Do you wish to own a property in Australia? If yes, then you would be glad to know that it is actually possible.
You can have ownership of property in Australia even if you are a migrant. When moving to Australia, there are a number of things that you have to take into consideration such as enrolling your children in a school, owing to a bank account, getting a driver’s license, and more.
Additionally, you have to prepare your visa documents and application.
Whether you move to Australia on a temporary or permanent residency visa, you will be occupied with numerous things that demand your attention. Once you have settled in the area and you want to stay in the country, you can own a property in Australia.
However, buying a property is a big decision. It needs constant guidance and in-depth research. It is vital to understand every single aspect of the terms and conditions associated with buying property, particularly as a migrant.
Some of the important details involved in buying a property in Australia are as follows:
Who Can Own a Property in Australia?
Undoubtedly, Australian citizens or migrants who are permanent residents are permitted to purchase property in the country. But the surprising fact is that migrants who don’t have a permanent resident visa can too own a property in Australia. As a temporary citizen in Australia, you can own a property as long as you comply with the terms defined by the Foreign Investment Board.
Confirming Your Temporary Resident Status
If you are not sure whether you fall into the category of a temporary resident or permanent resident, here know some important facts.
A temporary resident is a person who resides in Australia with a visa that enables them to live for more than one year or 12 months. Visitors and tourists holding the visa do not fall into this category as they are permitted to live in Australia for 3-12 months.
Also, someone who has applied for a permanent residency visa, but has received a bridging visa till the waiting period also falls under the category of the temporary resident. This way, a person can own and buy a property in Australia as long as they have permission by the FIRB.
In order to own a property as a temporary resident, there are a few conditions that must be met, such as:
- You can purchase only one established or second-hand dwelling. For the new dwellings or dwellings built on vacant land, there are no restrictions on the numbers you can possess.
- You cannot rent out a second-hand or pre-established dwelling, but you can always rent out a new dwelling.
- The dwelling you purchase must be the principal residence.
- A second-hand or established dwelling owned by a temporary resident must be sold when you leave Australia. However, you can retain and rent out new dwellings at that time.
Before you buy a property in Australia, you have to seek permission from the above-mentioned board, until you have a special exemption from that requirement. You can consult us at dmsmigration.com in order to know about your exemption status.
What if Your Partner Belongs to a Different Class of Residence?
For visa – holders who wish to buy a property with an Australian partner or citizen, then the rules for them will differ from yours. In such a situation, you as a sole individual have to seek approval from the FIRB before purchasing a property.
It is best to consult the FIRB website for further details. Alternatively, you can also get in touch with the Foreign Investment Review Board to clarify your concerns related to personal circumstances.
Tips to Get a Mortgage Being a Migrant
Just like policies related to visa, even finance-related laws for people migrating to Australia may change uninformed. As a migrant, you might have to deposit a sum, which is bigger than usual dues to get mortgage insurance. This is important so that you can borrow more than 80% of the property’s value.
Moreover, there are some companies in Australia that do not offer a mortgage to migrants as long as they are working long-term in the country or have a verified bank account history. Hence, you must check with an insurance company that can easily offer you a mortgage as well as illustrate you all rules and regulations related to it.
It is always a good idea to buy a property in Australia with the help of a mortgage broker as this makes sure that you get the best possible market rates. Besides offering you the adequate support, a mortgage broker can also lend you help in dealing with verifiable documents, lack of work history or issues related to translation.
The process of migration to Australia and buying a property can be stressful. But our experts have sound and updated knowledge in this context. Hence, you may contact us in order to seek ongoing and trustworthy support.