Assistance to Foreign Property Buyers.
SA Listings has recently assisted a number of foreign buyers successfully purchase property in South Australia. It is essential, as a foreign purchaser considering a property purchase in Australia, you understand the complex rules surrounding the transaction. SA Listings offers a Buyers Agent Service to guide you through the process, assisting with government approvals, property selection, finance approvals, contracts and finally settlement on your new Australian property. We are also able to assist with finding tenants through our experienced property management partners.
In general, foreigners buyers are only permitted to purchase properties in Australia that are either new or under construction and each individual purchase transaction must be approved by the Foreign Investment Review Board (FIRB).
Who needs FIRB approval?
Essentially, if you are not an Australian citizen or are a temporary resident on a visa living in Australia, you may need to seek FIRB approval for a property purchase. SA Listings can assist you with achieving FIRB approval, contact us for a discussion of your individual circumstances.
Taxation and property purchase costs
There are other costs associated with purchasing property in Australia. As with most other countries, stamp duty is payable on the transaction. Additionally, as a foreign purchaser, with any transaction in South Australia you now must pay a ‘Foreign Owner Surcharge’ amounting to an additional 7% of the purchase price on top of normal stamp duty. SA Listings can assist in helping you choose the right property to minimise any additional costs.
There are also a number of other costs attached to a property purchase which must be considered, including legal & conveyancing fees, loan application fees, insurance cover and pro-rata adjustments for council or water rates, and building or pest inspection fees. Additionally, in South Australia, to complete any real estate transaction a conveyancer or solicitor must be engaged to carry out the actual process of the transfer of title.
Buyer’s Agent Service
As with any property investment, it is essential the correct property is chosen in order to achieve the best return on investment. SA Listings can assist your decision through our Buyers Agent Service – of course there is no obligation or cost for any initial discussion.
We have successfully helped a number of foreign buyers navigate the purchase process – we can do the same for you. Contact us for more information.