Yes, it is possible to buy a home on a temporary visa in Australia, but there are certain restrictions and requirements that apply ¹ ²:
Temporary Residents:
Must obtain permission from the Foreign Investment Review Board (FIRB) to buy a property.
Can purchase one established dwelling to live in as their primary residence.
Must sell the property when it ceases to be their primary residence.
Can purchase new dwellings for investment purposes with no limit on the number.
FIRB Approval:
Required for temporary visa holders and foreigners to purchase a residential property.
Need to apply for approval for each specific property.
Approval may take 7-30 days depending on the state or specific case.
Application fees apply for each approval.
Additional Costs:
Foreign Owner Surcharge applies in some states (e.g., 7% in South Australia, 8% in New South Wales).
Other costs include stamp duty, legal fees, insurance, council fees, and inspection fees.
Mortgage and Money Lending:
Some Australian banks and financial companies lend to temporary visa holders or foreign investors.
Higher interest rates and setup fees may apply.
Loans may be up to 70% of the property’s valuation.
Choosing a Property:
Consider market price, inspection process, renting possibilities, and Return on Investment (ROI).
Work with a professional agent or lawyer to understand the process and risks.
Alvida Loans Company are experts in the field and can guide you through the process. Don’t hesitate to reach out to us for assistance. We are here to support you on your journey towards owning your dream property.
