When investing in Australian real estate, it is usually necessary to find an agent. Many domestic buyers have certain prejudices against real estate agents, but in fact, the majority of regular agents in Australia are very impartial. They promote transactions based on the interests of both buyers and sellers, and in the principle of fairness and justice. Also, the commission system of Australian agents is different from that in China, there is no behavior of falsely reporting high prices in order to earn more commissions, and most agents will not directly charge buyers.

AC Realty Group provides professional consulting services throughout the process, kindly answering all kinds of questions in the process of your property purchase, and assisting you in selecting the most suitable house.

You need to clarify the purpose of buying a house before buying a house, understand the differences between investment or self-occupation for individuals, choose the property suitable for you based on your current and hoped future lifestyle, and consult our professional property consultants for advice and plans before making a choice.

Usually, we would suggest that customers take about a month to visit about 10 properties in different selected areas, which is sufficient to fully understand the detailed situation of this real estate market. In this way, you can grasp the detailed information of the market and understand the market housing prices.

After the buyer has selected a satisfactory house, they can pay an EOI deposit (purchase intention money) to the agent/developer, usually AUD 2,000, Sydney is AUD 3,000-5,000, to apply to the agent/developer to reserve the house.

The deposit will be refunded to the buyer within the cooling-off period (the stipulated time is 14 days). However, it should be noted that overseas investors can only buy new houses and off-the-plan properties, they cannot buy second-hand houses, and they must obtain approval from the FIRB (Foreign Investment Review Board).

● Apartments, townhouses, and completed detached villas only have one purchase contract.
● House＆ Land projects have two purchase contracts, namely the land contract and the building contract.

The agent/developer provides the purchase contract to the buyer's representative lawyer. The buyer signs the contract after consulting their representative lawyer and fully understanding the contract. At the same time, the developer also needs to sign the purchase contract and provide the buyer with a copy of the contract signed by both parties. The purchase contract takes effect.

Note: After the contract is formally established, according to Australian real estate transaction laws, the buyer has a 3-day cooling-off period. That is, the buyer can withdraw from this real estate transaction within the cooling-off period, and at the same time pay a penalty equivalent to 0.2% of the house price or 100 Australian dollars, whichever is greater.

The down payment for apartments and townhouses is usually 10% of the contract price. The down payment for the land villa package is 10% of the land price plus 5% of the construction price. Buyers need to pay the down payment for the house within the time specified in the contract, usually within 5-7 working days. This money can be paid to the developer's lawyer or the agent's trust account.

Note: It is recommended to go to the bank to issue a bank check for the 10% down payment, and the bank check is exchanged between the buyer's agent lawyer and the developer's agent lawyer; the bank check must be a local Australian bank check, that is, the buyer needs to have a local Australian bank account; Safe house purchase: The 10% down payment will be paid to the trust account regulated by the Australian government until the property is successfully delivered before it will be transferred to the developer. Before the official delivery of the house, the buyer can usually split the interest generated by the down payment with the developer.

Buying a house in Australia requires the payment of stamp duty to the government. The specific amount and payment time depend on three factors: identity (local/overseas), purpose of buying a house (investment/self-occupation), and the state in which you are located. The specific amount and time will be clearly notified to the buyer by the agent lawyer. For example, in Queensland, the stamp duty that overseas buyers need to pay is about 12% of the house price, and the stamp duty is paid within three months after signing the contract for the off-the-plan property. If the house is delivered before the due date for payment, it will be paid at the time of delivery. Overseas buyers can refund 8% stamp duty if they get PR before the delivery of the house.

The developer's agent lawyer sends an official notice to the buyer's agent lawyer, notifying that the work has been completed. After the house is completed, the developer will invite the buyer or the buyer's representative to inspect the house. The buyer should take this opportunity to determine whether the construction of the house meets the standards stipulated in the contract. Note: For off-the-plan properties, the delivery time in the Australian real estate contract is a time range. For existing houses, the contract will specify the exact date of delivery. Receiving a house means that the house is built, accepted, and transferred to the buyer's name on the day of delivery, not just handing over the keys. If the buyer is unable to receive the house due to their reasons, the developer has the right to confiscate the buyer's deposit and interest, and even claim damages.

After the house is completed, the buyer needs to pay the balance to the entrusted lawyer within 14 days of the developer's notice of the settlement date. The formula for calculating the balance is the total house price minus the down payment, then minus the loan amount (Balance = Total house price - Down payment - Loan amount).

Unlike buying a house in China, in Australia, the balance and loans for buying a house are only paid after the house is delivered. This means that if you are buying a new house, before the house is delivered, the buyer can enjoy the benefits of property appreciation without paying other fees except for the down payment, tax costs, and lawyer fees.