Moving to Australia is an amazing experience. With beautiful tourist attractions and abundant wildlife, it remains an attractive option for all kinds of people. Australia has become a popular immigrant destination and has been one of the best countries to live in because of its low population, clean atmosphere, and good quality of life. Investing in a property in Australia has become notable with overseas investors due to its lower cost of living. If you plan to migrate and live in Australia, here are tips on how to have a smooth and systematic experience when buying a property.
Budgeting and Planning
First, consider how much you’re willing to spend on a property. Australian banks won’t lend you money if they think you can’t afford to pay it back on time. So, set a reasonable budget that you’ll be comfortable with. You’ll obviously need to know your options and what comes after the initial purchase. Ask for the assistance of agents who can offer reliable advice. Also, plan ahead by listing down monthly dues, including utility bills, maintenance fees, home insurance, and taxes. It pays to read reviews on different builders and construction companies too.
Getting Help from a Team of Experts
To be fully guided with the process of buying a property, get assistance from a conveyancer, mortgage broker, accountant, and buyer’s agent. They will help in taking care of legal work, applying for mortgage, arranging finances, and getting great deals for properties that would suit your needs and be within your budget.
Securing a Mortgage
Before you start viewing properties, you’ll want to secure a mortgage. Get a mortgage that makes you eligible for a loan so you have an idea as to how much you can borrow from the bank. You can secure a mortgage online but make sure to double-check the details before you submit your application to avoid any additional charges.
Choosing an Ideal Location
When buying property, one of the most important things to do is select your location. Cities in Australia have their own distinctive traits that make living there exciting. Take a moment to research different suburbs or neighborhoods and choose one that best suits your lifestyle. If you love living near the beaches, Queensland is your ideal city. If you love suburban living, choose Sydney. With a quick online search, you can easily read up on each property’s different features such as the number of bedrooms, garden dimensions, parking, and more.
Going through the Foreign Investment Review Board
Depending on the type of visa you have and the kind of property you want to buy, you will need to get permission from one of the Australian Government’s advisory boards – the Foreign Investment Review Board (FIRB). The FIRB examines proposals, such as property purchases, by foreigners looking to invest in Australia. It will take 30 days to be looked at by the FIRB from the date the application was settled. A conveyancer can take care of your FIRB application for you, if you’d like.
Settling the Price and Buying
Once you’ve decided on a property, now is time to negotiate and make a deal with the purchase price. You can ask assistance from your solicitor or conveyancer to review your contract and guide you through property laws. Once all applications are settled and the price has been negotiated with the help of your agent, it is time to buy your property. Make sure you won’t be paying more than what is needed. Get a list of requirements to help finalize your purchase for your property and everything will be good to go.