The COVID-19 pandemic and ensuing lockdowns across Australia have many people looking to buy property outside of the country. For some, it may be a question of viewing the government’s actions as too extreme. Other people may be looking to take advantage of their company’s remote working lifestyle and buy their dream retirement house in an exotic location much sooner than previously imagined.
Fortunately, the explosion of financial technology services over the years makes these dreams an easy reality. In fact, Australia’s top money transfer services are specifically built to handle real estate transactions and convert your Australian dollars to the currency of your choice.
A new lifestyle is possible
It goes without saying that the COVID-19 pandemic has changed the way the world thinks about life. Watching a global health crisis play out in real-time has many people re-thinking their priorities.
Living in large and expensive cities may have previously been required for young professionals who need to work at downtown offices. But the work environment has adapted rapidly and many people are now given the freedom to work where they chose from.
Now, most people might assume that this means that people can swap their homes in Sydney and Melbourne to somewhere remote. Newcastle has become a preferred destination for professionals as it is much cheaper to live and raise a family compared to a major city.
But what if a professional can pick up and move out of the country? A lot of companies are open to the possibility, especially those that are not constrained by geography. Clients are no longer expecting a company to conduct business face-to-face in Australia.
How to buy foreign property from Australia
Current Australian COVID-19 restrictions do not permit citizens to leave the country for leisure purposes. One of the few valid reasons to leave Australia is if you are moving out of the country on a long-term basis.
But this begs the question: how does one buy foreign property from Australia without being able to leave the country? The way it works is certainly more complicated in these trying times, but such is the reality of life.
Instead of being able to visit a property in person, your buying process might have to be strictly digital. Real estate agents in foreign countries should be aware of the situation in Australia and be more than willing to adapt their sales process.
Once you find a property you want to buy from the comfort of your home in Australia, it is time to pay for your property.
Suppose you found your dream home in Thailand, how would you transfer Australian dollars to Thai bahts? The top Australian money transfer services have years of expertise in solving this dilemma.
Platforms like TorFX, Halo Financial, OFX, among others are the preferred methods for buying property from Australia.
These money exchange services require you to open an account and transfer Australian dollars to the money transfer platform. After that, you will need to input the money’s end destination, and then the FX transfer can be completed with relative ease.
Should Australians buy foreign property?
There is no easy answer to the question if buying foreign property from Australia is the right move. In fact, both sides of the argument present compelling arguments.
On one hand, picking up and moving to a foreign country means a complete disruption in your life. New environments, new cultures, and new languages can seem daunting. And one would assume that COVID-19 restrictions would eventually be lifted and life can return to normal, or as close to normal as possible.
ANU demographer Liz Allen was quoted as saying that the mass exodus from major cities will be “short lived.” Allen said:
“Sydney and Melbourne have experienced the greatest [COVID lockdowns] and necessary behavioural change, so it’s not at all surprisingly that people have been moving out and away from these restrictions and into other areas. The trend we’re seeing at present is the result of others not moving into the areas where people have left, which would ordinarily happen. “I expect this trend of net excess movements away from capital cities will be short lived.”
On the other hand, the Australian government’s COVID response is resulting in a lot of anger and frustration. Many young people are questioning if Australia is where they want to spend the rest of their lives after a feeling of betrayal from their government officials.
This is especially true for Australians stranded overseas because they couldn’t receive the necessary permits to return back to their home country. According to some reports, nearly 40,000 Australians are not allowed to return to their homes.
Australians that already own property overseas may find it difficult, if not impossible to return back to Australia and then leave the country again anytime soon. In this case, tens of thousands of people might find the only reasonable option is to simply sell their Australian home. The proceeds from the sale can just as easily be converted to a foreign currency via one of the leading money transfer services.
Australian money transfer services will make your decision easier
Moving from Australia to a new country is by no means a decision to take lightly. Even if you are frustrated with the COVID restrictions and feel that other countries will offer a more enjoyable life, you will be leaving behind your past.
But if you feel that moving is the right decision, money transfer services will make the process a bit smoother — at least in terms of finances.