The federal government admits to allowing foreign investors to purchase Australian property, which has priced many first-home buyers out of the market.
A recent crackdown comes in response to growing claims real estate prices have been forced higher by wealthy Asian families, especially from China and South Korea, buying up property and out-bidding local residents at auctions.
The tightening of foreign investment rules require temporary residents to be screened and get permission from the Foreign Investment Review Board to buy a property, sell their property when they leave Australia and build on vacant land within 24 months, or else sell.
The laws will be backed by new punitive measures including: making it easier to fine vendors and real estate agents; confiscating capital gains; expanded data-matching to improve monitoring and increased enforcement; and a dob-in-style 1800 free hotline for people with suspicions.
We understand that being a first home buyer is an exciting time. Your property is undoubtedly one of the biggest purchases that you will make in your lifetime. Finding the right first home and using your first home buyers grant effectively is a great way to get started. At the Australian Lending Centre, we help first home buyers every step of the way.
Whether you’re a first home buyer, or you’re looking to upsize, downsize or invest, we have a wide range of home loans to suit everyone. We offer competitive home loan rates to first home buyers, the self employed (including low doc loans), property investors and those simply wishing to refinance a current loan.
To learn more about first home buyers loans, home loans, low doc home loans, and refinancing call the Australian Lending Centre today on 1300 138 188 or simply fill out an enquiry form to your right.