For those seeking to acquire assets abroad, there is a need to say that the process in Australia is easier as compared to that of other countries. In this case, there are approaches that you can consider and be sure to avoid any mistakes. In the following section, read more about a step by step guide that will help you avoid such mistakes.
Initially, consider your financial plan for the undertaking. When on this move, there is a need for you to consider gathering more info on the matter, choose and then finally decide on how much you will be spending on this line. For those who have already identified a home from which they want to buy, it is advisable to proceed to choose a realty agent who can be useful in matters to do with pricing. Checking on this feature is highly advisable as the not a single lending institution is willing to lend you money.
In addition, it is crucial for you to create a team to help you in this line. As an expat, you are less likely to get a property in Australia on your own. The first professional you need to hire in this line is a professional dealing in legal matters. Secondly, consider engaging a property mortgage broker. Finally, consider engaging an accountant who will be beneficial in helping you manage your financial statements.
Again, there is a need for you to consider getting a pre-approval loan. This ought to be your initial consideration before you go for property search. With this loan, there is a promise that you will get a mortgage easily.
Consider getting approval from the Foreign Investment Review Board. If you are a non-resident or your visa is temporary, there is a need for you to consider getting a certification in this line. When you consider getting approval in this line, one of the expectations is that there are fees to pay and you, therefore, need to check on the FIRB schedule.
Find the propertys and bargain on such. When you request to the FIRB has been approved, there is a need to say that this is your next consideration. For most of the properties in Australia, there is a need to say that their value is usually inflated by 10%. On the other hand, there is a need to say that the value of the property may vary and you need to carefully choose.
In conclusion, it is advisable for you to exchange contract and pay the down payment. In this case, there is a need to say that we dont expect to pay much in this line as most of the sellers propose 10%. However, always negotiate the amount that you pay for the property.