In Australia, foreign nationals can only purchase certain types of properties.
The Australian government through the Foreign Investment Review Board (FIRB) regulates the sale of Australian property to overseas persons and corporations. Companies like www.australianpropertybuyers.com.au assist prospective buyers to identifying the right property they are permitted to purchase, for their own use or as an investment property. They can also assist in the application to the FIRB.
Laurence Britten of australianpropertybuyers.com.au said: 'In Australia, once negotiations are complete, the real estate agent writes the contract (with any conditions) and form 1 documents (council searches). These, once signed by the purchaser, become legally binding after a small cooling off period (normally two business days, some states are different). Once cooling off is complete and the contract is binding it is then handed to a conveyancer or solicitor to instigate settlement. The process is very different in England where a solicitor writes a contract which is legally formed between the parties and the purchaser has the right to withdraw until exchange of contracts, in Australia the purchaser does not have this luxury.' You may choose to appoint your own solicitor. See the Law Society www.lawsociety.org.uk for a list of professional conveyancing solicitors.
Budget between up to 10 per cent for all purchase costs and fees. Based on a £100,000 property you should expect to pay the following:
| Stamp duty | £1,250-6,750 (varies by state) |
| Registration fees | £100-600 |
| Conveyance fees | £500-2,000 |
| Agent’s fees | n/a – seller pays |
| TOTAL | £1,850-£9,350 |
Capital gains on the sale of a property are liable to tax at the standard income tax rates for non-resident individuals in Australia, which range from 29-45 per cent. A double taxation treaty between the UK and Australia means you will not pay CGT twice but only at the higher rate in either country.
Non-permanent residents or non-citizens of Australia can obtain a mortgage once approved by the FIRB. Maximum loans of 80 per cent LTV are available on repayment and interest only terms, for up to 30 years.
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Amanda Lamb is on her travels finding you the ideal location for your new house
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