Have you ever thought about purchasing property in Australia as a non-Australian citizen? There are numerous different rules you will need to consider when buying real estate in Australia, and our friendly team is on hand today to help you find out more about real estate in Sydney, New South Wales. Hopefully, this will help ensure you’re able to find the most effective property-buying solutions for your needs, accordingly.
Can a Non-Australian Citizen Buy Real Estate Property in Australia?
First of all, before we begin looking at the different options for purchasing Australian real estate, you should consider whether it’s possible for a non-Australian to purchase property or real estate in Australia. Unfortunately, purchasing real estate in NSW for non-Australian citizens isn’t as simple as buying a property when you’re an Australian national.
It is still possible to buy real estate in Australia if you aren’t an Australian national, but you’ll need to keep a few things in mind, but it’s not too hard. However, you will be more restricted on whether you can buy as a non-national.
Notably, it’s important to remember that you may have fewer options for purchasing real estate in Australia as a non-Australian citizen. With this thought in mind, you may want to consider applying for full citizenship in Australia if you intend to live in the country in your new real estate property.
How to Purchase Real Estate in Australia as a Non-Australian Citizen
If you’ve been looking to purchase real estate in Australia, there are several important things you may need to consider. Fortunately, while your freedom to purchase property in Australia is somewhat limited as a non-Australian citizen, you will still be able to purchase real estate for investment purposes.
In order to apply for a license to purchase real estate in Australia, you will first need to contact the FIRB (Foreign Investment Review Board), who will be able to help with getting an assessment to purchase real estate in Australia.
There are two main requirements you’ll need to consider when attempting to purchase real estate in Australia, however. First of all, it’s important to remember that your property must be an investment. As such, it must not be an established dwelling. In addition, the investment real estate you are purchasing should be either vacant land (with the potential to build a new property) or a newly built property.
It’s important to recognise here that the current real estate situation in Australia means a housing shortage. As such, it’s generally considered good to have some additional investment in the country to build new properties; however, in many scenarios, this means that you won’t be able to purchase an established dwelling. In addition, even if you purchase an investment property in Australia, you won’t necessarily be able to live in it. Visiting Australia will also require you to hold a visa of some description.
Can I Get a Mortgage When Buying Australian Real Estate as a Non-Australian?
If you need to get a mortgage to purchase your investment property in Australia, there are local real estate Sydney, NSW lenders who may be able to help. However, as a non-Australian citizen, you will likely be subject to higher interest rates and may need to put down a larger deposit on your mortgage application. You’ll still also need to seek FIRB approval before purchasing the property.
Contact Your Local Real Estate Agents in Sydney Today
If you think purchasing an investment real estate property in Sydney might match your needs, you could consider plenty of options. Luckily, a professional real estate agent in Sydney should be able to help with this, so be sure to reach out to see if any current properties are available that could be suitable for foreign investment.
Final Thoughts
If you have been looking to purchase real estate in Sydney, NSW, there are numerous things you may need to consider. Fortunately, our friendly experts can help if you have any further questions about purchasing real estate in Sydney, NSW – so be sure to ask any questions if you may have. This will help you find the most effective solutions for your own investment goals going forward.