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 purchase Australian property as a non-resident
There are several considerations before you apply for a mortgage. A better understanding of all your options can provide you with piece of mind and help 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 purchasing Australian property as an investment, you can buy new buildings or vacant land (but must complete construction on it within 4 years). You can only purchase an established dwelling as an investment if you will redevelop the property and build additional dwellings on the land.
If you plan to live in the property, you may purchase a new building, vacant land (but must complete construction on it within 4 years) or an established dwelling. However, unless you become a citizen or permanent resident, you must sell any established dwelling you have purchased to live in once you leave the country.
Keep in mind, New Zealand citizens are exempt from needing to apply to the Foreign Investment Review Board and many of these other restrictions.
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.
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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