6 Tips on Getting a Home Loan in Australia as a Foreigner
A resident who wants to buy a home in Australia can easily qualify for home financing. But for a non-resident, it depends on your situation, due to some rules, but not impossible. If you are looking to invest in Australian property as a non-resident, these tips might be helpful.
1. Do your research.
Study the housing market, property value, and growth trends. Check the location, demographics, economic activities, and amenities. As a foreigner, you can only buy new properties, off-the-plan apartments and vacant land.
2. Assess your finances.
Be of good financial standing because banks will look into your finances — your assets, liabilities, sources of income, and credit history. Include in your budget the down payment, insurance, interest rates, and various acquisition-related fees such as foreign stamp duty surcharge.
3. Prepare the required documents.
Get your immigration documents (passport and visa), proof of income (payslips, tax returns, bank statements), and other documents ready.
4. Get a mortgage broker.
The mortgage broker does the paperwork, home search, and negotiations for you. Having one makes the purchase easier. He or she provides you with access to competitive home finance options. The broker also connects you to the right person on legal matters like contracts and transfer of ownership.
5. Make the purchase.
Have your loan pre-approved, then negotiate with the seller. Act swiftly to sign the sales contract. Other buyers might be waiting. Get the Foreign Investment Review Board (FIRB) permission, settle and close the acquisition.
6. Hire a property manager.
For an investment property, it is best to hire a property manager who takes care of your rental home’s operation. He or she handles marketing, getting tenants, maintenance, and finances like cash flow, tax returns, and mortgage repayments.
AFCG offers competitive non-resident home loans and exclusive access to off-the-plan properties, house and land packages. For more enquiries, call 03 9621 1450 and talk to us.