Buying a house in Australia as a new migrant

We caught up with mortgage broker Ross Hanrahan to discuss buying a house in Australia as a new migrant.

Ross is a mortgage broker in Sydney, and also an expat himself. Below, we share things to consider before purchasing property in Australia.

What is your visa status?

Your visa status will determine if you’re liable to pay foreign investors tax. It will also dictate if you’re eligible for Australia’s First Homeowners support.

You can use VEVO to check your Australian visa status and send a copy to a mortgage broker like Ross. A mortgage broker will advise you on your rights to purchase Australian property, and what fees to expect.

If you’re in the early stages of choosing a visa pathway, you may wish to consider permanent residency options. Australian permanent residency will allow you more freedoms when buying a home in Australia.

Learn if you’re eligible for permanent residency in Australia

Understand the process

When buying a house in Australia as a new migrant, it’s important to understand the process.

Many Australian properties are sold at auction. Buyers are required to have finance pre-approval in place before going to auction.

Generally, it takes around 10 days to gain pre-approval. This finance is then valid for 180 days.

Another consideration is the ‘200-day rule’. When purchasing your first property as a permanent resident, you must have been in Australia for more than 200 days to avoid a stamp duty surcharge.