Q1 - Why should I choose ReferProperty?
The variety that ReferProperty offers property purchasers means there is something to please every taste. With a current slowdown in the market, many buyers are taking advantage of bargain prices in hotspots right across the country, which retain their appeal and relative market buoyancy. Tourist locations are firm favourites amongst investors and foreign buyers who enjoy a second home or cash in on strong buy-to-let yields from their investments in high demand resorts.

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Q2 - What is the economic and political situation?
The recent global economic crisis and the subprime lending crisis have slowed down the market, while many investors see this as an ideal time in which to buy, while prices are at a standstill for now. They are favouring top-end luxury property or other options located in busy tourist locations where values will continue to rise.

First home owners should be taking advantage of the Federal Government cash offers and incentives currently available NOW, which could be subject to change by the end of this financial year in June 2009. Also see FAQs question 4.

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Q3 - What would be other costs incurred when I buy a house?
Apart from the Purchase price on the contract, you will be normally required to pay stamp duty, search fees, legal fees for lawyer who assist for your conveyancing, inspection fees if you require building and pest inspection done. Your nominated adviser should be able to give you a rough estimate of these costs in the process.

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Q4 -  Can I receive the first home buyer grant?
If you are an Australian resident, then you may be eligible.

Established homes - First home buyers purchasing an established home may be eligible for the $7,000 Boost in addition to the First Home Owner Grant ($7,000) and the First Home Bonus ($3,000*), bringing the total benefits to $17,000.
*Subject to certain requirements being met.

New homes - First home buyers building a new home or purchasing a newly constructed home may be eligible for the $14,000 Boost, in addition to the First Home Owner Grant ($7,000), the First Home Bonus ($5,000*) and the First Home Owner Regional Bonus ($3,000*), bringing the total benefits to $29,000.

Check the following link http://www.firsthome.gov.au  to see if you qualify for the grant.

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Q5 - Can a foreigner buy real estate in Australia?
A foreigner can buy Australian real estate with approval from Foreign Investment Review Board (FIRB) only in the following limited circumstances:

(a) Purchase of "off the plan" - a foreigner can buy a new property directly from a developer as long as the developer has not sold more than 50% of the development to overseas interests;

(b) Purchase of vacant block of land - a foreigner can buy a vacant block of land provided the dwelling will be constructed within 12 months of the FIRB approval;

(c) Purchase of renovation property - a foreigner can purchase a second hand property if it requires renovation and a buyer would spend more than 50% of the purchase price to improve the building;

(d) Purchase of Integrated Tourism Resort (ITR) - a foreigner can freely buy and sell the properties which are designated as ITR properties.

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Q6 - Do I need a lawyer?
It is strongly recommended to seek legal advice from lawyers. If you do not have a lawyer, our ReferProperty staff can assist you in finding one for you.

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Q7 - When do I have to take out insurance on the house that I am buying?
Standard Terms of the Sales Contract normally stipulates that risk passes onto the buyer upon signing of the contract unless otherwise stipulated. Therefore, it is strongly recommended to cover your property buying straight after your signing of the contract. Our ReferProperty staff can assist you in arranging your insurance cover.

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Q8 - Can I sign a contract and change my mind later?
Once you sign a contract, you are bound by terms and conditions of the contract. However, a number of states in Australia provide Cooling off period varying its length by law. You are able to terminate the contract within the Cooling off period normally with penalty fee. Otherwise you cannot pull out from the contract unless the contract allows you to do so. So, it is important to know that you can change your mind while you can exercise your termination under Cooling off period, however, you cannot change your mind afterwards. Hence, it is important that you read all the fine prints and ask the real estate agent until you are satisfied. Also we strongly encourage you to seek legal advice prior to signing.

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Q9. Who will I be dealing with at ReferProperty and who will prepare the contracts of sale?
Each property will be different due to State Legislation. On most occasions the developers of each property will most likely have their own contracts prepared, however each state is different and you may even require the services of a lawyer in this matter. Your sales professional from ReferProperty will be able to advise you in this matter.

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Q10.    With whom will I be talking to about property on ReferProperty’s website?
At ReferProperty we are able to put you in contact with professional licensed real estate agents with whom you can discuss your real estate needs on a completely confidential basis.  They will advise you of the relevant information on each property that you have enquired on with ReferProperty.

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