Moving to Australia can be both exciting – and a little daunting. So it’s good to know plenty of help is available.
Buying property is a major decision – especially in a new country, and it is an area where it pays to have an experienced advisor working on your behalf. An Aussie Broker can guide you through the home buying process, and best of all it comes at no cost to you.
Cutting through the clutter
Australia is home to a large number of banks and non-bank lenders each offering a wide variety of mortgages. An Aussie Broker can work with you to sort through a broad spectrum of loans to find the product best suited to your needs.
A deposit is essential
You’ll also need a home buying deposit – and while a deposit of 20% or more of a property’s value is ideal, it’s possible to secure a home loan with far less, in some cases as little as 5%.
If you have a small deposit, you may be asked to pay ‘lenders mortgage insurance’ (LMI). This protects the lender in the event that you cannot keep up the repayments. Your lender will arrange LMI on your behalf.
Allow for state duty
In Australia, state and territory governments levy ‘stamp duty’ on property purchases, and the cost will depend on the price you pay for your home. Aussie’s Stamp Duty Calculator can tell you how much you should budget for.
If you’re thinking of moving to Australia, don’t miss Aussie’s range of free property Guides. They explain what’s involved in buying a home or investment property. Or give your Aussie Broker a call to learn more – they’ll be happy to help you settle in down under.