Online Calculator | The Purchase Process In Australia .

The Purchase Process In Australia .

The cost of living in Australia is relatively low, and as it is now ranked number 1 for surviving the economic crisis, it really is the best country in the world to live and Australia sees more and more foreigners investing in both businesses and residential property every year.

The Australian Government only allows permanent citizens to purchase real estate in the country therefore any over sea buyer must first obtain permission from the Foreign Investment Review Board (FIRB) prior to making any purchase. This is a simple process but can take up to six to eight weeks to receive.

Purchasing costs in Australia are around five percent and this includes all stamp duty, mortgage application fees, legal fees and other taxes, however, costs can vary depending on the location and value of the property. It is important to remember that Australian banks are very strict when it comes to lending. If you are asking for a mortgage then ensure you are qualified and can meet the repayments easily.

The average seller will ask for a ten percent deposit to secure the property and balance upon completion. Again this can differ depending on region. Once you have signed a contract of purchase then insurance is obligatory. At this stage a cover note and then full insurance upon completion.

Taxes, stamp duty and land tax may also be applicable so be sure to ask your real estate agent about all taxes involved in the purchase.

Property all over Australia has seen a rise in value over recent years and even through the economic crisis that the rest of the world is suffering, property prices in Australia have stayed stable with many suburbs actually increasing slightly in price.

Whether buying to reside or investing in the tourism industry, key cities like Perth, Melbourne, Canberra and Sydney are always popular. Property prices are expensive, but the rental market is booming so a healthy income can be made from rentable type properties.

Prices then decrease suburb by suburb so many good investments can still be made both by nationals and over sea buyers.

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