Planning to buy a home in Australia?
For many people a home loan is the foundation of their wealth, and probably one of the largest, long-term investments they’ll make. Whether moving or investing, our global network and team of Australian mortgage specialists can simplify the process of purchasing property in Australia.
Preparing to buy Australian property as a non-resident
There are several considerations before you apply for a mortgage. A better understanding of all your options can give you peace of mind and save you time and money, while helping you focus on finding the right property.
As a starting point, non-permanent residents who wish to purchase property in Australia need to obtain approval from the Foreign Investment Review Board. There is an application fee for this, which varies depending on the property price. There may be additional costs for non-residents buying property, which you should be mindful of, such as the Foreign Citizen Stamp Duty.
In most cases, when you buy Australian property there are government policies in place that determine the types of dwellings or land that non-residents and temporary residents can buy. There may also be limitations on the specific purpose of any associated construction and the period in which it must be completed.
Unless you become a citizen or permanent resident, there may also be consequences for any property you have purchased once you leave the country. For people wishing to visit, work, study or live in Australia, visa and immigration information is available from the Australian Government Department of Home Affairs.
Keep in mind that New Zealand citizens are exempt from many of these restrictions, including the need to apply to the Foreign Investment Review Board.
How we can help
Our Australian mortgage specialists can work with you to choose the right loan for your individual needs.
Initially, it’s helpful to determine what you can afford to borrow and what your monthly payments will be. Our online mortgage calculators can help you get an understanding of what value property you may be able to afford and how different mortgage payment amounts would affect your finances.
If you are an existing HSBC Premier customer within the HSBC Group, you are automatically eligible to apply for a home loan with HSBC Australia.
Other non-residents of Australia (excluding Australian and New Zealand citizens) will be required to open an account with HSBC Australia prior to submitting an Australian home loan application.
Next steps
Ready to start your property search, or just want to learn more? Request a call back from one of our mortgage specialists. Speak to an Australian mortgage expert > Get a head start on the process by opening a transaction account. This can make it easier to apply for a home loan later on. Open an account with HSBC Australia > If you would like more general information on the process of buying a property in Australia, see our step-by-step guide. |
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