Yes. A solicitor or licensed conveyancer ensures the contract is legally sound and manages the settlement process.
Generally, you’ll need at least 10% of the purchase price. However, to avoid Lenders Mortgage Insurance (LMI), most buyers aim for a 20% deposit.
Pre-approval from your lender shows how much you can borrow. It helps you make confident offers and speeds up the buying process. It’s important because you’ll know your exact borrowing capacity before purchasing a property, ensuring you stay within your budget and avoid unexpected surprises.
Yes. Expenses such as interest on your loan, property management fees, repairs, depreciation, and insurance are typically tax-deductible. Always seek professional tax advice.
It means you’re buying a property before it’s built. based on the plans and specifications provided by the developer. Buying off-the-plan can offer significant stamp duty savings, especially if you purchase before construction is completed.
Yes. In fact, many grants and concessions apply to new or off-the-plan properties.
Look at rental yield, capital growth potential, location, tenant demand, and property condition. Also, factor in ongoing costs like management fees, maintenance, and insurance.
Foreign buyers can still purchase certain types of property in Victoria, but they must first obtain approval from the Foreign Investment Review Board (FIRB) before proceeding.
As of 1 April 2025, foreign buyers cannot purchase established (second-hand) residential dwellings in Australia, including Victoria, except in limited cases such as redevelopment or approved housing for specific employee programs.
Foreign buyers can purchase:
New or off-the-plan properties (including apartments and townhouses)
Vacant residential land for development (construction must begin within a set period)
Established dwellings for redevelopment that will increase housing supply
In Victoria, foreign purchasers must also pay a Foreign Purchaser Additional Duty (FPAD) — an 8% stamp duty surcharge on top of the standard rate.
Private sale: You make an offer to the seller through the agent, and the seller can accept, reject, or negotiate.
Auction: Bidders compete on the day, and the highest bidder (if above the reserve) must sign the contract and pay the deposit immediately.