Ive just ready your post. We bought before we moved here. There are a number of things to consider.
I found land being sold on the Point in Noarlunga downs, I approached the agent who inturn put me nto a conveyencer and mortgage advisor. You wil notice here everyone knows each other in some way.
I cant quite remember the amount of deposit, it was 20% deposit and the mortgage will be an investment loan. This has a slightly higher interest rate. However in the contract you will have a condition as to government approval. You need to apply to the OZ governemnt for investment approval. There is no issues getting it, though they will require an anticipated build cost. Your approval is subject to your home build being started within 12months.
Therefore I contacted a builder for a home we liked and via emails confirmed our designs and after arriving here we made our final selections. Here you get to choose everything from the colour of grout for the tiles to brick and roofing colour. This cant really be done fro the UK.
For us the builder has been great and they have started foundations last week. Were now renting arond the corner. We estimate a 6 month build time.
Now were here we can get a residential mortgage and not an investment mortgage. We paid off our land after we arrived. If you dont want the mortgage on your income multiple, you need to put 40% down.
If you want to know any more in greater detail, let us know.
Oh bear in mind interest rates here are betwen 9-10% approximately, depending on you introductary rate you`ll prob get .7% reduction (residential). We used the ANZ both times, the service has been fantastic. Once you have an account you can use online banking from the UK (very handy), transfer money via HIFX, you get better rates above £5K. Oh the exchange rates are not as good as they have been in the past. Not sure where they will go.
Sorry to waffle on, good look.