Steps for buyings

Steps for buyings


STEPS TO TAKE WHEN BUYING A PROPERTY

The team at LOFT understands that purchasing a property is an exciting yet complex process. Purchasing a property is a big decision and LOFT’s purpose is to make it simple for our clients.

STEP 1 : FINANCE

A mortgage broker can liaise with the different lenders and assist you in selecting the most appropriate lender based on your financial circumstance
speaking to an financial planner and accountant on how best to structure your loan to suit your individual circumstance

STEP 2: LEGAL

The transfer of ownership of land from the seller to the buyer is called a conveyance of land.
Engaging a coneyancer or legal practitioner can be beneficial in reviewing the clauses in the Section 32 (vendors statement) before purchasing a property
LOFT is able to refer you to conveyancer and legal practitioners.

STEP 3: SETTLEMENT

The settlement date is the date on which the balance of the purchase price is paid to the seller in exchange for the property title.
Settlement date is also the date on which the buyer can take possession of the property, unless otherwise arranged.

A full detail on a guide for buyers can be found here.

FOREIGN INVESTMENT
AUSTRALIA’S FOREIGN INVESTMENT POLICY
Established (Second-Hand) Dwellings

Temporary residents need to apply if they wish to buy an established dwelling. Temporary residents may acquire one established dwelling only and it must be used as their residence (home) in Australia. Such proposals normally meet with no foreign investment objections subject to conditions (such as, that the temporary resident sells the property when it ceases to be their residence).

Temporary residents are not permitted to buy established dwellings as investment properties.

New Dwellings

A ‘new dwelling’ is a dwelling which is being purchased directly from the developer and has not been previously occupied for more than 12 months in total.

Temporary residents need to apply to buy new dwellings in Australia. Such proposals are normally approved without conditions.

Foreign non-residents or short term visa holders
Established (Second-Hand) Dwellings

Non-resident foreign persons cannot buy established dwellings as investment properties or as homes.

New Dwellings

Non-resident foreign persons need to apply to buy new dwellings in Australia. Such proposals are normally approved without conditions.

For more information, please go to http://firb.gov.au/content/default.asp