Loan Market Group says it has seen significant growth in the number of home loan inquiries from Britons who have recently migrated to Australia, as well as from people in the UK.
“UK expats have really been sold on the Australian lifestyle – the sunshine, the beaches and large homes with swimming pools,” Loan Market Group executive director John Kolenda said.
Beach-front locations popular
“Even though Australia is doing it tough in the economic downturn, we are still much better off than they are in the UK.”
Cashed-up professional UK migrants are keen to live near the beach, especially on Queensland\’s Gold Coast and Sunshine Coast.
“They predominantly come out to Australia for a stress-free life and that includes making the mortgage as small as possible, so they usually have a decent deposit,” Mr Kolenda said.
At the same time, there had also been boom in inquiries from expatriate Australians.
Demand growing due to grants
They are looking to either buy a home to live in when they return to Australia or are seeking investment properties to take advantage of low interest rates and a downturn in real estate prices.
And if they are first home buyers they can access the boosted federal government grant – which up until June has been doubled to $14,000 for established homes and trebled to $21,000 for new properties.
They are typically looking for properties priced between $400,000 and $600,000, but some expat buyers are looking for homes priced between $1 million and $2 million, Mr Kolenda said.
Loan Market is creating a website dedicated to people considering migrating to Australia and expatriate Australians
looking to buy a property back home.