OVERSEAS BUYER BUYING PROPERTY IN PERTH
If you are planning a move to Perth in a year or so you may be considering entering the Perth proerty market now rather than when you move over here.
The process is a little more complicated if your an overseas buyer looking to invest in Perth, Western Australia. It is not that difficut though if you are aware of the process and recruit a team to do the work for you in Perth. The first thing you need to be aware of is that you can not buy an established property, you would have to buy new.
CONSIDERATIONS FOR THE OVERSEAS BUYER
In Western Australia, purchasing property is done through an Offer and Acceptance process (except for Auctions).
This is different to many other countries and in fact, different to other states of Australia.
APPROVAL FROM THE FIRB (Foreign Investment Review Board)
If you are an overseas purchasers or living in Australia on a non-permanent visa you require FIRB approval prior to finalising the contract for the purchase of a property.
You would include a condition in the contract that the purchase is subject to FIRB approval along with the other conditions..
The Foreign Investment Review Board is an Australian Government authority. applications for FIRB approval must be lodged using their appropriate forms and paperwork.
Whilst there are complexities with FIRB, generally, FIRB approval can be obtained for new homes (never been occupied) and for land being purchased to build a house. FIRB approval can take between 30 to 45 days.
Although some exemptions do apply, generally the purchase of established homes by non-Australian residents or citizens are not normally permitted.
CAN YOU APPLY FOR FINANCE WITH AN AUSTRALIAN LENDER TO BUY YOUR AUSTRALIAN HOME
If you are living oversear and looking to invest in the Australian property market, it is still possible to obtain finance to assist in the purchase of your property.
Whilst the lending criteria for overseas borrowers is typically stricter than the criteria for Australian residents, obtaining finance is achievable and not as difficult as you may think.
The loan to value ratio (LVR) will also depends on the type of property your purchasing, your history with the lender along with other characteristics, such as employment history, and resident status.
If you are an overseas buyer looking to obtain finance, then getting the right advice is critical as the criteria between lenders varies significantly.
For example, some lenders will also allow you to use your overseas credit history, while other lenders will not.
If you would like more information please complete the form below and I will be in touch to help you further with your enquiries.