Buying houses in Australia is different from other countries. The normal process in Asia is that either you fund from your own savings or take financial assistance from the bank and buy the house and get it registered under your name. It is totally a different process, when it comes to buying houses in Australia. Once you have found a house you wish to purchase, it's a good idea to first get a building and pest inspection report and a valuation. Even if you feel you are knowledgeable about property in your home country, there may be flaws in Australian homes - such as termites - that you are not familiar with. After finding the house valuation and inspection reports are satisfactory, you will want to make an offer for the house or to bid for the house in an auction.

Making an offer

In the process of buying houses in Australia, you are required to make an offer in writing and the seller's real estate agent will submit your offer in writing to the sellers. If they are happy with your offer, the sellers will counter-sign your offer/contract and you will be informed of their agreement and the contract becomes legally binding. If your offer is conditional, you will still be able to withdraw it if the agreed conditions are not met. If the conditions have been met, you will need to pay a ten percent deposit. You will pay the balance on an agreed day and the house will become yours.

Bidding in an Auction

Many owners believe that they may get a higher price by forcing potential buyers to compete with one another in an auction. Auctions may take place in the auction room or at the property itself. If you bid successfully in an auction, you will need to pay a deposit of ten percent of the purchase price immediately. If you back out on the deal you will lose your deposit. This is the normal process, followed with regard to buying houses in Australia in auctions.

First Home Owner Grant

People buying houses in Australia for the first time are eligible for the First Home Owner Grant, a lump sum worth $7,000.  On October 14, 2008, the government announced a doubling of the grant to $14,000 for buyers of homes that were not newly constructed. Buyers who sign contracts by the end of September 2009 will still be eligible for the full $14,000 grant. Grant, Substantial savings, Mortgage from an Australian Bank can help Australians in buying their first homes Australia.

How Much Can You Borrow?

The amount of money that you can borrow for buying a house in Australia in a mortgage depends on the lender. Lenders typically use your salary to decide the maximum amount they will lend you. The average amount Australian lenders allow couples to borrow is 5 times their joint pre-tax income.

Legal

When buying houses in Australia It is preferable to have the ownership title from seller to buyer handled by a lawyer or a conveyancer as it differs between Australia's states.