Are you a Chinese National looking to buy Real Estate Property in Australia?
If you are a non-resident and you want to buy real estate property in Australia then you should consider the following factors:
>> Are you on a student visa and looking for property that is close to schools and transport?
>> Do you want a brand new home or a home that has been newly renovated?
>> Will the local Council give you approval to knock an old house down and build a new house?
>> Is the property within your area of cultural connections?
>> Will the property compliment and add to your current investment portfolio and goals?
>> Do you want vacant land and build a new house on it?
>> Is the property close to your relatives and will the property allow you to continue with the lifestyle you currently enjoy?
>> If the property is for rental investment purposes, will the investment property give you the rental yield?
Do I need any Approvals before I Buy Real Estate Property in Australia?
According to the Australian Foreign Investment Review Board (FIRB), you can buy established properties in Australia if you have a valid visa, such as:
>> Work Visa, or
>> Student Visa
If you are a “non-resident foreign person” and you want to buy real estate property in Australia, you must firstly receive approval from the FIRB to:
>> Buy a new home
>> Buy a home that has been newly renovated, or
>> Purchase vacant land and build a new house on the vacant land
How much can I borrow if I want to buy Real Estate Property in Australia?
The majority of Australian lenders/credit providers are prepared to “lend” up to 80% of the market value of the real estate property on a Non-Resident Loan. To determine the market value of the real estate property the lenders/credit providers will request a panel-valuer to inspect the property.
In accordance with the “responsible lending requirements” of the Australian National Credit Code, the lenders/credit providers will need to see proof, which evidences that you have sufficient income to service and repay the loan. This income can be earned from:
>> Your employment income if you are working in Australia
>> The rental income you will receive from your investment property in Australia
>> Any income that you may receive from overseas to support your stay in Australia
If I want to Borrow to buy Real Estate Property in Australia, can the Finance Broker help me?
Yes, the finance broker will help you in finding affordable loans to:
>> Purchase real estate property in Australia for you to live in
>> Purchase an investment property in Australia and to rent out
Are there any Precautions for choosing a Finance Broker?
Before you employ a finance broker to help you with your home loan needs, it is important that:
>> They fully understand your certain preferences, which include having good “Fengh Shui” such as:
>> A low maintenance house
>> A new house, or
>> A recently refurbished house
>> They are family oriented and they know how important it is to live near your family and friends.
>> They are knowledgeable of properties situated close to educational institutions, amenities, shopping, transport and other Chinese Australian communities.
>> They are willing to help you achieve your objectives and goals whether it is for personal or business related purposes.
>> They know how important it is for you to have access to property developers in cities like Sydney in New South Wales, Melbourne in Victoria, as well as regions such as the Gold Coast in Queensland.
Such a finance broker will understand your situation in a better way and provide you with better non-resident home loan options. Its expert finance brokers will not rest until they find you quick approval on low rate investment property finance.