Traveling to Australia to study, migrate, or settle down is both exciting and challenging. One of the most common concerns is how to transfer Chinese funds to Australia safely and securely. Australian International Overseas Services is here to help you do just that.
National Australia Bank
Apply for your bank account online (you must travel to Australia to activate your account within 12 months of opening it).
Your account number and SWITFT bank ID will be emailed to you within two weeks.
You can transfer money from overseas to your own NAB account.
Upon arrival in Australia, NAB’s Chinese-speaking staff will activate your account and issue you with a bank card. This service from NAB is a great way for people from overseas to open an Australian bank account online. All you need to do is travel to Australia once and visit the bank in person to activate your account. You can then transfer funds from overseas to your NAB account. This means that you will have funds in your Australian account before you even leave. It’s also convenient for your family to transfer money to you after you’ve travelled to Australia.
Commonwealth Bank of Australia
The Commonwealth Bank of Australia holds the title of Australia’s oldest bank. You can open a bank account anytime you arrive in Australia. As Australia’s most authoritative and largest stock exchange, Commonwealth Bank of Australia can open an Australian stock account for you. With our convenient Chinese language service, you’ll feel right at home.
To apply for an Australian bank account, please call 0061-2-9281 6299 or email our accountant at accounts@geic.com.au. Ms Victoria from Chinese and provides services in Chinese and English.
As an official partner of the four major banks and various financial institutions in Australia, GEIC’s loan service is free of charge.
As we are not a loan intermediary, this service is simply a value-added service for our clients, and you do not have to pay the ongoing intermediary fees that are implied in the interest rate of the loan.
We will have a loan manager from one of the big four banks work directly with you on your home loan without the involvement of any loan broker for our clients to get the lowest loan interest rates in the market.
When buying, selling or building a property in Australia, it is often necessary to find a solicitor. A solicitor is responsible for reviewing the property transaction documents and overseeing the legal aspects of the entire transaction, which is known as Conveyancing in Common Law countries.
Conveyancing involves the search and preparation of many legal documents, including the deed of sale, valuation report, loan repayment by the previous owner, subdivision, stamp duty and registration fee calculations, etc.
The legal process of buying, selling and transferring property involves the search and preparation of many legal documents, including title deeds, valuation reports, previous owner’s loan repayments, land boundaries, calculation of stamp duty and registration fees, etc.
For those investing in property in Australia, knowing your rights and obligations means that your money is invested in the best possible way. Choosing an experienced property lawyer is one of the most important things you can do once you have chosen your property. GEIC provides Chinese Australians with professional and fast legal services for the purchase and transfer of real estate to ensure your rights and interests. We provide professional solicitors to view the purchase contract business.
The Australian property market is relatively buoyant, and prices are generally on a gradual upward trend. Prices vary considerably by region. The main factors affecting residential prices are firstly, employment opportunities in the city; secondly, the degree of activity in the secondary market; and thirdly, the government’s housing policy. In recent years, residential prices have risen by nearly 30 per cent in Sydney and 10 per cent in Melbourne. The Gold Coast and Brisbane are mainly tourist resorts with beautiful scenery. Originally, the population in these areas was relatively stable, but in recent years, due to the influx of immigrants, residential prices have begun to rise rapidly.
Most Australian families who buy or build a home purchase it through a bank mortgage. In addition to the Western concept of enjoyment before payment and the above-mentioned low interest rates on loans and Negative Gearing on interest on investment properties, the convenience of a bank loan with a high percentage of the total loan amount and a long term (25-30 years) is also an important reason for the convenience of the loan. Loans of up to 80 per cent of the price of a home are usually available for owner-occupied properties and up to 100 per cent of the price of an investment property.
In the event that the loan is not fully repaid within the term of the mortgage, the owner can still carry out normal home buying and selling transactions, as long as the collateral is replaced. In the event that the property has appreciated in value, the owner can even take out an additional loan from the bank to purchase a car and furniture or to redecorate the property. The liberal housing finance policies and the policy of allowing international students and overseas investors to purchase property in Australia have contributed to a vibrant housing market in Australia.
Along with the high frequency of real estate transactions, real estate agents are very active in Australia. As lawyers’ fees and agents’ fees are deductible for Income TAX, families and individuals who need to buy, sell, rent or build a home mostly hire Real Estate Agents and Solicitors to help them choose and transact with properties.
The Australian government has strictly regulated the approval of qualifications for professionals engaged in real estate intermediary activities, including lawyers, real estate agents and so on. Professionals engaged in real estate intermediary activities must have certain academic qualifications, several years of relevant practical experience and the appropriate level of English, pass an examination and issue a qualification certificate, and be registered before they can practise.
International students and foreign investors can buy a property in Australia in their own name if they are over 18 years old. You can also write your parents’ name or joint name with you.
If you want to get a loan, you just need to provide proof of overseas assets or income from yourself or your parents, which is very easy to handle and not a problem. You can borrow up to 80 per cent of the purchase price, but you can’t guarantee that you will be able to do so because the bank will have an assessment process, but at least 75 per cent is sure to be no problem.
In addition, if you buy a new home in Australia for less than $650,000, you can also get a $5,000 government grant. If you buy a house for investment here, you only need to pay 20% down payment, and the rest of the loan is solved. The down payment of the building is 10%, and the other 10% is paid when the settlement is moved in, and you don’t need to pay a penny of interest during this period; and the down payment of the existing house is 20%.
Second-hand property is not impossible to buy for foreigners, because the government has some restrictive regulations for overseas people to buy second-hand property. But there is no restriction on new property, anyone can buy it.
When you apply to buy a second home, you will need to go through a process called FIRB (Foreign Investment Review Board), which restricts the ability of overseas people, individuals and companies to purchase property, ranches, mines, etc. in Australia in any way, and requires the approval of the FIRB;
If you are approved by the FIRB, the property you buy cannot be rented out and can only be occupied by yourself. If you are caught renting it out without authorisation, the consequences will be very serious;
It is about the visa issue. You must sell the house before your visa expires, if you fail to sell the house even after the visa expires, the government will compulsorily auction off your house, and after the auction, the policy has the right to retain the appreciation of the house during the period.
FIRB is 100% granted;
You can rent out your house as much as you want for the dual purpose of self-occupation or investment;
It has nothing to do with your visa, whether you decide to stay or go back to your home country, you can keep the house as an investment.
Address: Suite 309, 401 Sussex St, Sydney 2000 NSW Australia
Postal address: PO Box K595, Haymarket NSW 1240
Email: grace@geic.com.au
Tel: 612-9281 6299
MARN: 0321533
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Address: Beijing Dinghong Law Firm
2202 North Tower, Jiazhaoye Plaza, Dawang Road, Chaoyang District, Beijing, China
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