Mortgage Essentials

How to obtain your credit report/file

About Credit Reports

https://www.oaic.gov.au/privacy/credit-reporting/access-your-credit-report

Credit reporting bodies/agencies-

• Equifax  – phone 13 8332
• Experian  – phone  1300 783 684
• Illion – phone  1300 734 806

First Home Owners Grant applications

First Home Owner Grant (FHOG) is available when you buy or build your first new home.

• VIC –State Revenue Office
• QLD Revenue Office
• WA Gov
• NSW – Revenue NSW
• ACT Revenue Office
• TAS Gov-
• NT Gov-
• SA -Revenue SA

Pre-settlement inspection checklist

Please read these articles

• Realestate.com.au Article
• Consumer.vic.gov.au Article

Lenders Discharge Forms

Please click the lender’s link.  Fill in the details and then download the doc, sign and send it to the lender

important- The form or the Discharge process may have been changed by the lender since the website is updated. Please check with the lender directly to ensure the form that you are using is the most updated form or the process. We exclude all responsibility in this regard.

1. CBA (Commonwealth Bank) – 
2. NAB-
3. ANZ-
4. Bank of Melbourne-
5. Westpac –

Joint tenancy vs Tenants in common

The land transfer document facilitates the transfer of ownership of the land from the Seller to the Buyer.

In Australian property ownership, there are significant differences between joint tenants and tenants in common:

All about Joint tenancy and tenants in common- Money podcast

Also read

• legalvision.com.au Article
• www.ddavis.com.au Article

Off-the-plan duty concession-

Buying a home before any building works have started or have finished is commonly known as ‘buying off-the-plan. When you buy off-the-plan, you may be eligible for the off-the-plan duty concession. For all details please click the below stated SRO website link. Australian states and territories have different laws and regulations concerning off-the-plan duty concessions.

SRO Vic – Off-the-plan duty concession

Revenue NSW

Govt of QLD

ACT revenue

Govt of WA

State Revenue Office- TAS

Northern Territory Government information and services

Temporary residents purchasing  Australian  Residential property/homes

Please read the FIRB website for updated rules before taking any action

1. Approval from the FIRB is necessary.
2. You are allowed to purchase only one existing dwelling, which must be for residential purposes; nonetheless, you must sell it upon cessation of residency.
3. An investment property purchase is permissible; nonetheless, it must be either newly constructed or vacant land intended for new construction.
4. FIRB approval is unnecessary when purchasing property jointly with an Australian citizen under a spousal relationship. This exemption does not extend to other relationships such as business partners, parent-child, siblings, friends, or relatives.

Foreign investors purchasing  Australian  Residential property/homes

Please read the FIRB website for updated rules before taking any action

1. Approval from the FIRB is required.
2. The investment property must either be newly constructed or vacant land for future development.
3. Purchasing an established dwelling as an investment property is prohibited.
4. They have the option to purchase a new property under their name and lease it to their child who is on a temporary visa.

Exception–  If  you’re purchasing a home with a Australian Citizen or Permanent Resident,   together as joint tenants within a spousal relationship.

Useful Websites for non-Residents

Lodge a residential property application with ATO (Australian Tax Office)  before you purchase residential real estate (housing) or land in Australia (for all Temporary Residents or Foreign Investors)

• Application process on the ATO website- start here
• ‘Vacancy fee return’ for foreign owners.- ATO
• Land Transfer duty (stamp duty) for foreign purchasers in VIC state
• Land Transfer duty (stamp duty) for foreign purchasers in NSW
• Land Transfer duty (stamp duty) for foreign purchasers in QLD

Fees for Temporary Residents or Foreign Investors when buying properties 

• How much Fees you must pay to the ATO as a foreign investor when investing in residential property in Australia
•   Vic State fees- Foreign purchaser land transfer duty (surcharge) in VIC state

How much Surcharge Stamp Duty?

How much  Surcharge Purchaser duty/ Land transfer duty/ Stamp Duty   need to pay in each State if you are a Foreign purchaser/ Temporary resident

CALCULATOR- select YES for “Is foreign Purchaser?” question on this Stamp duty calculator

Temporary residents purchasing property with an Australian citizen spouse-

Please read the FIRB website for updated rules before taking any action

1. No FIRB approval is necessary if purchasing a property as  joint tenants within a spousal relationship
2. Can purchase new, existing property, or vacant land, which can serve as their residence or an investment.

New Zealand Citizens

Please read the FIRB website for updated rules before taking any action

(Please reconfirm current requirements with a conveyancer before purchasing)

FIRB approval is not necessary.
You have the freedom to purchase a new property, existing property, or vacant land.
The property can serve as your residence or as an investment.
While your physical presence in the country is not mandatory during contract exchange or settlement, being absent may result in a foreigner stamp duty surcharge. Please contact your State Revenue Office for current requirements

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