international mortgages
australia
Non residents of Australia require permission to buy from an organization called FIRB. Once you have applied you should receive an answer within 40 days. Most new developments have permission in place for a percentage of the properties to be sold to non residents so in these circumstances a personal application is not necessary. You should not exchange contracts until you are sure your permission is in place.
After making an offer and when it is accepted exchange of contracts will occur almost straight away. You are entitled to a cooling off period after of exchange of 5 to 10 days. The contract can be made conditional of any mortgage offer so if you do not have finances in place it is important to ensure this clause is included within any contract you sign. At the point you sign the contract an agreed deposit will be passed.
After contract is signed the lawyer will undertake the necessary title searches. The whole search process will take approximately 6 weeks.
Buying costs in Australia and New Zealand can vary slightly dependant on the state you buy in but you should allow around 5% of the purchase price to cover all taxes and legal needs. It is obligatory in Australia to have a termite inspection and in the case of an apartment an inspection to check the overall structure.
Average costs
Land registry which varies from state to state approximately 2% of purchase price
Stamp duty on mortgage plus purchase approximately 0.50% of purchase price
Mortgage set up costs 1% of loan amount
Legal and broker fees 1% of purchases prices
If you would like to speak with a representative to discuss your requirements please call +(34) 677 874 948
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