Millions of mortgage holders are going to do it. The commonwealth bank reported an increase in home purchase intentions in February, but activity declined year after year. The “time to buy a home” index fell 7.7 percent during the month to 78.3, with the largest decline in New South Wales. If you are not a resident of Australia and are planning to buy property in Australia, there are certain rules that you must adhere to.
I just had two real estate experiences with my 23 and 27 year old children, both of whom are in the process of moving home: one had a lease liability of 9 months and the other in a shared house was able to negotiate without liability. Because they are not residents, they are not allowed to purchase established housing unless they plan to demolish that home and build a new one within 4 years of the approval date. If you've decided not to use a buyer's agent, it may be a good idea to use comparable sales to value the property. These professionals include real estate agents or buyer agents, a lawyer, an accountant, and a mortgage broker who specializes in mortgages for foreigners.
Some buying agents will charge a fixed fee, while others will charge an upfront fee, as well as a percentage of the purchase price of the property. While owner-occupiers made up the bulk of the market, lending to investors had increased at a faster pace, Halmarick said, with investors eager to buy amid continued price growth. Westpac senior economist Matthew Hassan said that while buyer demand remains strong, the latest decline in the “time to buy a home” index is a “clear warning that the next move will be a significant slowdown.” They will deal with real estate agents for you and make sure that the property you are buying represents a good opportunity. In addition to buying in the NT, there are other ways to avoid the tax, such as buying as a joint tenant with an Australian citizen or waiting until you become a permanent resident (PR visa).
Some developers have obtained FIRB approval for their entire development in advance, which means you don't have to worry about it if you buy a newly built unit.