After applying for FIRB, overseas buyers can generally buy new houses and vacant land. Among them, the purchase of open space, land development must be completed within 4 years. Under normal circumstances, such buyers can't buy second-hand houses.
Foreigners with a valid visa of 12 months can buy second-hand houses, which can only be used for self-occupation and sold within 3 months after leaving the country. Generally speaking, the convenient way for overseas people to invest is to buy a new house.
In addition to the FIRB fees mentioned above, there are generally stamp duty and overseas additional stamp duty (that is, we often say overseas purchase tax), lawyer's fees, property registration fees, loan fees and so on.
Overseas people pay 7-8% more overseas purchase tax than local people, and one-time charges, loans and interest can be deducted. For a house with the same total price, the apartment is higher than the villa, and the apartment is priced according to the total house price, while the villa is priced according to the land price.
Local and overseas buyers need to pay stamp duty when buying a house, and the stamp duty algorithm in different States is also different. About 4% in NSW, 5.5% in Victoria and 3.5% in Queensland. Overseas buyers need to pay additional overseas stamp duty on the basis of this stamp duty, which is 8% in NSW, 8% in Victoria and 7% in Queensland.
The benefits of buying a house in Australia
1. The threshold for buying a house in Australia is low: Australia's loan policy and down payment policy are relatively loose, and the down payment only needs to pay 10% of the total price.
2. Australia is a paradise for international citizens: immigrants to Australia can travel to and from more than 40 developed countries without visas and become real citizens. Australia is a high welfare city, and citizens can enjoy 12 year tax exemption. Australian real estate is private property, sacred and inviolable, and strictly protected by law.
3. The proportion of Chinese in Australia is increasing year by year: Australia is an immigrant country, and in recent years, China people account for one tenth of the total number of Australian immigrants. Chinese have been deeply integrated into Australian society, and there are more and more Chinese parliamentarians in Australia.
4. Australia's government system is sound, open, efficient and transparent: Australia ranks fourth in the transparency of government policies, ahead of the United States, Britain, France and Canada. Australia ranks seventh in the implementation effect of government decisions. By default, the risk of Australian banks providing credit for real estate is almost zero, so it is easier for real estate to get the support of bank credit.