With interest rates at historical lows and property prices at more realistic levels, Australian expats and foreign nationals facing tough economic conditions overseas are opting to make the big move to Australia and invest in the Australian property market. Many Australian expats commence their property purchases from overseas and often begin by getting an investment property which they will later revert to an owner occupier property.

First home buyers

With the increase of the First Home Buyers Grant as part of the Federal Government’s economic stimulus package, the first home buyer market has seen a record upsurge in first time buyer sales. The grant which was doubled to $14,000 for purchases of existing properties and tripled to $21,000 for purchases of newly constructed properties is just one of the incentives that are available to first home buyers. Different states and territories will also offer additional grants and concessions that are all aimed at cutting the cost of your first home purchase.

Owner occupier property purchase

Australia’s relatively strong economy and the growing property market have served to lure back Australian expatriates and seen an upsurge in the number of foreign nationals seeking to purchase property in the country. And with the number of home loan options available in the market today, most are turning to mortgage brokers to help them navigate the home loan market and find quality finance products from secure lenders.

Property investment

With strong rental demand continuing to push up rental returns, Australia remains an attractive investment opportunity both for foreign investors and Australian expats. And as the country’s strong immigration record continues to feed demand, the weaker Australian dollar and more realistic property prices have all served to create opportunities for property investors. As an essential first step, you should always seek the advice of an accountant and determine what taxation and investment rules apply to your particular scenario

Refinancing your mortgage from overseas

Apart from accessing cheaper interest rates and new home loan options, refinancing your mortgage grants you access to equity that can be used to borrow additional funds for personal or investment opportunities overseas. If your income is in a foreign currency, refinancing your mortgage may also allow you to assess the impact of currency fluctuations and cut down your home loan costs.

Self Employed Expats

Self employed Australian expats have access to the same home loan options as those resident in Australia. If you are running a business overseas, you may borrow up to 70% without providing financials.

Buying property from overseas

Finding a suitable property from overseas can be easy if you know who to ask. One of the largest real estate groups in Australasia, Ray White offers a free concierge service to purchasers or sellers using a Ray White real estate agent. With just one phone call, Ray White Concierge will arrange all your connections, disconnections, insurance and home loans.