Many of you might wonder what it would be like making a new life in another country and some decide to actually go and find out for real, with Australia proving to be one of the most popular destinations.
If you are looking to find out your loan options for buying a home in Australia, you may want to try this website, and if you are looking for some more background on how the housing market works in the country and what your options are, here are some pointers.
New in town
If you are an expat and want to be able to buy a property in Australia and become a home owner after moving here, it is to be expected that there will be some red tape to cut through and form filling to get on with.
That would be the case anyway for anyone going through the house buying process, but as you might expect if you are an expat, there are some additional rules and regulations that need to be negotiated successfully before you can fulfill your aim of properly putting down roots.
You should also get some local guidance, as although there are a number of steps in the process that are applicable across all of the states, there will be some deviations to the rules and regulations, depending on where you intend to buy a property in Australia.
A bit of extra help
It will come as a pleasant surprise if you didn’t know this already, but if you are an expat who has now been granted residency in Australia, you should be entitled to what is called a First Home Owner Grant.
This grant offers you a one-off contribution which is to be used towards the purchase of your first home.
It is certainly a nice welcoming present to help with the overall cost of buying a home, although most expats will still need some sort of loan to purchase a house, unless you have a substantial pot of cash saved up.
Obtaining a mortgage
The plain facts relating to expats applying for a mortgage to buy a home in Australia, are that you could find the application process almost no more challenging than if you were a natural resident, or you could find that there are more hoops than you anticipated having to jump through.
Two factors that can make a fundamental difference to how easy or difficult you find it to obtain a mortgage, are the type of visa you have arrived on and how good your credit rating is.
You could also find yourself needing to apply to the Foreign Investment Review Board (FIRB) for permission to buy a property in Australia, where their decision to grant or deny this request is purely down to each individual circumstance.
To give you some idea. If you have a temporary resident visa, you should be able to borrow up to 80% of the purchase price, but as with any lending, your income will help dictate what you are able to borrow.
If you want to feel right at home in Australia and buy a property, this is certainly a possibility, but it would pay to get some local help with the process…. For more advice contact a Naked Agent today!