- 13 May 2024
- By Specialist Mortgage
Your 2024 Guide
How To Make Buying Australian Property As An Expat As Easy As 1, 2, 3?
For Australian expatriates wishing to invest in property back home navigating the process can seem daunting. Being armed with the right information and planning makes buying Australian property as an expat a feasible and rewarding endeavour. Helen Avis of Specialist Mortgage is a seasoned professional when it comes to expatriate finance. Here, let Helen Avis step you through the basics to successfully navigate the Australian property market.
Are You Ready To Purchase Australian Property?
Like everything in life you need to be prepared before starting anything. Before jumping straight in it’s crucial to research and understand the Australian property market. Consider factors such as market trends, property prices, rental yields, and economic conditions. Engage with local real estate agents and online resources to gather relevant information or speak to one of our friendly mortgage professionals and they’ll point you to the right person. We have a network of agents, accountants & brokers to provide you with the knowledge you need before embarking on one of life’s biggest investments.
Can You Afford An Australian Home Loan?
Don’t forget about your financial goals and budget too. It’s all very well to know what suburb is providing a sound return on investment but can you actually afford it? It’s important to first know the purchasing budget you are working with. That way you, and your mortgage broker will get a better understanding of your purchasing range and the properties you can look at.
Having a chat with an experienced Australian expat mortgage broker will give you a good indication of your borrowing capacity, and how much deposit you will need to have for the Australian property you are going after. Your Australian mortgage broker will then being able to pin point some of the incentives you may be eligible for also.
Get Professionals In Your Corner For All Things Aussie Property.
We’re not experts at everything so why pretend to be? To navigate the complexities of the Australian property market, we do advise to engage the services of professionals such as a real estate agent, mortgage broker, and a solicitor. A reputable real estate or buyer’s agent can assist in finding suitable properties, your mortgage broker can help secure financing options tailored to your needs & a solicitor will guide you through the legal processes involved in property transactions.
Did you know if you purchase a property in New South Wales on the East Coast of Australia, whilst only holding a PR status and not hold an Australian passport, you would be subject to an additional 8% stamp duty surcharge on the purchase? It’s important to understand your liabilities and having an expat mortgage broker will only strengthen your options when purchasing Australian Property
The Fund Part – Accessing Australian Home Loans.
Arranging finance is tricky for everyone, and as an Aussie expat or repat there can be some loopholes and barriers. Exploring your financial options like securing a mortgage from an Australian lender or utilising existing funds in an Australian banking institution can really help. Talk to us, or consult a mortgage broker so you can understand the requirements, interest rates, and terms and conditions associated with Australian expat mortgages and non-resident lending.
Virtual Reality When Purchasing Bricks And Mortar Investments.
The biggest question we get all the time is how can I purchase property in Australia if I’m not physically in Australia? I can’t go and inspect properties?!
Yes, its always best if you can personally inspect potential Australian properties but in this digital age it is not uncommon for even locals to not even set foot in their future home. You can now leverage technology to conduct virtual property inspections, seek detailed property reports, and engage with trusted individuals to assess properties on your behalf. Ensure the property aligns with your investment goals, location preferences, and meets necessary standards.
Once you have identified a property, (digitally or elsewise!) make an offer through your real estate or buyer’s agent. Ensure the offer is contingent upon due diligence, including property inspections, finance approval, and legal requirements and negotiate the purchase price and terms to reach an agreement beneficial to both parties. You can do this all electronically and remotely if required.
After due diligence and legal processes are completed, proceed with settling the property purchase. Coordinate with your solicitor, lender, and real estate or buyer’s agent to ensure a smooth settlement process. We too can take care of this entire process for you with our dedicated team that work with expat clients daily. We know the ins and outs and act as your proxy every step of the way.
Purchasing Aussie Property Worldwide.
Buying Australian property as an expatriate may require additional considerations and processes, but with thorough research, professional assistance, and careful planning, it is an achievable goal. By understanding the market, adhering to regulations, and engaging the right professionals, expats can successfully invest in Australian property, benefiting from long-term capital growth and potential rental income. Is it time you invested in Australian soil?
For an obligation free consult contact Helen Avis or Specialist Mortgage today.
Specialist Mortgage, a part of the SMATS Group, specialises in providing tailored mortgage solutions for Australian expats and foreign investors. The team of experts led by Helen Avis, have consistently provided tailored mortgage solutions to clients worldwide, helping them achieve their property ownership dreams.
With a focus on personalised service and in-depth industry knowledge, Specialist Mortgage has established itself as a leader in expatriate and foreign national home loans.
