As an Australian expat, purchasing property back home can seem complex, but it is entirely possible. The key is to understand the process, explore your financing options, and partner with the right mortgage expert to guide you every step of the way.
Our team has helped Australian expats secure home loans for decades. As Australia’s leading mortgage broker for expats, we understand the unique challenges involved in buying property from overseas.
Why Australian Expats Are Investing In Property
Australian expats are increasingly turning to property investment for several reasons:
- Planning for future relocation
Buying now prepares you for a future move home. - Taking advantage of a growing market
Property values in Australia continue to rise in many areas. - Earning income through rentals
You can generate passive income while living abroad.
Purchasing property in Australia is often a rewarding way to maintain financial ties to your home country.
Home Loan Options for Australian Expats
As an Australian expat, you may have to consider a non-conforming home loan. These are designed for borrowers who don’t meet traditional lending criteria, including many Australian expats.
Because these loans are higher risk for lenders, they often come with:
- Higher Interest Rates
- Greater Upfront Fees
- Stricter limits on Loan-to-Value (LVR) ratio.
It’s important to factor these into your budget when choosing the right loan option.
Guide to Buying Property as an Australian Expat
With a structured plan, buying a property as an expat becomes much easier. Here’s a quick guide to help you through the process.
1. Plan and Prepare
Decide whether the property is for personal use, investment, or both. Review your finances to determine how much you can borrow. Speak with a specialist broker like Specialist Mortgage to assess your borrowing power.
Typically, you’ll need a deposit of 20–30% of the property’s value, and you will need to factor in expenses like stamp duty, legal fees, and loan setup costs.
2. Find the Right Property
Once your finances are sorted, start researching suburbs and prices online. Consider working with a buyer’s agent who can find suitable options, inspect properties, and even bid on your behalf.
If you’re unable to inspect in person, a buyers agent will be able to view property on your behalf and conduct valuable research.
3. Navigate the Legal Process
Once you have pre-approval and you’ve chosen a property, you are in a position to make an offer. Engage a solicitor or conveyancer to handle contracts and ensure all legal checks are completed.
Arrange building and pest inspections to identify any issues. Finalise your home loan with your mortgage broker once your offer is accepted.
4. Complete Settlement and Take Ownership
Before settlement, conduct a final pre-settlement inspection to confirm the property’s condition. Your legal team will manage fund transfers and documents, which can often be done remotely.
After settlement, the property is officially yours, and you’ll receive the keys.
Ready to Buy Your Property? Let’s Make It Simple.
The team at Specialist Mortgage has supported thousands of Australian expats since 1995.. We understand the lending landscape, speak the banks’ language, and know how to achieve the best outcomes for Australian expats.
Speak to our expert team today and discover how simple it can be to own property back home, no matter where in the world you are.
