If you are looking in the London or the UK, check out Rightmove
2. Local help
It really helps to get to know the professional real estate agents, accountants and lawyers in the city you are looking to buy in. It's impossible to know all ins and outs of buying property in a foreign country. Find local guides you can trust and hit them up for as much information as you can.
3. Your rights
A common mistake of Australians buying property abroad is not understanding the property laws of the country they are buying in. This is particularly important in South East Asia. Indonesia, Thailand and Singapore, as all have fairly tight ownership laws for foreigners.
Hiring a local legal professional will help you navigate the legal minefield and ensure that your rights are protected.
You need to consider the tax implications of an overseas property well before you buy it. Make sure you talk to your accountant, check the Australian Tax Office website for more information. Even more important are the tax laws of the country you are buying the unit or house. If you earn income from the house, it may be taxable in that country.
Once you have purchased the property, getting a good exchange rate when you transfer the money for settlement is very important. On a money transfer of $300,000, the difference between a bad exchange rate and the best, could amount to over $10,000.
How to Get Good Exchange Rates When Buying A Property Overseas
When transferring money between countries, you could end up losing thousands of dollars through a bank. It's crucial to avoid poor exchange rates, high fees and commission charges. Here are the best ways to getting the best exchange rates.
1. Research the live exchange rates.
Find out the wholesale exchange rate , it will give you a benchmark to compare the exchange rates between money transfer companies and banks.
2. Compare exchange rates online.
The tool below helps you compare exchange rates between banks and money transfer specialists. Save time and do it all under a minute.
3. Be informed of cheaper alternatives.
A trusted company like OFX provides a cheaper option to transfer money overseas.
Transferring money back to Australia isn't easy. It can also be really expensive depending on what exchange rate you get. This articles compares the best ways of moving money back to Australia.
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Let us do the hard work for you. Simply let us know which currency you want to buy and what rate you are after. We'll contact you as soon as we find a currency partner that can sell it at your nominated rate. If you have a large amount, call us on 1800 004 930
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A local consultant will call you back within one business day to help you out. Alternatively, you can call us directly on 1800 004 930.
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