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How-to Guide to Buying a Home in Australia

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Many people who want to relocate and live in a beautiful destination often plan to settle in Australia. The setting offers a warm climate and plenty of activities to enjoy in each season. If you're planning an upcoming move or are already a resident, there are a few important steps to take to buy a house in the country.

Determine Your Budget

Knowing your budget is the first step to finding your next home and will influence the type of property that you purchase. Determining your budget ahead of time will also allow you to decide the areas in Australia that you can afford to live. According to Living in Australia, you can receive a grant as a first-time homeowner in the country. The money that is provided through the grant varies depending on where you buy a house.

The price of the home that you can afford is easy to calculate by multiplying your household income by two or three. Take your debt-ratio income into consideration and also factor in the cost of homeowner's association fees, utilities, landscaping, repairs, and insurance.

Price Your Home Right

One of the most important steps to moving to Australia is selling your home quickly before you can make an offer on a property. Pricing your home accurately is crucial to ensure that you can attract buyers quickly. Homes that sit on the market for too long lose their appeal and often need a steep price reduction.

Get a Foreigner Mortgage

You'll need to obtain a foreigner mortgage to get the necessary financing for the home that you plan to buy. Find a mortgage broker through a bank or financial institution in the area where you plan to relocate to submit an application and learn more about the terms. Find a mortgage broker that has experience working with foreigners if you're currently not a resident. They'll connect you with dozens of lenders, depending on your budget and where you want to buy the home. According to MoneySmart, it's important to request a key facts sheet for each home loan to easily compare everything.

According to Lifehacker, lenders will take a look at your employment history, your savings account, and the deposit that is available. Most people spend 20 percent of price of the home on the deposit.

Hire a Real Estate Agent

One of the most common mistakes that many people make when shopping for a new home is failing to hire a real estate agent to assist with the process. Real estate agents may require a payment for their services, but they can end up saving you more money in the long run. Real estate agents are aware of certain properties that may not be listed or have recently foreclosed. They'll also avoid tension that can develop with the seller during the negotiation process to ensure that you can obtain a good deal on the home and still be in good standing with the other party.

Make a List of Your Needs

To narrow down your search when buying a house, make a list of your needs to ensure that you only visit properties that have everything that you require. You may need a house with hardwood floors, an updated kitchen, four bedrooms, or a pool in the backyard.

Hire a Conveyancer

A conveyancer can make your home buying process easier by handling all of the legal work and will go through your mortgage offer. They can also exchange contracts with the seller and will pay stamp duty on your behalf after the transaction is completed.

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