Does Buying Real Estate differ in Australia? In Australia, when applying for a mortgage, citizens and permanent residents of the UK are treated just like other foreign citizens or temporary residents. This remains true unless you are the spouse or partner of an Australian citizen or permanent resident, and are buying a property together as “joint tenants”. This is not to be confused with not “tenants in common”, as that is a different legal status of property ownership. As a foreigner you will need to apply for Australian Government approval. Once you have approval,... [Read more]

Mortgage insurance (MI), known as Lenders Mortgage Insurance (LMI) in Australia, protects banks and lenders in the event of a borrower defaulting on their loan. It exists in most mortgage industries around the world, often under different names. Regulations and lending policies that define the conditions for mortgage insurance also differ. It is generally required when the percentage value of the property being borrowed is equal to, or above, a certain amount. If you are looking at purchasing Australian real estate and would like to know more, listed below are the main... [Read more]

Moving to Australia means you need a place to live. Many expatriates will eventually look to purchase property. Some like to purchase before moving to the country. Living here in a rental property, for at least the beginning of your stay, is the most common choice. Before you put yourself in substantial debt, this allows you to try living in another country, with a different culture, to see if you will enjoy the lifestyle. It also gives you more time to find the right house, at the right price, with affordable mortgage repayments. Here are ten tips for an expatriate buying... [Read more]

Australian real estate has been popular with British expats and investors for a long time. Many like to move here, either temporarily or permanently. At the moment Australia is also one of the safest property investment countries in the world. Does buying real estate differ in Australia? When applying for a mortgage, citizens and permanent residents of the UK are treated just like other foreign citizens, or temporary residents. This remains true unless you are the spouse or partner of an Australian citizen or permanent resident, and are buying a property together as “joint... [Read more]

Recent changes to the Privacy Act 1988 now give banks greater insight into your credit history. But the big question is, how will this affect the way lenders view your home loan application? Read on to find out more. What has changed? On November 29 2012 the Senate Committee passed The Privacy Amendment (Enhancing Privacy Protection) Bill 2012, which both streamlined the privacy principles, and changed the credit reporting provisions under section 6, Schedule 2 of the Act. The amendments allow lenders and mortgage insurers to view information about: The type of bank account... [Read more]

Many people from New Zealand look to purchase investment property, or to buy a new home in Australia. The options available differ slightly between NZ citizens and permanent residents of New Zealand (NZ). Does buying real estate differ in Australia? New Zealand citizens are treated in the same way as Australian permanent residents. Therefore the banks and lenders will be the same, and the application process is fairly similar. This is because a resident of New Zealand is able to obtain a Special Category Visa (SCV), giving them the same borrowing rights as a permanent resident... [Read more]

Are you concerned about protecting the earth and conserving energy? Why not purchase an eco-friendly home with unconventional building materials? Did you know you can borrow up to 80% LVR to pay for your ecologically-friendly home? Read on to find out how we can help you. How much can I borrow? Whilst it may make sense to save on energy and protect the environment through buying a house that’s made of mudbrick or straw bale, lenders often see these types of properties as being difficult to sell. Unconventional property types do not have the mass appeal... [Read more]

Just like most other nations, buying property in Australia as a foreigner can be confusing and involved. However it does not have to be! A small amount of work and you can be on your way to owning your own home or investment property. Be Aware of your Situation Your overall situation, such as your financial position and visa status, is important to know. Many things can affect your initial eligibility and how much you can borrow, as well as parts of the application process. Making a list of these things when you start can save headaches down the road. This way you will... [Read more]

Many American citizens become Expats in Australia, for holidays or to work, and need to purchase real estate. There are also a large number of property investors who are looking for the safest, most stable property markets worldwide, such as Australia’s. How are US citizens treated when buying property? US citizens and permanent residents are treated just like other foreign citizens, or temporary residents of Australia. This remains true unless you are a spouse of an Australian citizen or permanent resident, and are buying a property to live in together. Foreigners investing... [Read more]

As of the July 1st, 2012, skilled migration has undergone some changes. The application process has changed, and for specific visa subclasses, the number of points needed to qualify for selection has been lowered. The subclasses relate to various employment skill bases the Australian Government has determined are in short supply. Policy has also been changed in relation to skills requirements, including English skills. The SkillSelect program has been designed to enable employers to fill gaps in the labour market and address the skills shortages. What are the major changes? Firstly,... [Read more]