You might not be in Australia right now, but if you are considering going back to the country and settling here for good, then a house is a must. And if there’s one thing undeniable about Oz, it’s that house prices are always going up. There is no better time than the present to get your home situation in order.
For expats, there are some considerations before you can buy your property. Remember the following:
Gather all supporting documents of finances
Proof of income is crucial when you are an Australian expat buying property in Australia. It is not enough that you have some form of income; it should be a consistent source as well. There might be some difficulties if the amount you earn is variable, and the currency of your income will also be considered. This is so that lenders can be assured of your ability to pay for the mortgage even if the value of the currency fluctuates. With that said, the entire salary you earn might not be considered for some mortgages.
Have an Australian resident view the property on your behalf
One of the most critical steps of buying a property is evaluating the property yourself. The ocular inspection is just impossible to do for some expats, which is why it would be beneficial if you had someone you trust view the property on your behalf. You need not grant them special powers if it is just for viewing, but if you also need them to sign on your behalf, that’s a different matter altogether.
Shop around for mortgage options
As much as the process can be tedious and time-consuming, one mistake you must not do is settle for the first mortgage option you see. There might be better options that fit your finances better. You do not want to be saddled with years of debt due to high-interest rates, now would you? A mortgage broker could come in handy on this one.
There is no better time than now to get started house hunting in Oz. And yes, you can do this even as an expat outside of Australia, so go ahead and view those houses.
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