Step 1 - Buyer's Agent

Many international investors are unable to travel to Australia for a property viewing, which is why a buyer's agent is incredibly useful. They can negotiate on your behalf and assist you in finding the perfect property. A buyer's agent will conduct any necessary dealings with real estate agents and can help you make a solid purchase by giving important information regarding the property's growth potential.

Step 2 - Seek Pre-Approval for Any Loans

When you are purchasing property, it can be quite beneficial to get pre-approval for any loans that will be involved. This will help to avoid significant delays should you find a property that fits your exact specifications. As the housing market in Australia is strong, many properties have a very short shelf life on the open-market. While other prospective buyers are still getting the necessary loan paperwork together, you could be acting on purchasing a solid investment. Getting a loan before beginning the search for investment property is imperative.

Step 3 - Apply for Pre-Approval From the Australian Government

International investors must apply to the Foreign Investment Review Board (FIRB) if they would like to purchase domestic properties. Having this paperwork in hand will also help you avoid any delays when the property purchasing process is underway.

Step 4 - Begin Searching for Properties

Now that all of the necessary paperwork and loan information has been completed, it's time to find the perfect property. Century 21 has one of the most comprehensive listings of properties in Australia, and will be perfect place to start your search.

Step 5 - Enter Negotiations Regarding the Purchase Price

Once you've found a property that meets your purchasing criteria, the negotiation process begins. The nature of such negotiations will differ, as different regions experience variances in demand.

Step 6 - Finalise the Formal Loan Approval

Though you've been pre-approved for your property mortgage amount, there is still a finalisation that must occur. It will be essential to forward the sale contract to the mortgage provider.

Step 7 - Complete the Contract Exchange and Pay the Deposit

Once the loan has been formally approved and your conveyancer or solicitor has given you full approval to move forward, you can exchange contracts with the property agent. A deposit is generally required, and there is no set standard to the amount. Once the contracts have been exchanged, the process is nearing the point of completion.

The aforementioned "subject to FIRB approval" clause is very important and must be included in the contract. The clause must be stated properly, so consult your conveyancer or solicitor to avoid a rejection of the FIRB proposal.

Step 8 - Finalise Necessary Arrangements

The FIRB will need a copy of the contract for formal approval, so once they have been exchanged, forward one to the organisation. Consult with your mortgage provider, solicitor, or conveyancer to get any clarification should it be necessary. Legal advice is always recommended, and you have the right to seek it.

Step 9 - Settlement

This is the final phase of the process and includes the exchange of the property's ownership. Your mortgage provider and conveyancer or solicitor will handle all of the proceedings, so your presence isn't necessary. The real estate agent will have your keys and the title to the property will be held by your lending institution.