How to buy a house in Australia?

To talk about the basic dream of a person, along with better living standards, come owning a house. People, irrespective of gender, social status, culture, or country, would say that having their own house plays a significant part in having a secure future. However, the home buying process can seem stressful if there is no persistent work done regarding it.

For a foreigner, it requires double the research as the rules are different from the local scenario.

So, here is a basic overview to guide you in this purchasing process in Australia.

Australia as a place to buy a house

Buying a house in Australia is a lot easier than any other country.

But, there are some restrictions for the foreign home buyers as per their visa and residence status.

In Australia, the Foreign Investment Review Board (FIRB) controls the applications of the non-residents before buying a property. Foreigners can only buy an established property for themselves as their home after FIRB’s approval. However, if the owner is not living in the house as a full-time resident, the purchased house must be a new-build property.

This law also applies for buying several properties as an investment in Australia. It has been designed for ensuring the proper supply of new housing stock throughout the country.

Besides FIRB’s approval, applying for a mortgage needs to be considered to know how much the bank will be able to lend for the said property.

A glance into the best places and prices 

Australia’s performance of the property market varies from region to region. Whether it be extensive country homes or inner-city apartments, different kinds of places are available here more so in naturally beautiful settings where people with different occupations or backgrounds can live comfortably.

• If you are a young professional and want to settle down in Australia, Sydney would be a great option for you as it is one of the big cities. From being an IT worker to a pharmacist, youngsters can enjoy both their professional and personal life to the fullest.
• Melbourne is another hotspot that would suit everyone coming from different countries to settle down in. This city has the least number of unemployed people, which makes it a very reliable place for foreign students or a whole family to stay at.
• Brisbane is another city in Australia that provides a comparatively low cost of living than the rest of the big cities. Also, the weather is warm throughout the year in this city. The low living cost and weather makes this city a good choice for retired personnels to live in.

Apart from getting to know the cities, it is also important to know the price of the properties before buying them.

The price of property in Australia depends mainly on the weather. You will be seeing a wide variety of prices as per the location and weather of the city.

Websites and agencies: pick the right one

Websites like Juwai.asia/au and Realestate.com.au are popular for buying properties in Australia. They sell properties and can also connect you to real estate agents.

Agencies pave the way to find a suitable dream home for you. The agents listen to your demands and give you options according to your choice. They are helpful in getting proper guidelines. 

Moreover, in Australia, negotiating a good price while buying a property is important.

If the sellers ask for a price, it is normal to buy it at least ten per cent below the asking rate. As agents are professionals in this sector, they would know what is fair for both the buyer and seller when a foreigner needs to buy a house.

Only know Sydney and Melbourne? Check out the latest hot spots for Chinese property investors in Australia

Steps to consider in a nutshell

• Finding a mortgage broker
• Applying for a mortgage
• Arranging funds from the bank
• Getting FIRB’s approval (N.b. It takes two weeks to get FIRB’s approval. There is also a fee to it)
• Finding a suitable property
• Negotiating and agreeing on a price with the seller
• Receiving the official mortgage approval from the bank
• Applying again for the FIRB approval for the final agreement
• Finishing the paperwork and owning of a new home

If you feel that the buying process is overwhelming and you require personal assistance, don't be afraid to reach out to us! Juwai.asia is more than willing to help you out with all your real estate issues and inquiries. Trusted professional advice go a long way and saves you from unnecessary hassles. Just scroll down and fill in the form below and we will process it right away!