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Investing In Australia Essay

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6 Things to Know Before Applying for a Home Loan in Australia

Unless you are sitting on 6 digit or 7 digit pile of money, investing in Australian properties means you will have to deal with lenders. And, for foreigner investors, this entails deciding between borrowing from a local bank or an Australian bank.

This is often the part where property buyers are stuck in indecision, with some of them fearing that Australian banks will be more trouble to deal with or will charge them higher interest rate. The fact of the matter is, this is just quite the opposite.

If you are looking for investment opportunities in the country’s …show more content…

No foreign investors can buy a land or residential building in Australia without approval from the Foreign Review Investment Board (FIRB). That is why if you are serious about investing in Australia, do you homework first on the FIRB approval process and get a pre-approval to make the purchase process faster. You may visit the FIRB’s website at http://www.firb.gov.au/ for more details.

Australian banks offer low interest and will let you borrow more. One of the reasons Australian properties are popular among foreign investors is that the country has one of the lowest interest rates, which despite speculations of an increase, won’t go beyond 3% any time next year. Here’s something more interesting, Aussie banks favour home loans more than any other type of loans. So you are likely to get a loan approved at more than 80% of your chosen property’s value.

Not all banks are the same. Each Australian bank has its own policies and guidelines, so you may have to do your homework on which ones work with non-residents. Choose a bank that specialises in foreign mortgages since they are better equipped with knowledge and experience to deal with your situations

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