Are you a foreign investor looking to buy property in Australia? We have a unique ‘one-stop-shop’ service that will enable you to invest without stress.
Non-residents can purchase property in Australia whether they live overseas or Australia, you do not have to come to Australia to obtain finance to buy property.
A non resident borrower is anyone who does not have permanent residency status in Australia i.e. those who do not hold a special category visa. Each lender has their own criteria for lending. Some will lend up to 80% of the value.
Most financial institutions will lend up to 80% of the value of the property. You will need to have funds to fund the upfront costs involved in a purchase i.e. 20% deposit, property transfer duty, loan stamp duty, conveyancing costs, building and pest inspection, and lender cost such as application fees, etc. As a general ball park figure 25% of the property value is usually adequate for deposit and costs.
The FIRB (Foreign Investment Review Board) is a non-statutory body established in April 1976 to advise the Government on foreign investment policy and its administration. It examines proposals by foreign interests to undertake direct investment in Australia and makes recommendations to the Government onwhether those proposals are suitable for approval under the Government’s policy. Foreign investors should checkwith the Foreign Investment ReviewBoard – http://www.firb.gov.au/content/default.asp
Once you sign a contract of sale you will be required to make an application through the Foreign Investment Review Board. The contract of sale needs to have a “Subject to FIRB” clause.
Suitable properties for purchase:
Real estate for residential redevelopment, where construction must begin within 12 months.
Vacant land, where construction must begin within 12 months.
Home units, townhouses etc. off the plan, where they are under construction or just completed, but never occupied or previously sold.
Documents required for a loan application:
Photo ID containing your signature e.g: passport or driver’s license / evidence of income / savings account statements from all bank accounts / proof of other assets such as property, motor vehicles, shares, managed funds, home contents / evidence of all liabilities; personal loans, mortgage loans, credit/store cards, lease liabilities, interest free loans, any other debts.
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