Buying property in Australia
By John Kinghorn from moneycorp
If you’re looking to buy property in Australia, one of your first steps should be to enlist a foreign exchange specialist. This will get some of the administration out of the way early and ensure that deposits can be paid as required.
This is particularly important in Australia because once you’ve had an offer accepted; you will need to pay a 10% holding deposit immediately. It can take time to set up a currency exchange account because, like any financial application, it requires rigorous checks, so it’s best to start the ball rolling as soon as you start to look for a property in earnest.
This isn’t the only paperwork you need to complete. If you aren’t an Australian citizen, or permanent resident, you will need to gain permission from the Foreign Investment Review Board (FIRB) before you can purchase a property. You should get an answer within 40 days in most circumstances and although you can exchange contracts prior to approval, it would be wise to ensure the contract is conditional on receipt of that approval to ensure you are not in breach of contract and liable for any financial penalties. If you buy a new-build property or a rural home, you may not need to permission from FIRB, but the best approach is to seek advice from a solicitor on whether this is required.
Once you’ve got through that red tape, you can move ahead with your purchase. Even if you have a local bank account and mortgage, the average minimum deposit required is 20% in Australia, so there may be a need to release some equity or repatriate funds from the UK. This is where a foreign exchange specialist can help. Moneycorp has an expert team on hand to offer guidance on the best value products for everything from regular and scheduled payments to one-off purchases and has a fully functional online platform and mobile app which allows you to buy and sell currency, access great rates and schedule and track payments.
Many of our customers set up a regular payment plan to transfer funds to an overseas bank account. This may be to fulfil scheduled costs or to provide regular income to your Australian account such as a pension payment or income from renting out a property. Funds can be collected using a direct debit, converted to Australian dollars and delivered to your local account. To provide peace of mind, there are options to specify the amount of funds outgoing in sterling, or incoming in Australian dollars, or both if you choose to use a forward contract and lock in an agreed rate.
Alternatively, you can trade with the market. This means that the amount being sent or received may vary depending on the rates, but this approach may prove to be beneficial for those willing to take a risk on market performance when the fluctuations are aggregated over the course of a year.
There are a number of ways to move your money across borders; to make the most of your funds, it’s best to plan ahead and work with a specialist who can put the right tools at your disposal. Poms in Oz & moneycorp
Poms in Oz work with moneycorp who are a leading money transfer company. Benefit from great exchange rates when using them plus, as a special offer, all transfer fees are waived for forum members.
You can register for a free moneycorp account by clicking here. Once registered, you will have a personal Account Manager who can provide quotes and discuss the latest movements on the exchange rates.
Or email currency expert John Kinghorn – email@example.com
Established in 1979, moneycorp is one of the largest and fastest-growing players in the foreign exchange and international payments market.
TTT Moneycorp Pty Limited, Authorised Representative No. 445555 ABN 46 116 612 858, are Authorised Representatives of Rochford Capital Pty Ltd (AFSL License No. 361276 ABN 40 143 601 594) Jones Bay Wharf, Suite 45, 26-32 Pirrama Road, Pyrmont, NSW 2009.