Once you have chosen where to live in Australia, your next challenge is to find a home to live in. We would recommend initially renting before buying a property, it gives you a chance to settle in and find out about the different suburbs before property investing. The following sites will be helpful for real estate in Australia.
If you are not an Australian citizen or permanent resident of Australia and want to buy real estate in Australia, you must get prior approval from the Australian Government.
You should not sign contracts before you receive foreign investment approval, unless the contract is conditional on such approval. You must apply in writing for prior approval to buy real estate.
For more information and application forms on investing on Australian properties is available from the Foreign Investment Review Board website.
The other thing to bear in mind, which can be a major expense when first arriving is 1) when renting a month’s rent is normally required as a deposit 2) Most rented accommodation is unfurnished so you may have to spend a lot of money buying all your home furnishings and electrical goods again (or wait for items you were shipping out from home – see our section on Australian Relocation for more information on shipping.)
Please note, rental accommodation listings usually appear in local papers (Sydney Morning Herald, The Age, etc) on Saturday and Wednesday.
Real Estate in Australia
It’s always best to shop around for home loans when buying a home. Home loans in Australia can be paid weekly, fortnightly or monthly.
A lot of banks allow you to offset your home loans with any savings you have or with your current bank account. For further details on this, please talk to your bank whilst organising your home loans.
To get an idea of the potential repayments and what can be borrowed based on your income, see some of our banking links to the right or under the Australian banking section below.
In recent years, like many countries, home ownership and property investing in Australia have become the topic of conversation at any party, especially with significant increases in prices, and the result is now Australia is one of the most urbanized countries in the world.