Can Australians buy property in Greece?
Yes. Australian citizens can legally buy property in Greece.
You do not need to be a Greek citizen or Greek tax resident to purchase residential property. However, you will need to follow the Greek legal, tax and banking process. This usually includes obtaining a Greek Tax Identification Number (AFM), opening a Greek bank account, appointing a Greek lawyer, and completing property checks before settlement.
If you are a Greek citizen living in Australia, your application may be viewed differently by some lenders compared with someone who is only an Australian citizen. Greek citizenship can sometimes improve your borrowing options, especially where the bank has specific policies for Greek citizens living abroad.
The most important point is this: buying from Australia is possible, but you should not assume the process works like it does in Australia. Greek banks assess income, residency, property value, age, documents and deposit requirements differently.
Who this guide is for
This guide is for people living in Australia who are considering buying residential property in Greece. It may be useful if you are:
- an Australian citizen buying a holiday home in Greece
- a Greek citizen living in Australia
- a dual Australian-Greek citizen
- a Greek Australian reconnecting with family heritage
- planning to retire in Greece
- buying an investment property
- purchasing a family home for future relocation
- helping parents or relatives buy property in Greece
- looking to understand whether Australian income can support a Greek home loan
Whether you are ready to buy now or just starting to explore your options, the best time to understand your borrowing position is before you start making offers.
Key takeaways
- Australians can buy property in Greece, and many can apply for a Greek home loan using Australian income.
- As a general guide, overseas borrowers may be able to borrow between 65% and 80% of the property value, depending on citizenship, residency, income, lender policy and the strength of the application.
- You will usually need your own funds for the remaining deposit, plus purchase costs. In Greece, it is sensible to budget around 10% of the purchase price for taxes, legal fees, notary fees and other transaction costs.
- All buyers will need an AFM, a Greek bank account, proof of identity, income documents, bank statements, tax documents and evidence of deposit. If you are buying from Australia, some documents may also need to be certified or apostilled.
The most important step is to understand your borrowing capacity before choosing a property.
Why Australians are buying property in Greece
There are many reasons Australians are looking at the Greek property market.
For Greek Australians, buying in Greece is often emotional as well as financial. It may be about reconnecting with family villages, spending more time in Greece, creating a base for children and grandchildren, or preparing for retirement.
For Australian citizens without Greek heritage, Greece can offer lifestyle, climate, culture and access to Europe. Many buyers are attracted to Athens, Thessaloniki, Crete, Rhodes, the Peloponnese and the islands because they offer a combination of lifestyle and long-term property appeal.
Property prices in many parts of Greece can also appear attractive when compared with major Australian cities. However, price alone should not drive the decision. Buyers should also consider location, title checks, building condition, rental demand, access, ongoing costs and whether the property is acceptable to a Greek bank for lending purposes. A beautiful property is not always a bankable property, which is why it is important to involve the right professionals early.
Can you get a Greek home loan using Australian income?
Yes — many Greek banks can assess Australian income, provided it can be verified.
If you are employed in Australia, the bank will usually want to see evidence such as payslips, tax returns, bank statements and an employment letter. If you are self-employed, the bank may request business financials, tax returns, accountant letters and business bank statements.
Australian income is acceptable, but Greek banks may treat it more conservatively than income earned in Greece. This is because your income is paid in Australian dollars, while the loan is disbursed in euros. The bank may apply a foreign currency adjustment, or 'haircut', when calculating affordability.
For example, if you earn income in AUD, the lender may reduce the income it uses for assessment to allow for exchange-rate movement. This does not mean your full income is ignored — it simply means the bank may stress-test your ability to repay the loan if the exchange rate changes.
Are Greek citizens living in Australia assessed differently?
In some cases, yes. Greek citizens living in Australia may be eligible for different lending treatment compared with non-Greek citizens living overseas. This depends on the bank, the applicant's profile, and the type of property being purchased.
Factors that may help include:
- Greek citizenship
- a valid Greek passport or identity card
- an existing AFM
- previous Greek banking history
- family or asset ties to Greece
- strong Australian income
- clear intention for the property use
That said, Greek citizenship alone does not guarantee approval. The bank will still assess income, debts, age, credit history, property value and deposit. For Greek Australians, the strongest applications are usually those where the applicant has clear identity documents, stable Australian income, clean bank statements, manageable debts and enough savings to cover the deposit and costs.
How much can Australians borrow in Greece?
The amount you can borrow depends on two main things: the bank's maximum loan-to-value ratio and your personal borrowing capacity.
Loan-to-value ratio, or LTV, refers to the percentage of the property value the bank is willing to finance. For example, if a property is valued at €300,000 and the bank lends 70%, the maximum loan amount would be €210,000.
As a general guide, Australians buying from overseas may need a deposit of around 20% to 35%, depending on their citizenship, residency and lender policy. Greek citizens living in Australia may sometimes be eligible for higher lending limits than non-Greek citizens, but this must be assessed case by case.
Your borrowing capacity will also depend on your income, existing debts, credit cards, personal loans, car loans, dependants, age and overall financial position.
It is important to understand that the bank will usually lend against its own valuation of the property, not necessarily the agreed purchase price. If you agree to buy a property for €350,000 but the bank values it at €330,000, your maximum loan will be calculated on €330,000. This can create a funding gap, so you should avoid committing to a property before understanding both your borrowing limit and your available deposit.
Deposit and purchase costs
Your deposit is only one part of the money you need. When buying property in Greece, you also need to budget for purchase costs. These can include property transfer tax, notary fees, legal fees, land registry or cadastre fees, engineer checks, translations, bank fees and other transaction expenses.
