COMMONLY ASKED QUESTIONS AND ANSWERS:
Q: Do I have to be an Australian Citizen or Permanent Resident to buy property in Australia?
A: Regardless of value, foreign persons generally need to notify the Government and get prior approval to take an interest in residential real estate, vacant land or to buy shares or units in Australian urban land, corporations or trusts. This includes established properties.
Changes to Australia’s foreign investment framework took effect from 1 December 2015. For more information on these reforms please read the factsheets: https://firb.gov.au/resources/faq/
Q: How do you match our requirements to our budget?
A: We will meet with you in person and ensure that our detailed buyers briefing document is completed.
Q: Why do we charge an upfront engagement fee?
A: For two reasons; Firstly we spend a large amount of time researching, inspecting, evaluating and appraising as many properties as are required until we find the one that is suitable for you and in some instances this does not guarantee that you will purchase or be able to purchase (i.e. being outbid at auction). In this instance we carry on with the process. Secondly it is a sign of commitment to us and to the process, which can take months.
Q: Why do we have to pay our buyer’s agent a success fee?
A: In the same way that selling agents are rewarded for their efforts in selling a property, buyer’s agents are rewarded by their clients for searching, inspecting, evaluating, negotiating and purchasing their home. In many instances it could take hundreds of man-hours to find the ideal home and conclude a successful purchase. Having a buyer’s agent on your side could save you more money on the purchase than our fees, so it just makes sense to have a professional looking out for you.
Q: Does the success fee include the initial engagement fee?
A: Yes it does. So if we succeed in finding and helping you buy your ideal property, we are only paid the success fee and we will reimburse you for the engagement fee.
Q: Do you explain the entire purchasing process to us?
A: Yes we do. The process in Australia/NSW is different to other countries/states and it is very important that you have a thorough understanding of what is required before and during the buying process. In many instances it can be the difference between making a successful bid for a property or losing out on 1 or more properties.
Q: Can you refer us to mortgage brokers, solicitors and other service providers?
A: Yes we can. We DO NOT earn any fees from these referrals and as such we have no vested interest other than assisting you in this process.