Buying a property in Australia is quite a transparent and clear process. All procedures are regulated by Australian laws.
Crypto Property Agency assists its clientele while all procedures including:
- finding options and applying for loan or mortgage,
- applying for FIRB approval,
- handling taxes, fees and other payments (both in fiat and cryptocurrency) until the final settlement.
Here’s the common property buying process in Australia:
Step 1. Choose the property.
Visit our properties section and choose any, then contact us. In case you haven’t found the one you wanted to view and buy we encourage you to visit any other real estate agencies and pick out there.
We will guide you through the entire process of buying with crypto regardless of the online or offline agency you’ve chosen a property from.
Step 2. Contact us and meet your team of professionals who will coordinate the buying process.
After choosing a property (or properties) you desire to buy, please, contact us for further details.
Crypto Property Agency can assist you with:
- all the legal work while buying process
- applying for a mortgage (in case you need this option)
- accounting routine (if required).
Step 3. Continue with qualifying with the FIRB.
Non-residents or temporary visa holders are legally required to get permission from the Foreign Investment Review Board or FIRB to buy property in Australia.
This step is not necessary for Australian or New Zealand citizens.
Qualifying with the FIRB is quite an easy process and requires up to 30 days from the date you applied and paid fees.
Fees* are as following (https://firb.gov.au/resources/guidance/gn29/):
|The estimated price of the acquisition||Fees payable|
|up to $1,000,000||$5,600|
|$1,000,001 – $1,999,999||$11,300|
|$2,000,000 – $2,999,999||$22,700|
|$4,000,000 – $4,999,999||$45,400|
|$5,000,000 – $5,999,999||$56,700|
|$6,000,000 – $6,999,999||$68,100|
|$7,000,000 – $7,999,999||$79,500|
|$8,000,000 – $8,999,999||$90,900|
|$9,000,000 – $9,999,999||$102,300|
|$10,000,000 or more||Please contact the Australian Taxation Office for a fee estimate (fees are tiered per million)|
*Fees won’t be charged in case a buyer changes his/her mind regarding property acquisition.
Crypto Property Agency will help you with getting qualified with FIRB.
Step 4. Exchange contracts, pay an initial deposit and wait for FIRB decision.
You may exchange contracts with the seller after obtaining a loan or mortgage pre-approval or if your lawyer gives you full play for this stage.
Then put down the initial deposit. Commonly it’s 10% but may be negotiable and differs depending on a state.
After placing your deposit:
You will receive a confirmation via email that your money is in a trust account.
Please, remind your lawyer to add to a contract you sign the clause “subject to FIRB approval” to not lose your deposit in case FIRB rejects you.
Step 5. Final arrangements and settlement.
After signing the contract, forward its copy to FIRB for the approval.
In case you decided to use loan/mortgage option get a bank’s formal approvals.
We advise you do the inspection of the property you buy in the day of a settlement, or our agent can do this for you.
While final settlement your property will change hands in presence of your lawyer (conveyancer or solicitor) in conjunction with a bank and mortgage broker (in case of mortgage involving). This procedure doesn’t require your presence.
Now you are the owner of your dream property!