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| Name | Can NZ citizens buy property in Australia? |
| Video Uploader | Video From Mortgage Broker Australia - Hunter Galloway |
| Upload Date | This Video Uploaded At 06-08-2019 20:27:13 |
| Video Discription | Are you a New Zealand citizen or permanent resident living in Australia and are looking to apply for a mortgage in Australia? There can be a bit of confusion when it comes to buying in Australia, and if you are eligible for the First Home Owners Grant… So today we’re going to go through all of your questions around buying property in Australia and exactly what is involved. First Home Owner's Scheme As a New Zealand citizen buying property in Australia, you may be eligible for the First Home Buyerʼs grant if the property you wish to purchase or build meets the conditions of the scheme. See the official site for more information. Purchasing or building a new home gives you more benefits under the scheme than buying an established property. Stamp Duty When you buy property in Australia, youʼll need to pay a local tax called stamp duty on top of the purchase price. Stamp duty is a percentage of the purchase price or market value of the property - but exactly what this percentage is varies from state to state. First home buyers are usually eligible for a stamp duty reduction as part of the First Home Ownerʼs Scheme. To work out how much stamp duty youʼll need to pay, you can use this stamp duty calculator. Capital Gains Tax If you sell your home in New Zealand before moving to Australia, you wonʼt need to pay capital gains tax as you are still a resident of New Zealand for tax purposes. However, if you move to Australia and rent out your house in New Zealand for a time before eventually selling it, you will need to pay capital gains tax. All investment property (overseas and in Australia) is subject to capital gains tax when sold. Capital gains tax can be complicated, so we strongly recommend speaking with an accountant for advice on your specific situation. For more information about CGT in Australia, you can also consult these guides: Australian Tax Office: Introduction to Capital Gains Tax Australian Tax Office: Investing in Overseas Property Getting A Mortgage In Australia Getting a mortgage in Australia is a similar process to New Zealand. You will need to show proof of income in the form of employer payment slips and tax returns, and have a deposit of at least 10 percent (the actual deposit required by a bank varies and is dependent on your financial position and the policy of the lending bank). Be aware that financial institutions in Australia can and often will check your credit rating in New Zealand. If you are not sure where you stand, you can get a free copy of your credit file from Equifax (formely Veda Advantage). Itʼs a good idea to get pre-approval for a home loan before you start looking for a property so you are all ready to go when the time comes. For more info: https://www.huntergalloway.com.au/new-zealand-citizen-home-loan/ DISCLAIMER: This video offers no Legal, Financial and Taxation advice, and the information contained is general and does not take into account your personal situation. The Listener acknowledges, consents and agrees to the viewing of the content presented on the Channel is subject to the full Disclaimer (below) and agrees to be unconditionally bound by this Disclaimer. Full Disclaimer here – https://www.huntergalloway.com.au/youtube-disclaimer/ |
| Category | Education |
| Tags | new zealand | mortgage calculator | first home buyer tips | home loans explained | What will my interest rates as a New Zealand citizen be like? | Can NZ citizens buy property in Australia? | buying property in australia for non residents | buying property in australia from new zealand | new zealander buying property in australia | can new zealand citizens buy property in australia | moving to australia |
