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Australia: Proposed steps for purchasing a property in Australia

Introduction

a) Locate desired property – PLEASE NOTE THAT IN THE MAJORITY OF CASES FOREIGN INVESTMENT REVIEW BOARD (FIRB) APPROVAL MUST BE GRANTED FOR ALL NON-AUSTRALIAN NATIONALS ON ALL TYPES OF PROPERTY

b)Apply for FIRB approval (see point 1 below)

c)Apply for 'Agreement in Principle' from lender

d)Once FIRB approval obtained enter into the contract to purchase your property making sure that this is subject to obtaining suitable finance/ satisfactory lender's valuation.

Essential notes for purchasing a property in Australia

1) To obtain FIRB approval either consult with your Australian Lawyer or visit website www.firb.gov.au to obtain the appropriate application forms which, once fully completed, must be faxed to 00 612 6263 2940 or posted to: -

The Executive Member
Foreign Investment Review Board
The Treasury
Langton Crescent
PARKES ACT 2600
Australia

2) Whilst all reasonable steps will be taken to secure the loan on your overseas property as soon as possible, delays may occur due to the Australian legal and administration system.

3) Check with the estate agent/lawyer that you are aware of the costs charged by the legal & government authorities for purchasing a Australian property, noting that the lender will have their own legal costs for assigning the loan (the cost of which they will normally advise when they issue the mortgage offer).

4) It is essential that you take the appropriate independent legal advice before signing the sales contract or paying a deposit, if purchasing a foreign property, as would be expected if you were purchasing in your own country. The bank will require a copy of this document to be forwarded with the relevant application form. However you are able to sign this contract with the clause “subject to mortgage finance” as the contract, once signed is legally binding.

5) Please be aware that the Lawyer/Notary may be incorporating within his charges, costs for assigning the mortgage and you should establish with the Lawyer/Notary the actual cost before proceeding with a loan application.

6) All mortgages should have a suitable life assurance policy assigned to them. It is not mandatory but strongly advisable.

© Conti Financial Services Limited 2006

This article is reproduced with the kind permission of Conti Financial Services Limited.

For information and advice on overseas mortgages and residential finance in over 30 countries, contact Conti Financial Services Ltd on +44 (0) 1273 772 811

www.mortgagesoverseas.com


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