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How hard is it to buy a house in Australia without PR? The Chinese like to pile up in these areas best

 
[Economic News]     17 May 2019
House, carries a lot of dreams of a person, but it is not what you can buy if you want to buy it!Chinese people are very obsessive about house, whether living at home or abroad, buying a house is definitely an inextricable topic.

House, carries a lot of dreams of a person, but it is not what you can buy if you want to buy it!

Chinese people are very obsessive about house, whether living at home or abroad, buying a house is definitely an inextricable topic.

For people who have been identified as PR or citizen in Australia, as long as the money is in place, whatever you want to buy.

In recent days, Prime Minister Morrison promised in the election that first-time home buyers can buy a house as long as they pay a down payment of 5%! The other 15 per cent down payment is made by government guarantee, and there is no need to pay for mortgage insurance!

The Labour Party followed suit in making the same promise.

In other words, no matter who comes on stage, first-time home buyers will have the opportunity to enjoy benefits!

I envy the people who get their Australian identity.

Those who do not have Australian status, including foreign students, tourists, skilled immigrants, backpackers and so on, have to overcome many obstacles to buy a house here, such as tightening Australian loan policy, additional stamp duty and so on.

One of the most important is the eligibility, commonly known in China as a ticket, without it, there is no money to buy a house.


What kind of room can foreigners buy?

1. Apply to FIRB

  • No matter where you come from, whether you are a temporary resident, a foreign resident or a tourist, to buy a home in Australia, real estate, first has to apply to FIRB (Foreign Investment Review Committee) and pay a fee.
  • The specific cost depends on the price of the house, after obtaining approval to buy a house.
How hard is it to buy a house in Australia without PR? The Chinese like to pile up in these areas best

FIRB is an organization that advises government of Australia on its overseas investment policies, such as who can buy, what houses to buy, and so on.

If you do not apply to buy a house, you will face a huge fine or even a criminal accusation!


2. Temporary residents buy houses

  • The temporary residents here refer to:
  • Foreigners who hold temporary residence visas and are allowed to stay in Australia for more than 12 months in a row (regardless of the length of the visa), o
  • An application for permanent residence has been submitted and foreigners who currently hold bridge signatures can wait in the country for the outcome of the trial.

Example: if the total length of the visa for foreign students is 2 years, but the remaining length is only half a year, it is still regarded as a temporary resident.


Temporary residents are required to purchase housing to meet the following requirements:

A current room

  • Only one set of (established dwelling), can be purchased and must be used from living. If you don`t live here, you have to sell it within three months of moving away. You can`t hold it, you can`t rent it, you can`t use it as a vacation home. And the house must be empty at delivery.
  • The purchase of existing houses is generally allowed to be pushed down and rebuilt, provided that the stock of house can really be increased. Reconstruction needs to be completed within four years of approval, and house cannot be leased until dismantled and rebuilt.
  • You can`t buy a current house for investment.


B new house

  • The restrictions on buying new houses are less, as long as FIRB approval, how much you want to buy, you can also rent.
  • You can buy a flat and a new one at the same time, but the present room must be self-occupied.
  • The so-called new house refers to the fact that it has not been sold as a house before, has not been used, and has not been rebuilt in the location of the old house that was originally demolished.
  • The exception is that the house is one of a development project (more than 50 units in total) and then sold by developers. In this case, if the real estate has been used, it can still be considered a new house for no more than 12 months.


C open space

Temporary residents can also buy open space to build their own new houses, but within four years of approval and submit them within 30 days of receipt of the completion certificate. If you can`t finish within 4 years, you can apply for an extension 2 months before the expiration date.


3. Non-resident buying a house

Non-residents here (non-resident) refer to non-citizen who do not often live in Australia, including visa holders who are only allowed to stay for a certain period of time, foreign government in the limited cooperative relationship defined by foreigners. Companies and general partners, etc.

Example: if an international student holds a student visa of less than 12 months, it will be regarded as a non-resident, not a temporary resident.

Non-residents need to meet the following requirements for buying a house:

  • You can buy a new house without restrictions. Although FIRB approval is required before each purchase, there is usually no limit on the number of purchases and how much you want to buy.
  • Generally speaking, you can`t buy a real house.
  • If rebuilt, you can buy a real house, provided that you can really increase the stock of house. Reconstruction needs to be completed within four years of approval, and house cannot be leased until dismantled and rebuilt.
  • You can also buy open space to build a new house within four years of approval and submit it within 30 days of receipt of the completion certificate. If you can`t finish within 4 years, you can apply for an extension 2 months before the expiration date.

In short, FIRB does not restrict foreigners from buying new homes and land in the hope of stimulating the Australian housing market and increasing the supply of new homes, thus helping to curb house prices, including rents.

And real estate market development is booming, will also create a large number of jobs, but also can increase taxes.


Where do Chinese people like to buy a house

In recent years, it is nothing new for compatriots to buy houses in Australia. Buyers are bold and generous enough to impress foreigners!

One of the most important factors in buying a house in China is education, which is usually surrounded by famous schools.

For example, Rose Bay and Darlinghurst are very popular on the east coast of Sydney, where the terrain is high, the view is wide, the sea view is beautiful, and there are good private schools around it. Merrylands in the west is also one of the hotspots.

Werribee, in the west end of Rowville, in southeast Melbourne and Sunnybank and Carindate in Brisbane, Box Hill North, are popular areas for Chinese buyers.

In Xinzhou, Victoria and Kunzhou, the areas of interest to Chinese buyers in the past few years are:


New state:

1. Rose Bay

2. Darlinghurst

3. Merrylands

4. West Ryde

5. Guilford

6. Glebe

7. Darling Point

8. Woolloomooloo

9. Potts Point

10. Surry Hills


Victoria:

1. Rowville

2. Fitzroy

3. Toorak

4. Werribee

5. Box Hill North

6. Port Melbourne

7. Balwyn North

8. Melbourne

9. Preston

10. North Melbourne


Kunzhou:

1. Sunnybank

2. Forest Lake

3. Carindale

4. West End

5. Hope Island

6. Sovereign Islands

7. Robina

8. Eight Mile Plains

9. Calamvale

10. Southport

These areas are either beautiful in environment, famous schools, or rich people gather.


epilogue

The increasing number of Chinese buying homes in Australia, whether it is investment or immigration, reflects that Australia does have a great competitive advantage in many ways, such as investment environment, living conditions, quality of education, live a retired life medical treatment and so on.

And now both immigration and home purchase policies are tightening, although buying Australian real estate will not bring permanent residence status to buyers, but in the long run, it will be more and more difficult to buy without Australian PR status.

So to buy a house early, immigrants need to be early!


Reprinted from: Neolithic immigrants studying abroad

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