Oak Laurel | Australian Mortgage Brokers
Australian mortgage brokers that can assist you with obtaining a mortgage for your Australian property purchase.
Buying property in Australia: the process of buying Australian real estate
The process of buying Australian real estate
Buying a property can be both exciting and stressful. When you are purchasing a real estate in a different country it can come with some added challenges. Before you start your search for a property there are some things you may want to consider.
- What type of property are you eligible to purchase in Australia?
- Decide what type of property you are looking for and the location in which you want to buy.
- Research the property market.
- Know the costs of with buying property and the ongoing costs of owning property.
- Obtain finance to complete your purchase?
- Make an informed property purchase.
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Preparing to buy property in Australia
For further information please refer to: www.firb.gov.au
Getting a home loan or investment property loan in Australia
Larger deposits are required in some circumstances such as foreigners living overseas that are buying an off the plan property.
If some or all of the money you are using for the purchase of the property are located offshore, it is a good idea to transfer those funds into an Australian bank account well in advance of the settlement data. That means you will not need to transfer the funds urgently or risk delaying the purchase. It will also mean that you are not at risk of a negative currency changes.
Buying a property in Australia
Properties are usually sold by auction when demand is high. If you are the successful bidder you will be required to sign the contract of sale immediately and immediately pay a 10% deposit (unless you make alternative arrangements with the vendor prior to the auction). When sold at auction the contract will be unconditional (you will not be able to cancel the contract without paying an expensive penalty). Therefore it is advisable that you have your finances sorted out (preferably a conditional pre-approval if you need a loan) and know how much you can afford to pay for the property before you bid.
Private treaty is when a property is offered for sale at a negotiated price. The normal practice is for the vendor (the current owner of the property) to set the price and you negotiate with them until a mutually agreeable price is reached. The terms of the contract can vary. There is a two day cooling off period after the contract is signed by both parties. Usually 10% of the purchase price is required as a deposit once the contract is signed. In some States sellers will allow purchasers to purchase ‘subject to finance and valuation‘. This can allow the purchaser to arrange finance and obtain a valuation from their bank or lender to ensure that they can obtain finance for the property.
The costs involved in purchasing a property in Australia
There are a number of costs involved when purchasing property, as well as before and after you buy. These are some costs which you can expect to pay:
- Stamp Duty of Transfer: this will vary depending on which state you are buying. See more info here about Stamp duty;
- Building and Pest Reports: it is highly recommended that building a pest reports be obtained. If you are buying an apartment building reports are generally not needed. Check the body corporate report instead;
- Legal and conveyancing costs;
- Financing costs – this will vary depending on the Bank or lender you use;
- Home and contents insurance. Most Banks and lenders will require that you have home insurance that insures the building that you are borrowing to purchase. Ensure that you ensure any property that you have an unconditional contract to purchase;
- Moving costs and utilities (water, sewage, electricity, phone, internet);
- Ongoing council rates; and
- Ongoing body corporate/strata fees – these are generally payable when purchasing apartments and units.
Our Panel of Lenders
Our mortgage brokers have access to a large panel of lenders, this means that we can offer you a wide selection of home loans.
Please note: not all of our mortgage brokers offer products from the lenders listed here.
Oak Laurel Mortgage Brokers – Loans made easy!