Foreign Citizens can Purchase Property in Australia

2010 April 6
by iggy

Are you a foreign citizen looking to purchase property in Australia?  Australia has a booming real estate market and the home loan experts are ready to assist prospective investors with home loans. Laws and borrowing practices may be different, but it is possible to get a loan without much trouble as long as you are properly guided.

However, before your loan can be approved one has to necessarily go through the Foreign Investment Review Board or FIRB.  The FIRB is the Australian government institution that determines whether to allow a certain investment or not.

There are instances where FIRB approval is no longer required and these are the following:

  1. Where the individual is exempted by Foreign Acquisitions and Takeover Regulations
  2. Where the buyer is an Australian citizen just living overseas
  3. Where the buyer is a foreign national who holds a permanent resident visa, or is qualified to hold a special category visa
  4. Where the buyer is a foreigner who looks to purchase, as joint tenants with their spouse who is an Australian citizen a residential property

Generally foreign citizens can borrow from 80% to 100% of the property’s total value, depending on the specific situation and the willingness to pay Lenders Mortgage Insurance.

There are also a variety of ways to cut on loan costs for foreign citizens, like getting foreign currency loans.

With the help of the home loan experts they can assist you in getting FIRB approval if needed, and then help you find the property that would be a perfect investment.  Their help would be essential since as a foreign resident you would require information and aid in finding which loan is right for you.  Once done, the next step that follows is to find a home loan that is perfect for your situation.  Thus it is entirely possible to get a foreign citizen mortgage in Australia.

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