Foreign buyers looking to purchase property in Australia will benefit greatly from, and in many cases be required to retain, the services of an Australian real estate professional. They are referred to the buyer’s agent, and this person will conduct in-person research to help you make an educated decision about where you want to live, what you can afford, and any other factors associated with your property purchase.

A buyer’s agent provides invaluable Australian market insight for non-resident buyers and is generally authorized to bid on your behalf at home auctions or other public sales. They can also help you understand fair property prices and any tax exemptions you may qualify for as a foreign buyer.

You will want to look for buyer’s agents in and around the areas where you are interested in living. Bear in mind that populous places like New South Wales (NSW) are likely to have far more buyer’s agencies to choose from than less densely populated regions like Western Australia. Even if your desired location is fairly remote, it is smart to search any nearby capital cities and major cultural thoroughfares like Canberra and Sydney to get a sense of what is available.

Non-resident home buyers in Australia face just as many options when it comes to securing a mortgage as they do when deciding between a new home in Melbourne or an established dwelling in rural Victoria.

House prices vary widely depending on factors like proximity to capital cities, housing demand in the desired area and even which Australian bank you choose to work with. Borrowers need to be aware of interest rates and understand that a higher interest rate may apply to their Australian home loan based on their credit score, financial history in their home country and employment status.

Before any contract of sale is signed on an Australian property, your buyer’s agent will usually help connect you with a suitable mortgage broker. The total amount that you will pay each month toward your property will be a combination of a fraction of the purchase price and the predetermined interest rate. Also included in that contract of sale and mortgage document will be a figuring of two kinds of tax you are likely to owe on your Australian property: capital gains tax and stamp duty.

The capital gains tax refers to the money you will owe the Australian government on any sale of assets that occurred during the acquisition of your Australian property. For instance, if you sell your home in the Maldives to help pay for your Australian home, whatever you make off that Maldives home will be considered a “capital gain” and subject to reporting to the Australian Taxation Office as part of your annual income tax.

Stamp duty, also known as “transfer duty” or simply “duty,” will be due upon the transfer of the property from one owner to the next. Stamp duty varies from territory to territory, and prospective buyers should check with the local government to find out what taxes and exemptions may apply.

Obtaining a professional to help you inspect new properties is nearly always essential. In Australia, this is handled by a conveyancer, also known as a solicitor. Even if you are already in-country to inspect potential homes, these professionals are a wise addition to your team, as they are more well-versed in what to look for when it comes to evaluating Australian properties.

Conveyancers generally work in conjunction with builders, architects and surveyors to obtain factual information during inspections of Australian homes. These professionals are more aware of details like where and how the weather or climate conditions may affect property and where to look for issues in a property.

A conveyancer can help you build in any disclaimer needed for your contract of sale. For example, if your conveyancer has visited a property for you and discovered that the home’s dire need for a new roof is diminishing its property value, you can potentially negotiate the cost of that repair into your contract of sale or place a disclaimer within the document that mandates the repair.

Likewise, as contracts are typically exchanged between buyer and seller ahead of FIRB considerations, most home sale contracts will contain the standard “subject to FIRB approval” disclaimer. Keep in mind that FIRB approval typically works on a 30-day turnaround.

Conveyancers are also useful for buyers who need to have legal paperwork drawn up regarding a property, subdivide land or update easement information. At a bare minimum, it is highly advisable for non-resident buyers to consult with a conveyancer for basic legal advice before making any formal offers on Australian properties.

Auction sales are far more common in Australia than in other parts of the world. If you are already an Australian resident, the rules for auction bidding are fairly straightforward and require pre-registration. Non-residents can designate an Australian resident, including their buyer’s agent, to bid on their behalf if they plan to have the title or deed certificate of the property transferred over later and where adequate legal trust is in place.

Always make sure to have all financial specifics and designations set forth in a formal contract before allowing any buyer’s agent or other Australian resident to bid on your behalf. Remember that a preferential pecking order is in place for established dwellings in Australia, and Australian citizens are generally given wider options — while holders of a temporary visa or another non-resident visa are not at the highest points on that ladder.

This may mean obtaining an established dwelling is somewhat more difficult for non-residents. And if you are interested in an established residential property that you plan to use for redevelopment, you will still need a FIRB approval. However, if you can show on paper that your redevelopment plans will benefit and enhance Australian housing stock, those approvals can be made fairly quickly.

Official offers on Australia properties should be made through a formal entity, such as your conveyancer’s office, directly from your buyer’s agent, or through the Australian bank that will be responsible for your mortgage. Take the time to ensure that you have a 10% required deposit ready and that your mortgage terms have been approved and set before making a formal offer. You can expect most problem-free sales to finalize in two weeks or less.