A guide to buying a home in Australia

It is not just the prospect of building a better career or setting up business opportunities that drive people to settle in Australia. Over the years, many have chosen Australia as their destination to settle down, attracted by the relaxed lifestyle this country has to offer, along with the pleasant weather in most of its parts, throughout the year. Even Australians, who live in country sides, choose to shift to bigger cities in pursuit of a better life and a secure future. Owing to this ever rising demand for a place to live in, the real estate market of this country has seen an upward trend in the past years. The comparative low cost of living and the hope of having a better life have brought in a number of people in search of homes, either as a direct purchase or from a reseller.

The real estate agents and conveyancers

The laws and bylaws of purchasing a residential place in Australia, laid down by the Government, is quite comprehensive though, with many clauses and intricate details. Among them, for example, a foreign national who wants to purchase a residential property in Australia, needs to send an application to the Foreign Investment Review Board (FIRB) of Australia, before going ahead with the purchase. Real estate agents, who are well aware of the buying and selling procedure, in accordance with the Australian law, usually play a very significant role in the transaction. They also go a long way in fixing the price at which the residential area or the plot is being purchased. One more crucial role in real estate transaction is that of a conveyancer. A conveyance is usually a licensed individual who ensure that the title and the ownership of the residential plot being purchased is transferred from the seller to the buyer. They have become very popular among buyers and sellers in the real estate universe, and in conveyancing services Brisbane is quite a hot market, given the demand for real estate in this part of the country. In addition to the simplifying the legal implications of transfer of rights from the seller of the residential area to the buyer, convenyancers also undertake procedures to divide a property among its rightful owners, update the title of the owner, among other related activities.

Property inspection

Before finalizing on a residential property, it is very essential that a building inspection and pest inspection be done. The potential spots of cracks, damps and other structural inadequacies must be sorted out before the purchase. Pests like termite are a nuisance in many parts of the city and need to be eradicated to the maximum extent. As a buyer, you do not want to find shortcomings with the property you purchased, after investing a heavy amount. Some states in Australia have a mandate to perform these checks before buying the property.

The finances

Among the financing options, home loans are quite readily available for all prospective buyers. If the applicant has a good credit history and has mortgages for repayment, having a home loan approved is usually not a challenge. Among the taxes involved in the transaction, the commonly charged heads are Land Transfer Registration Fee and the local tax, the amounts of which may vary.

About the author

Oliver Revilo