Accommodation

Buying Property In Australia

Australia has a sophisticated financial industry and home loans form an important part of this. Increasingly, Mortgage Brokers who are independent of the Banks and can offer a variety of products from a variety of different lenders are servicing the market.

As new migrants, you must be aware that arranging a home loan from the day you arrive is probably too ambitious. There are many reasons why it would be considered wise to get a “feel” for which area you will want to settle in and to get to understand the market. Apart from this there are several factors which can impact upon whether or not you will get a Home Loan. Your Visa Status, the amount of cash you have available, whether you are self-employed or whether you have a permanent position – all can have a different impact upon your Loan Application.

Properties for sale are listed privately or through Real Estate Agents in a variety of different media. Each State has its own particular rules and regulations that must be understood by the clients or professional legal advice sought. Clients should not sign contracts before seeking the advice of a Legal Professional skilled in Conveyancing. Furthermore Clients must be aware that there are rules governing Foreign Ownership of certain types of Property and here again this will depend upon on the type of visa held by the purchaser.

A First Homeowners Grant of $ 7,000 is available to all Australian Citizens and Permanent Residents when buying their first home. It is not payable if the house is being bought for investment purposes and can only be claimed once by an applicant. This sum of money can go a long way to paying off some of the costs associated in purchasing a House.