looking for an investment property then you may not want to rent long, if at all.
Buying when you are not an Australian resident does have some additional hoops for you to jump through:
The Foreign Investment Review Board, (FIRB): Non-residents must get prior approval from the FIRB, which can come at a rough cost of around $5000 AUD.
Stamp Duty: depending on which State you have chosen to purchase in, you may be up for a larger Stamp Duty payment than residents. It’s better to check out the rules for each State as it will vary and this can be a substantial addition to your purchase price.
Also, as a non-resident, you can buy an established property as a home but it must be your primary place of residence.
Buying as an investor you must buy a new-build property.
Mortgage choices may also be a little more limited as a foreign buyer. We can put you in touch with some great mortgage brokers who can assist though, just ask us.
Australia has houses and apartments to suit all tastes and it helps if you have someone who can visit the property for you as each house can vary significantly compared to its neighbour. Claymore Thistle is here to help you with your viewings and we can view them with you Live if the time difference matches up, or we can send you a video of our viewing so you can see what we saw.
If you would like more information on buying a property please contact us on +61 (0) 7 3303 0393 or email [email protected]. Your Relocation Agent in Australia provides Corporate Relocations and Relocation Assistance!