For any expat, it is logical to say that you expect a smoother process of obtaining a house in Australia as compared to other states. To avoid mistakes when seeking to acquire properties in Australia, there are ways that you can consider. For those in need to discover more about how to acquire properties abroad, continue reading here for more info.
Initially, consider your financial plan for the undertaking. In this case, you need to research, make a plan and decide on a budget for your new Australian property. When you have a place in mind consider speaking to a real estate agent to learn more about the area and what to expect in regarding to pricing. Considering your budget is commendable as there are no banks who will lend you money when you are a foreigner.
In the second place, there is a need for you to consider developing a team in this line. As an expat, you are less likely to get a property in Australia on your own. The first professional you need to hire in this line is a professional dealing in legal matters. Secondly, consider engaging a property mortgage broker. Lastly, engaging an accounting professional as he or she will help in the management of finances.
Again, there is a need for you to consider getting a pre-approval loan. One of your prior consideration when seeking to get property is getting a pre-approval loan. Such comes in handy in assuring that you will get a mortgage at ease.
Also, think of getting a certification from the Foreign Investment Review Board. If you are a non-resident or your visa is temporary, there is a need for you to consider getting a certification in this line. When you consider getting approval in this line, one of the expectations is that there are fees to pay and you, therefore, need to check on the FIRB schedule.
Search for the propertys prices and negotiate such. When you request to the FIRB has been approved, there is a need to say that this is your next consideration. When it comes to the pricing for houses for sale in most parts of Australia, most of the sellers increase the price with 10%. However, such a detail may vary contingent to the location that you choose.
In conclusion, it is advisable for you to exchange contract and pay the down payment. There is a need to say that you are expected deposit to pay is 10% contingent to the dealer you choose. However, always negotiate the amount that you pay for the property.