Buying a House in Australia: 4 Ways to Finance Your Home Down Under
Are you ready to move down under?
Buying a house is an exciting time and doing it in beautiful Australia is no different!
Whether you’re a native Australian or an ex-pat relocating, you want to be sure that you know the ins and outs of buying a house in Australia. Check out this guide for four ways to finance your home down under.
1. Family Pledge Loan
With this option, an immediate family member would put up some kind of security so that you can purchase the property. This could mean the entire deposit or only a percentage, depending upon what you need.
2. Owner’s Finance
Wondering how to buy a house in Australia? Owner financing may be the right choice for you.
With this option, the seller of the property will provide the buyer with the finances to purchase instead of the buyer going to the bank. While this is a more common option in the United States, it’s still possible to do in Australia.
With owner financing, the seller will retain the property deed until the buyer pays them back. Once the final payment is made, the deed will be transferred to the home buyer.
3. Joint Venture
Want to know how to buy a house in Sydney? Are you educated in investment properties and earn a great income, but you don’t have the means to make a deposit? Consider a joint venture. A joint venture is mutually beneficial to both parties.
Your partner would provide the deposit and you would both own the property. You would provide financing or property work to increase the value of the home. Negotiations would be between the two of you and would be whatever works best for both parties.
4. First Home Owner Grant
Did you know that it’s possible to get a grant from the government to buy your first home? If you’re buying your first home in Australia, you may be eligible to receive money from the Australian government to go towards the purchase of a house.
A first home owners grant has certain requirements that need to be met:
- You must be a first time home buyer in Australia.
- The value of the home cannot exceed $800,000.
- The grant cannot be claimed for land purchases only.
You will want to check into the specific standards of the state in which you’re interested in residing.
Buying a House and Starting a New Adventure?
Whether you’re buying a house in Sydney or buying a house in Perth, it’s important to know how you can finance that home. Once you have that checked off your list, you can begin your new adventure and live the life you want.
If you’re in the market for a new home, check out our listings today. Let us help you find the home of your dreams.