Buying process Australia

Australia encourages Australian property investment and has laid down certain rules that benefit Australian and foreign investment in Australian real estate. In fact foreign investors are not restricted to the total dollar value or number Australian property they can own.

Foreign property investors can buy the following Australian property

Brand New Under Construction Property

"OFF-THE-PLAN" Apartments, Flats, Townhouses, Condos, Units

New Property not previously occupied

Residential Land, Providing a Home is built within 12 Months

New Homes

Projects can not be sold out only to overseas buyers.

Foreign buyers can not buy, generally, old properties. Upon resale, properties therefore can not be resold to another foreign buyer. No development may sell more than 50 percent of the total to foreign interests.

If you are not a permanent resident or citizen of Australia then you have to seek permission to purchase from the Foreign Investment Review Board before you seriously begin your property hunt.  Check out their web site for details of how to apply: - http://www.firb.gov.au/

Income and capital gains derived from property owned in Australia has to be reported to the Australian taxation authorities but there are certain incentives in place for overseas property investors to reduce or negate their taxation

1. Secure financing from a local or international lender to determine exactly how much finance can be borrowed. See mortgages in Australia
2. Secure currency and money transfer options this could save you a great deal of money learn more
3. Ensure that any particular property the investor is interested in has Foreign Investment Review Board approval
4. Make a formal offer to purchase or secure your bid at auction.
5. Be prepared to hand over 10% deposit to seller
6. Employ Company to carry out survey damp, termite infestation can be an issue
7. Instruct local legal representatives to conduct conveyancing process
8. The final step is signing the contract to purchase, the contract should include all conditions of the sale and this contract is legally binding.

Buyers should account for legal fees, stamp duty on both the transfer of the land or property and on any mortgage too, mortgage application fees, insurances and adjustments such as rates, council taxes, water fees etc.

Overseas property buyers should take advice from qualified solicitors or other independent professionals and ensure that sales documents, title of property, building permits and registrations are correct and translated into the language of the purchaser.