Buying a Home In Australia: What You Need to Know

Australia is a good place to move to, as it has a good economy and living conditions. Whether you are moving alone or with your family, one of the first questions that you should be asking is where are you going to live. Though you might try renting for some time, it is best if you actually get a home of your own.   Here are some of the things you need to know to have a smooth home buying experience in Australia:

Determine Your Funds

Before you do any house hunting, you will need to do some accounting. Moving might cost a fair bit of it but if you already have a job, you have a pretty good basis for how much you can afford. Look at your savings and how much you earn to determine what you can afford. Remember that you can easily take out a mortgage if necessary.

Australian banks can be very generous when it comes to releasing money for a home purchase. Contact some of the available lenders to see how much you can get with a reasonable down payment and a decent interest rate.

Be careful though. As good rules-of-thumb, you should be able to pay at least 20 percent of the down payment and you should be able to pay the mortgage every month. This ensures you’ll still be in a good financial state after the purchase.

Look for an Agent

Buying property is much more difficult if you do it on your own. The best way to do it is to work with an agent. This is because they know the market better than you and they can help you get a good deal. They also eliminate much of the stress in the house-buying process by handling background checks, inspections, and even negotiations. Just tell them what you want and work with them to get the results that you want.

Consider the Extra Fees

Buying a home in Australia is different from other places in the world. For one, there are fees and requirements that might surprise you. For example, property deals require legal paperwork done. Though it is simple enough, you will need a special lawyer for it. Fortunately, finding a trustworthy conveyancing lawyer in Townsville and other urban areas is easy.

Additionally, as a foreigner, you will need to get approval from the Foreign Investment Review Board (FIRB). There are additional restrictions for buying an investment property, but if you are buying a house, it needs to be your primary residence. This could take 30 days or so.

Get Insurance Immediately

hands covering a miniature house

Another strange restriction is that there is a settlement period before a buyer moves in. This takes 30 days but you will want to get insurance so that your new property gets protection in the meantime. Your conveyancing lawyer and agent will suggest this when you look for properties, so follow their advice.

When moving to a new country, it can be stressful to find a place to stay. Buying a new home eliminates many of the worries that contribute to that. The tips above should make the home purchasing process easier for you. Keep them in mind when considering your housing need and soon, you will have a home to call your own.

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