Four things you must know when buying a house overseas



1. When buying a house overseas, does the buyer have to go to the scene to do the transaction in person?


Buying a house overseas generally requires the person to sign a contract locally to conduct the transaction. However, in Australia, if it is really impossible to get to the scene, you can choose to sign the contract by a photocopy or a power of attorney.

Signature photocopy is simple and economical, but it has certain risks. Because not all sellers will agree to exchange contracts through photocopies. Once the seller rejects the request for the exchange of photocopies, even if the buyer immediately mails out the original signed contract, the house you want will likely be put back to the market or sold to other buyers.



2. If you buy a house overseas, can you live there without restrictions?

In most popular countries, unrestricted residence is directly related to immigrant visas. It has nothing to do with buying a house. If you want to live without restrictions after buying a house overseas, you can choose the countries where you can immigrate, such as Cyprus, Portugal, Spain, Greece, South Korea (Jeju Island), Latvia, Malta, Slovakia, Italy, Andorra, Escalation Nevis, St. Kitts, and France (Reunion flourishes).


3. Do overseas mortgages require collateral?



Overseas home loan generally does not require collateral. Take Australia as an example: if you buy a house in Australia, the house itself is your collateral, and no additional collateral is required. At the same time, if you have assets in the country, it will help you to apply for a loan more convincingly, and you are more likely to apply for a loan. In addition, if the buyer can make a down payment of more than 20% of the property price at one time, the bank will believe that you have enough financial ability.


4. For international students who have no income, can they take out a loan overseas to buy a house? Do they need to provide proof of income?



International students can buy a house, either in the name of their parents or in their own name. Proof of income is required regardless of your loan status. Although international students have no income or a little income, they can use their parents as guarantors. For people with stable income, they can apply for a loan of 80% of the property price when buying a house in Australia; however, for international students who have no income, under the environment of tight bank credit, they can only apply for a loan at 60% of the property price at most.