As a simple planning guide, many buyers should allow approximately 10% of the purchase price for buying costs, in addition to the deposit. For example, if you are buying a property for €300,000 and the bank lends 70%, you may need:
- €90,000 deposit
- approximately €30,000 for purchase costs
- an additional buffer for exchange-rate movement, travel, translations or unexpected expenses
This means the total cash contribution may be closer to €120,000, not just the deposit amount. This is one of the most common areas where overseas buyers underestimate the true funds required.
Can you buy property in Greece without travelling?
In many cases, yes — however some banks will require your physical presence at least once before the loan can be issued.
A large part of the process can be handled remotely from Australia, especially if you appoint a trusted lawyer in Greece. Many buyers use a Limited Power of Attorney, allowing their lawyer or representative to complete specific tasks on their behalf. This may include obtaining an AFM, liaising with the bank, signing certain documents, completing legal checks and progressing the purchase.
However, not every step can always be completed remotely. Some banks may require video identification, in-person verification, original documents or specific signing procedures. Requirements can vary depending on the bank, lawyer, notary and your personal circumstances.
If you are planning to travel to Greece, it is worth coordinating your trip around key steps such as property inspections, bank meetings, signing the Power of Attorney and contract review. If you are not travelling, you should make sure your lawyer and finance contact are aligned from the beginning.
Documents Australians may need
Every bank has its own document checklist, but Australians commonly need to provide:
- passport
- Greek passport or Greek ID, if applicable
- Australian driver licence or secondary ID
- AFM, if already issued
- proof of Australian residential address
- payslips
- employment letter
- Australian tax returns
- Notice of Assessment
- bank statements
- existing loan statements
- credit card statements
- evidence of deposit
- marital status documents, if relevant
Self-employed applicants may also need business financial statements, business tax returns, BAS statements, accountant letters and company documents.
Documents in English do not need to be translated into Greek. Others may need certification or Apostille, depending on the document type and the bank's requirements.
AFM and Greek bank account
Before you can complete a property purchase in Greece, you will need a Greek Tax Identification Number, known as an AFM. Your AFM is used for tax, property ownership, bank accounts and legal registration. It is one of the first things overseas buyers should arrange.
You will also usually need a Greek bank account. This is commonly used for transferring funds, paying purchase costs, receiving loan proceeds and managing future property expenses.
For Australians buying from overseas, opening a Greek bank account can sometimes be more time-consuming than expected because banks need to complete identity checks, source-of-funds checks and anti-money-laundering reviews. In many cases, a bank account can be opened for you as part of the home loan application process. This is why it is best not to leave the AFM and bank account until the last minute.
Exchange rate risk
If your income and savings are in Australian dollars, but the property and loan are in euros, exchange rates matter. Exchange-rate movement can affect how much your deposit is worth, how affordable your repayments feel, and how the bank calculates your borrowing capacity.
For example, if the Australian dollar weakens against the euro before settlement, you may need more AUD to complete the same purchase. As your loan repayments are in euros and your income remains in AUD, your monthly repayment cost may also fluctuate.
Before buying, Australians should consider:
- when to convert funds
- whether to use a foreign exchange provider
- how much buffer to keep
- how repayments will be made
- what happens if the AUD/EUR exchange rate moves against them
This is not a reason to avoid buying. It is simply something that should be planned properly. The affordability calculator lets you enter income in your own currency, so you can see an indicative euro borrowing range before you speak with a bank.
Common mistakes Australians make
The biggest mistake is starting with the property instead of the finance. Many buyers fall in love with a property, negotiate a price, and only then ask whether they can get a loan. This can create stress, delays and disappointment if the bank valuation is lower than expected or the borrower does not qualify for the loan amount they assumed.
Other common mistakes include underestimating purchase costs, not arranging an AFM early, assuming Australian lending rules apply in Greece, relying on verbal bank comments instead of proper assessment, failing to disclose Australian debts, and leaving document preparation too late.
Another common mistake is assuming every Greek bank has the same policy. They do not. One lender may be comfortable with a particular income type or citizenship profile, while another may not. This is why comparing lenders before applying can make a significant difference.
Why pre-approval matters
A Greek home loan pre-approval gives you a clearer understanding of your budget before you start negotiating. It can help you understand how much you may be able to borrow, how much deposit you need, which banks may suit your profile, and whether there are any issues to fix before you buy.
For Australians, pre-approval is especially important because overseas income, foreign currency, document verification and residency status can all affect the application.
A good pre-approval process should review your income, debts, savings, citizenship, age, intended property use and likely lender options. It should also identify missing documents early so you are not trying to solve problems after signing a contract.
How GreekHomeLoans can help
GreekHomeLoans helps Australians, Greek Australians and international buyers understand their home loan options in Greece. We help you compare lenders, understand your borrowing capacity, prepare your documents and navigate the Greek property finance process from Australia. Depending on your circumstances, we can assist with:
- understanding how much you may be able to borrow
- comparing Greek bank options
- identifying suitable lenders for Australian income
- preparing a bank-ready document checklist
- explaining deposit and purchase cost requirements
- coordinating with brokers, lawyers, accountants and property professionals
- helping you understand the process before you commit to a property
- shortlisting, reviewing and inspecting property on your behalf
Buying in Greece from Australia does not need to feel overwhelming. With the right preparation, the process becomes much clearer. If you are thinking about buying property in Greece, start with a free fact find — we will review your goals, income, residency, citizenship, deposit position and likely borrowing options, then guide you on the next steps.