Australia makes it easy for foreign investors to buy property because they have a rich tradition of encouraging foreign investment. Unlike most other nations around the world Australia is desperate for overseas dollars. According to the Australian Bureau of Statistics Indians form the second largest by population migrant group in Australia. Chinese migrants hold the coveted number one spot. The facts and figures stand in strong contrast to the racist history of this young country and its White Australia policy of the twentieth century. Of course, many Indians in places like Sydney and Melbourne predominantly experience a welcoming easy going acceptance by the local denizens. Indians buying homes & property in Australia: Is it easy or difficult?
Pandemic Pain for Indian Migrants in Australia
Now everyone knows that real estate agents are soulless blood suckers intent on making a sale at any cost LOL. Back in 2016 they were announcing India as the next big thing for them to feather their own nests via sales to cashed up Indians coming to Australia. The global pandemic and locked down Australia has caused plenty of heart ache for Indian migrants, as they were excluded from extended family for nie on two years. Travel exemptions were hard to come by and there were stories of children separated from parents for lengthy periods. Thankfully things look to be opening up now at the close of 2021.
Foreign Investors Buying Property in Australia
First up you will need to apply to the Foreign Investment Review Board (FIRB) if you are a foreign resident, temporary resident in Australia, or short-term visa holder. There are some caveats in that non-residents cannot purchase established dwellings. They can purchase new dwellings and vacant land zoned for residential development. Temporary residents can only purchase one established dwelling and it must be their primary place of residence.
Why not check out a fixed-rate or variable home loan to see if buying property in Australia is right for you? Of course, having a career as an orthodontist makes financing much easier. There may well be time left over for a regular round of golf on some of Australia’s many fine courses located within easy reach of capital cities. According to SBS more than half of the permanent migrants in Australia have purchased their own home here. Indians, as we well know, know what’s what when it comes to making a good life for their families and securing their future.