1. Hire a lawyer and a real estate agent.
2. Identify and select suitable property.
3. Put down a reservation fee for the property. A reservation fee of AU$5,000 usually applies, but amount can vary.
4. Get approval from Foreign Investment Review Board (FIRB) if required.
5. Exchange contracts and pay your deposit. Generally, you will need to put down a 10% deposit.
6. Make sure that loan arrangements are made well advance of settlement. Facilitate any valuation inspection and reporting required by the bank pre-settlement.
Source: Colliers International
Where in Australia?
*Estimated stamp duty and foreign tax based on a property purchase price of AUD$300,000 (excl any other associated fees)
New South Wales
Deposit – 10% (average)