|Is my employment and income stable ?
|Will I have trouble securing full time employment on my return toAustralia
| Can I visualize where I will be over the next 2/3 years
yes / no
|Can I visualize where I will be over the next 2/3 years
yes / no
|Contact Foreign Investment Review Board for the conditions required in full
|If you answered yes to the above questions you now need to know your borrowing capacity
||If you answered yes to the above questions you now need to know your borrowing capacity when purchasing a property inAustralia
|You will need to assemble the following to gain support for a pre- approved loan
- Letter from Employer detailing your base salary and any benefits you receive
- Copy of two pay slips not more than six weeks old
- Copy of your last tax group certificate or similar document
- Copy of 12 months bank statements or managed funds statements confirming what you have saved towards the purchase
- Copy of personal loan and or lease agreements if you have these in place and bank statements showing where the repayments come from
- If you rent or board, a letter from the agent confirming what you pay and confirmation of your history as a reliable tenant
- If you own an investment property that is rented, a letter/statement from the current managing agent confirming rental payment
- Copy of credit card statement/s confirming your limit/s
- Copy of last 6 months loan statements for facilities to be refinanced
- Asset and Liability Statement
|If you are self employed you will need to provide
- 2 years Tax Returns for
- Family Trust/s
- Directors personal tax returns
- Notices of Tax Assessment for each individual applicant
- Letter form your accountant confirming they act on your behalf and that the figures supplied are correct and all taxes are paid up to date
|This information above can then be given to your broker or bank to assess your borrowing power. The broker or bank will then advise you of the approximate maximum Purchase Price, Loan Amount, Fees, Rates etc applicable to your situation
|Where to from Here?
|Find a property!
- Engage a good Real Estate Agent in the area of choice, making sure that they belong to a sound regulatory body
- If you need assistance locating a property consider using a Buyers Advocate
- Find a good solicitor making sure you negotiate their fee upfront and then negotiate a sound contract subject to;
- Finance 21 working days
- 30 Days to settlement or longer
- Building and pest report
- Arrange to pay minimum deposit
- Organise a house insurance policy as you are responsible for the property should it be for example destroyed by fire.
|How much Deposit should I pay?The main purpose of a deposit is as a security for completion of the contract by the buyer
Traditionally a deposit equals 10% of the purchase price is required but sellers may accept less.
|Now you complete a formal bank application having regard to
Decide on the following
- Product that best suits your circumstances
- Currency in which you borrow that best suits your circumstances
- Fixed or Variable Interest Rate?
|When the Loan is Approved
- Bank will forward letter of offer and mortgage documents to be signed – ( It could be best to have these sent to your solicitor for checking prior to forwarding to you for signing)
- On receipt of the documents you may need to increase the insurance cover for the property based on the valuation and valuer’s comments, noting the bank approving the loan as the interested party / mortgagee
|Upon Return of the DocumentsThe bank , your Solicitor and the Seller’s Solicitor will communicate leading up to a Settlement date.All you will need to do is stay in communication with your Solicitor and follow their instructions making note that any monies you are putting towards the purchase will need to be in the Solicitors Trust Account at least 10 working days prior to Settlement