Buyer's Guide to Australia and New Zealand
Non residents require permission from an organization called FIRB. Once you have applied you should receive consent within 40 days. Most new developments already have permissions for a percentage of the properties to be sold to non residents so in these circumstances individual permissions are not required. You should not exchange contracts until you are sure permissions are in place.
After making an offer and when it is accepted you will exchange contracts. You are entitled to a 5 to 10 day cooling off period. The contract can be made conditional of obtaining a mortgage offer and this should always be included to protect any deposits
After the contract is signed the lawyer will undertake the necessary legal searches. The whole process will take around 6 weeks.
Buying costs can vary from State to State but you should allow around 5% of the purchase price to cover all costs.
It is obligatory to have a termite inspection on individual properties and structural survey on apartment blocks.
Other Important points to consider
Make sure you know what local purchase costs are applicable as these can vary.
Don't commit yourself until you have clear permissions to buy.
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