Australia Buying Tips
Buying property abroad is not necessarily the same as buying in the UK, there is other essential information you need to be aware of both before and during your property purchase.
- For any non-Australian citizen or permanent resident buying a property, Foreign Investment Review Board (FIRB) approval must be applied for prior to purchase and prior to applying for finance on the property. Your application can be lodged via an Australian solicitor, or directly through the FIRB
- It is highly recommended that you seek independent advice from an Australian lawyer/solicitor.
- You should check with the estate agent and/or your lawyer that you are aware of the costs charged by legal and Government authorities for buying Australian property. Stamp duty is the greatest of these costs and is taxed progressively depending on the purchase price. It also varies in cost across the various States of Australia. For example, a property in the State of New South Wales costing AUS$450,000 will be charged AUS$16.000 in Stamp Duty as a once-only tax upon purchase. The lender will also have their own legal costs for assigning the loan, the cost of which they will normally advise you when they issue the mortgage offer.
- All mortgages should have a suitable life assurance policy assigned to them. It is not mandatory in Australia but highly recommended.