Discovering Australia

Renting or buying Most expats moving to Australia choose to rent their accommodation before they buy a property as it gives them a chance to get to know the new environment before making a commitment to purchase a house. Most properties in Australia are let through agents, whose main task is to vet prospective tenants and who often have access to properties which haven't made it onto public listings yet. Note that a multiple listing system does not exist in Australia. This means that all estate agents have to be contacted on an individual basis and only make offers from their own listings. Viewings for accommodation are usually at set times with most agents providing “open inspections”, so expect to be viewing with several other people especially if the property is well priced. Real estate agents are not the only option when looking for housing. Private offers can be found directly from landlords through local newspaper advertisements and some property search websites. Good properties are not on the market for very long and there is not much point in looking for a place before you arrive in Australia. Furthermore, it is not legal or recommended to sign a tenancy agreement without viewing the place beforehand. The rental market can move fast and there is usually not much time to negotiate the lease terms and this means that a speedy, sometimes even immediate decision is required if one decides to rent a particular property. Real estate agents are required by law to rent properties on a first-come first-served basis. It is wise to bring the application form along with previous written references from your employer and/or previous landlord, proof of income (bank statements for the last three months) and two forms of identification (e.g. driving license and passport), so you'll be in a position to submit your application immediately. Buying a property As opposed to some other states, Australia allows non-residents to buy property and apply for financing in the country. The ease with which expats can obtain a mortgage approval depends on several factors, the most significant of which are the type of visa they are on, and their credit rating. Non-residents will need to gain permission from the Foreign Investment Review Board (FIRB) before they can purchase a property. A potential buyer should carefully research the property when buying a house in Australia. Many of the ‘inexpensive’ homes advertised require substantial investment in addition to the purchase price. Additional costs for the purchase of a property: + Land Transfer Stamp Duty and Government Costs, which vary from state to state is potentially the largest hidden cost of buying a property in Australia. + Home loan application fee

+ Valuation and lenders legal fees + Conveyancing costs in Australia + Building, pest and strata reports + Buildings Insurance

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Discovering Australia