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  • Writer's pictureAlison Wong

2023 Australian Property Buying Guide: Costs, Procedures & Precautions

Updated: Apr 11

1. Selected property:

Do your homework well so that you know the city, region, and type of property you want to buy. Once you have selected the property you want, you can start the process of buying a house in Australia.

2. Pay the deposit:

To buy a house in Australia, you need to pay $2,000-$10,000 as a deposit within the time specified in the contract (usually 5-7 working days). This deposit can be paid to the developer's trust account, or it can be deposited into the buyer's own account and then issued a guarantee by his bank.

3. Apply for Overseas Residents Buying Permit (FIRB):

If the buyer is not an Australian citizen or permanent resident, he or she needs to submit a home purchase application to Australia's Overseas Investment Review Board (FIRB).

4. Sign the contract:

The agent/developer provides the purchase contract to the lawyer representing the potential Australian property owner. Buyers sign the contract after consulting their own attorney and fully understanding the contract. At the same time, the developer also needs to sign the house purchase contract, and provide the house buyer with a contract signed by both parties, and the house purchase contract will take effect.

5. First payment:

The down payment for an apartment or townhouse is usually 10% of the contract price. The down payment for house and land packages is usually 10% of the land price plus 5% of the building price.

6. Applying for a mortgage:

For buyers of existing homes, they can apply for pre-approval for mortgages from banks or loan intermediaries before signing a home purchase contract. Or, after signing the contract, start preparing materials to apply for a mortgage. For off-plan buyers, it is recommended to start handling mortgage matters 3-6 months before the estimated delivery time of the property.

7. Delivery inspection:

Before closing, the buyer will need to make an appointment with the real estate agent for a final inspection. If a problem is found, the buyer's lawyer and the seller's lawyer or the developer can be notified to negotiate and solve the problem.

8. Delivery balance:

On the day of delivery, the buyer needs to pay the full final payment, which also includes stamp duty, and third-party fees (such as government, water bureau, property company, etc). Overseas people also need to pay additional surcharges.

After completing the final purchase process, congratulations! You have become an Australian property owner. You can join us in the "Australian Property Owners Exchange Zone" on Facebook to gain more knowledge about Australian property management, and it is also convenient to communicate with other Australian property owners.

In fact, after successfully buying a house in Australia, there are still many problems to be dealt with (such as housing rental, management and maintenance, and annual tax declarations, etc). Choosing a suitable Australian real estate agency to help the owner manage it can avoid a lot of troubles and make sure the house gets the maximum benefit.


For more information about buying property in Australia, please watch my video:


 

Alison’s Story

Born in Hong Kong an moved to Australia, I have been associated with real estate all my life. As the plane slowly landed on the runway of Melbourne Airport, my life and career also changed to another runway. I changed from a Hong Kong real estate agent to an Australian real estate agent, and successfully obtained the Australian lawyer qualification.


When I was working in a law firm, I was surrounded by highly educated professionals. Even though their wages are very well, and they are absolutely the elites in society, but their lives are full of hard labor, and it’s hard for them to get rich through buying properties.


So I spend all my time and effort on learning financial and real estate investment knowledge, hoping to achieve financial freedom as soon as possible, and let my parents who have worked hard for many years live a good life.


Now I will share with you the knowledge and experience of investing in Australian real estate, and embark on the road to financial freedom together.


Alison Australian real estate information platform


The original intention of Miss Alison to establish investwithalison.com is to provide neutral Australian real estate information through this platform and help investors establish the most suitable investment strategy.


👉Website: investwithalison.com

👉Email: hello@investwithalison.com

👉Linkedin: linkedin.com/in/alisonwongaustralia/



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