Buying a property in Australia may seem overwhelming if you are a foreigner or expat because of all different policies. However, you do not have to worry if you know the requirements.
Unlike most countries, the Australian government does not require foreigners and expats to own a company to acquire property. Investing in real estate is possible for anyone who will pass the assessment and complete the requirements.
The most important step that every foreign property seeker needs to take is applying for approval in Australia’s Foreign Investment Review Board (FIRB). FIRB oversees the regulation of foreign investments in the country to ensure that investors adhere to the rules and regulations.
Types of Properties Foreigners and Expats Can Buy
If you are a foreign investor or an expat who intend to buy a property and move to Australia, here are the types of properties you can purchase:
● Established Dwellings – Established dwellings refer to houses that used to house residents. Foreign investors and expats are allowed to purchase such properties under one condition—the said property must be demolished and replaced by a new property of greater value. For example, an existing bungalow must be demolished and be replaced with a villa.
● Vacant Land – For a vacant land to be approved, the buyer is required to submit a copy of the construction plan.
● New buildings – New buildings are commonly approved without any conditions.
● Residential property – Expats and foreigners are allowed to buy a residential property where they can temporarily reside, provided that they sell it once they decide to leave the country. The house can be kept if the owner applies and becomes a permanent residence.
If you plan to secure a property loan, consider availing services such as mortgage assistance so you will be guided throughout the whole process, from application up to approval.
For more information, visit: Odin Mortgage