10 Top Tips for Migrants Purchasing a Home in Australia

April 21st, 2011 26 Comments
Posted by


Buying a home is never easy, and it gets harder when you are not a citizen. If you’re moving to Australia you might need some advise about the best way to move forward. Here are ten things to keep in mind.

1. Save as much money as you can. You will need to make a deposit in order to purchase a home. In most cases, your deposit will be between 10% and 20% of the value of the home (or more if you like). Lenders are much happier to work with borrowers who can save up a deposit. If you plan to buy property from Australia, you should start transferring funds into an Australian bank account, even if you don’t already live in Australia. Australian banks will see you as a lower risk when they see that you have been saving money for a period of three months or longer.

2. What will you be able to borrow? Obviously, this will depend on your financial situation and your income. That said, your residency status can also have an effect on the type of loan that you can apply for. If you are a foreign citizen or temporary resident, you will usually need to make a deposit of 20% of the value of the home. In some cases, a lender might be willing to accept a 10% deposit if you have been working in Australia for over a year. As a permanent resident, or somebody who is married to or in a relationship with a permanent resident or citizen, you will usually be eligible for a 95% mortgage.

3. Save up for expenses. No matter what size deposit you are required to make, there are other expenses that such as taxes and fees that are not included in the purchase price of the home. These amount to about 5% of the value of the home. You should expect to need to pay these costs in addition to the deposit.

4. Government approval. Since you are not a citizen or permanent resident of Australia, real estate purchases are policed by the Foreign Investment Review Board. This is not as frightening as it might sound. FIRB exists to ensure that foreign investors don’t take part in frivolous speculation that does nothing to help the Australian economy. If you are buying a home for your own personal use, you have nothing to worry about. Even so, you will need to apply for FIRB approval before buying a home. If you are an investor, you are limited to buying new property.

5. First Home Owners Grant (FHOG). Only permanent residents and citizens are eligible to receive this grant, so you should either wait until you become one or do without one.

6. Talk to a mortgage broker. Generally speaking, brokers are free in Australia. They receive commission from the lender, although they work independently of them. A broker can help you find the lender that best fits your situation. Not all banks are willing to lend to foreigners and temporary residents. They also know which lenders charge reasonable rates. In many cases, brokers have exclusive deals with lenders that are not otherwise available. A broker also eliminates the need to shop around for the right lender, and you will only need to provide your financial information once.

7. Get pre-approved. It is a bad idea to offer to buy a property without approval from the bank. If you agree to buy a home, and the bank doesn’t approve you for a loan, you can lose your deposit, and might even be sued by the vendor. Pre-approval also reduces the wait time necessary before buying a home. The right home for the right price doesn’t stay on the market for very long. If you aren’t pre-approved, it might take longer than the vendor is willing to wait for you to receive the loan.

8. Income isn’t the only consideration. Lenders will also need to collect information about your expenses. This might include the costs of marital or child support, the costs of insurance membership, memberships with other groups, cable subscriptions, private school costs, and anything else that you are required to pay for each month. If you are having trouble getting a loan for the type of home you are interested in, you might be able to help your situation by reducing some of these expenses, if possible.

9. Find a conveyancer or a solicitor. They handle the legal documents in order to make sure that there is no potential for legal problems, and to assure that the contract between you and the vendor is fair.

10. Do not apply for a large number of mortgages, loans, or credit cards in a short period of time. This can hurt your credit rating, and make it difficult to get approval.

Learn more about buying a home in Australia.


  1. Zebkuu says:

    allergy pills without antihistamine allergy pills without antihistamine allergy pills for rash

  2. Gukwxm says:

    otc allergy medication comparison chart prescription allergy medication without antihistamines allegra side effects

  3. Gdjuzi says:

    best 24 hour heartburn relief order zyloprim online

  4. Kdozre says:

    generic accutane isotretinoin drug isotretinoin 20mg sale

  5. Kxjnpl says:

    order accutane 40mg for sale purchase accutane pills buy isotretinoin sale

  6. Jhliav says:

    strongest natural sleeping pills melatonin generic

  7. Fetfgl says:

    order prednisolone 10mg generic omnacortil 5mg sale oral prednisolone

  8. Uxuxdy says:

    buy prednisolone 40mg without prescription order omnacortil 40mg online prednisolone online buy

  9. Rdpcwm says:

    order rybelsus 14 mg pills buy rybelsus pills for sale buy rybelsus 14 mg generic

  10. Obfjto says:

    accutane tablet isotretinoin 20mg generic order isotretinoin 10mg pills

  11. Hrfftt says:

    oral semaglutide semaglutide pills rybelsus cost

  12. Dyimam says:

    absorica price isotretinoin 20mg canada buy isotretinoin 40mg pill

  13. Scxuts says:

    semaglutide 14 mg drug purchase semaglutide pills purchase semaglutide pill

  14. Wiweyw says:

    amoxicillin 500mg cost amoxicillin online order buy amoxicillin 1000mg

  15. Pkjvtc says:

    albuterol inhalator uk ventolin canada buy ventolin inhalator sale

  16. Xqoelz says:

    clomid 100mg price clomid for sale clomid pill

  17. Nbvxvy says:

    buy serophene online cheap clomid 100mg oral clomid medication

  18. Yqbpxq says:

    lasix 40mg ca buy generic lasix 40mg furosemide order

  19. Wdjjqs says:

    buy furosemide for sale diuretic buy furosemide 40mg sale furosemide price

  20. Ufrffa says:

    how to buy semaglutide order rybelsus 14 mg for sale purchase rybelsus pills

  21. Beqyuu says:

    buy semaglutide cheap order rybelsus online oral semaglutide

Leave a Reply