Practical tips for buying in Australia
Gleaned from our experienced partners and clients who have already made the move, here are Halo Financial’s top five tips for beginning your plan to move to Australia.
1. Are you eligible to buy property in Australia?
Australia has long been popular with foreign citizens wanting to build a new life in a land down under, and they are able to purchase property here with no issues. You will not require foreign investment approval to purchase property, providing this will be your permanent home in the country.
2. Why do you want to buy a property in Australia?
There are a number of reasons why you may be thinking about buying property in Australia – perhaps you are looking for a holiday home, an investment, or somewhere to retire? Your reasons behind your purchase will help you with the preparation you need to do on your Australian property-purchasing journey. For example, if you are looking for an Australian property investment, you need to assess how popular this will be with your desired clientele and the likely returns: to assess the climate of your chosen area, as well as how popular it is with tourists or longer-term renters. If you are looking for a permanent move for you and/or your family, you will need to plan around those specific needs and requirements: what amenities are required locally? How easy is the commute? Do you need schools or medical facilities close to your home? It’s important to get to know the area no matter what your reason you are planning to buy in Australia, ensuring it matches up with the objectives of your purchase.
3. Can you stay in Australia?
Australia has been welcoming immigrants since the beginning, and you will usually need a visa to spend a significant amount of time in the country. For this reason, we would recommend consulting a specialist to find the right visa for you. The visa system is complex and can be expensive if you don’t know what you’re looking for, so it always pays to speak to an expert.
4. Where in Australia is right for you?
Australia is such a vast country, but a significant amount of it is not populated. If you can, we would definitely recommend making at least one trip over to explore the areas that you are interested in to see what the neighbourhoods there are actually like. This will give you an opportunity to assess all the local amenities.
5. Do you have a set budget, and have you considered everything that needs to be included?
Having a budget planned in advance will be the most important aspect of your property purchase process. A key part of the plan you will need to keep an eye on, is the fluctuating exchange rate between the Australian Dollar and your home currency, as this can significantly affect the amount you will be spending. Currency markets are continuously moving and are particularly sensitive to political and economic events – which seem to be in abundance at the current time. This is why we recommend opening an account with a currency specialist like Halo Financial – this will give you the opportunity to protect your funds in these uncertain times.
As currency experts, Halo Financial will be able to offer you specific guidance on how to make the most of your money, and will have a detailed knowledge of currency markets and what they mean to you and your Australian property and emigration journey. You will receive a highly personalised service from Halo Financial to guide you through the best route for your international payments.
In addition to the actual cost of your Australian property and how you will transfer the money to Australia, be aware of the additional charges and hidden fees you will need to pay on top of the property price and ensure these feature in your budget. These include conveyancing and legal fees, stamp duty, building inspections, local taxes, transfer fees, mortgage insurance, maintenance costs and any other fees.