What do I need to know about buying or building a house?
Australians see owning their own home as the great dream. Houses cost a lot of money, equal to about 8 to 10 years salary. Purchase usually occurs with an initial deposit and a bank loan for the rest. Most people pay back a house loan over 25 to 30 years. Real estate agents sell most houses but sometimes the owner sells their house direct to a buyer.
You need permission from the Foreign Investment Review Board to buy a house or land for building if you are not a permanent resident living in Australia.
What do I need to know about building a house?
Instead of buying a house, it is possible to buy land and have a house built to your plans. Government rules control the building of houses and a licensed person performs the building and related work.