Australian Home Loans
You must obtain approval from the FIRB before you can apply for a home loan with an Australian lender.
Australian Banks/Lenders often vary whether they are accepting home loan applications from non-residents at all, OR, if they are, they have many requirements. For example, foreign buyers often need a deposit of at least 40% in order to get mortgage financing.
If you would like assistance applying for an Australian based mortgage loan, please CONTACT Blaq Property.
Transferring cash to Australia for a property purchase
Even if you are able to obtain an Australian-based mortgage loan, you still need to transfer cash to Australia for property deposits, legal, stamp duty & other costs.
Different countries & banks have varying transfer limits that can be sent and received, and Declarations to the respective governments will need to be made.
This will have to be investigated from your end to ensure you comply with your Nation’s laws.
You can either transfer funds direct to the Developer, Builder, Government etc., or you can use the Statutory Trust Account of the Australian Solicitor/Lawyer you engage, and funds can be disbursed from there as required.
You can direct your Solicitor/Lawyer to hold funds in an interest bearing account so that you can earn interest on your monies whilst they are waiting to be disbursed.
NOTE: Australian Trust Accounts are held with an Australian Bank and are heavily Legislated, with large fines and imprisonment as penalties to ensure the security of client funds.
Blaq Property can help you find an Australian Solicitor/Lawyer if you don’t already have one, and we can assist with communications between all parties to ensure all contractual obligations with the land vendor & builder/developer are being met.
Because of transaction limits you should start transferring money to Australia as soon as practicable, as you will need large lump sums readily available, such as the 5 or 10% deposit, progress payments at the 5 different stages of construction (if purchasing on a 2-part Contract) or Settlement at the build’s completion.