advantage

Can I obtain financing for my purchase even if Iā€™m not a resident (e.g. not a PR or citizen)? Yes, we have been helping our clients obtain up to 80% financing even if they are not a resident of Australia. Our experienced mortgage broker has access to a wide range of loan products from top financial institutions in Australia. They will be at hand to understand your individual circumstance, recommend a loan that best suits your needs and guide you through the entire process.

Can I obtain financing if I am a business owner? Yes. Our mortgage broker has been helping business owners with getting a loan that is most suited to their circumstances.

What is the current interest rate in Australia? The residential lending rate is linked to the cash rate set by the Reserve Bank of Australia. The residential interest rate is dependent on the type of loan product (e.g. variable or fixed interest, Line of Credit, Offset, etc).

Visit www.cannex.com.au for the latest rates.

Can I complete the entire purchase without the need to fly to Australia? Yes. Many of our clients perform the complete purchase remotely from overseas. We provide a one-stop solution and guidance to assist you throughout the purchasing process, helping you avoid costly mistakes.

Can I buy properties in Australia as a non-resident? Yes, you can. However, non-residents who purchase properties are subject to a few statutory restrictions/requirements which depend on the type of land you are interested to purchase. Please refer to next question.

What are the statutory restrictions or requirements?

Vacant land Foreign persons are normally allowed to purchase single blocks of vacant land (for the purpose of building a single residential dwelling on each block) subject to the following condition:-

Foreign persons interested in purchasing other vacant land (not single blocks) for the purpose of building multiple residential dwellings are normally allowed subject to the following conditions:-

New Dwellings Foreign persons are normally allowed to purchase new dwellings before construction commences or during the construction phase, or after construction is complete, where the dwellings:-

Second-hand (established) dwellings Foreign persons are prohibited from acquiring established dwellings for investment purposes (i.e. they cannot be purchased to be used as a rental or holiday property), irrespective whether they are temporary residents in Australia or not. However, temporary residents can apply to purchase one established dwelling to use as their residence in Australia. Approval is usually provided subject to a condition that the temporary resident sells the dwelling when it ceases to be their residence.

(Source: Foreign Investment Review Board, Australia)
(Note: - Information correct as at January, 2011. Different requirements apply to acquisition by companies. These are only a brief summary of the statutory restrictions/requirements and are not meant to be conclusive. For more detailed information, please contact us)

How much do houses cost in Australia? We have house and land packages starting from AUD$350,000 depending on your needs. Please contact us to see the current packages available.

I am considering between buying an apartment (or condominium), an established house or a brand new house and land package. What are the factors that I need to consider? We understand that every individual has different needs and preferences which will contribute towards the decision. The advantages of apartments include their locality (close to CBD), security, facilities and the low entry costs. The advantages of established houses include their locality (established neighbourhood), immediate possession and lower entry costs. On the other hand, the advantages of a brand new house and land package include:

a) Stamp duty saving: Stamp duty is only payable on the land, and not the building component. This means that you will automatically save several thousands in stamp duty.

b) Maintenance fees The pool is a bonus and the gym looks very motivating ā€“ however you will need to consider if you will be using them that often. Maintenance fees for apartments can run well past AUD$5,000 per annum to maintain the facilities that you might not fully utilize. With your own home, there are no ongoing maintenance fees for common areas that are not used by you.

c) Good neighbourhood New estates typically attract working professionals and family oriented households which contribute towards the community-feel of the estate. This may also mean that the security of the estate is good. For those purchasing for their children, it is worth keeping in mind that your child will be working after their university course and they may prefer a more relaxed neighbourhood instead of the hustle and bustle of the CBD.

d) Good amenities Planning at the state or council level will have catered for the facilities and infrastructure necessary to support new estates. This means that the areas are typically well serviced by public transport, good road infrastructure, shopping facilities and schools.

e) Personalized house design You might have certain preference for the design of the kitchen or the bedrooms. With established houses or apartments, you may not be able to alter such design. However with house and land packages, you get to put your personal touch into the design of your house at no extra cost. Unlike an established house, there is no further renovation work required ā€“ just move in and stay.

f) Warranty Brand new houses are typically covered by structural warranty of up to 6 years and maintenance against defects of up to 6 months. This gives home owners the comfort that there will be no costly repairs and hassles in maintaining the condition of the house.