_FIRB Approval Is Required for Foreigners Thinking of Buying Property in Australia
_Foreigners can
purchase properties in Australia as long as they have FIRB approval.
The Foreign Investment Review Board is a government agency that reviews, assesses, and approves property acquisition from foreign individuals. This agency makes sure that a non-Australian citizen meets the necessary guidelines before purchasing any property (residential or commercial) in the country.
Individuals who need to obtain FIRB approval
The following are people who need to get the go signal from the FIRB before they can buy a property:
• Foreign investor
• Foreigner who wishes to buy a residential property
• Those who hold a temporary visa (student, work, or spouse visa)
Take note that for individuals who hold a spouse visa and are planning to buy a property on a "joint tenants" basis, then an approval will not be required.
Individuals who do not need to obtain FIRB approval
The following are people who can directly proceed with buying a property and not seek FIRB approval:
• Australian citizen
• Australian expat living overseas
• New Zealand citizen
• Permanent residents
• People with temporary visa buying a property with an Australian spouse under a "joint tenants" term
What properties can foreigners purchase in Australia?
Foreigners can buy these types of properties in Australia:
• Private dwellings
• Vacant land
• Investment properties
If you are interested in obtaining a piece of real estate in this country, then you need to make sure you do things properly. It can be a complicated process but if you take the time to become familiar with the laws governing property acquisition, then you should be able to do it in a relatively short time.
You can also start the pre-approval process of your home loan the same time you get started on your FIRB approval. But you need to make sure that you have already chosen a specific property that you want to acquire. Your application will not get approved if you file it prior to searching for a property.
The whole process can be a little daunting. Without the right assistance, it could be very easy to make a wrong move. It is always better to know what you are doing. The following are some guidelines that you may like to bear in mind:
• Individuals with temporary visas and are buying together with an Australian spouse will need to make sure that the property is under joint tenancy.
• Generally, foreigners will have a relatively easier time buying an investment property compared to a residential unit.
• Those who hold a temporary or work visa could buy a new or established residential property.
• Temporary residents who bought a home in Australia will be required to sell the property before they move out of the country. But if they obtain permanent residency or citizenship, then they will not need to put the property up for sale.
• Australians who are living in another country can buy a property in the country but they will need to prove that they are in a strong financial position and would still be able to afford the payments.
• Non-Australians living in another country are very unlikely to be allowed to buy a property in Australia.
• Established dwellings cannot be purchased for investing purposes. Foreign investors must only acquire a vacant land or a new property.
• Temporary residents are only allowed to buy one residential property.
• Foreigners can buy apartment or townhouse units from a developer. These can be rented out or sold. However, foreigner cannot own more than half of the units in the development area.
• Those who are looking forward to buying a resort may not need Firb approval if that resort is nominated as an Integrated Tourism Resort.
The Foreign Investment Review Board is a government agency that reviews, assesses, and approves property acquisition from foreign individuals. This agency makes sure that a non-Australian citizen meets the necessary guidelines before purchasing any property (residential or commercial) in the country.
Individuals who need to obtain FIRB approval
The following are people who need to get the go signal from the FIRB before they can buy a property:
• Foreign investor
• Foreigner who wishes to buy a residential property
• Those who hold a temporary visa (student, work, or spouse visa)
Take note that for individuals who hold a spouse visa and are planning to buy a property on a "joint tenants" basis, then an approval will not be required.
Individuals who do not need to obtain FIRB approval
The following are people who can directly proceed with buying a property and not seek FIRB approval:
• Australian citizen
• Australian expat living overseas
• New Zealand citizen
• Permanent residents
• People with temporary visa buying a property with an Australian spouse under a "joint tenants" term
What properties can foreigners purchase in Australia?
Foreigners can buy these types of properties in Australia:
• Private dwellings
• Vacant land
• Investment properties
If you are interested in obtaining a piece of real estate in this country, then you need to make sure you do things properly. It can be a complicated process but if you take the time to become familiar with the laws governing property acquisition, then you should be able to do it in a relatively short time.
You can also start the pre-approval process of your home loan the same time you get started on your FIRB approval. But you need to make sure that you have already chosen a specific property that you want to acquire. Your application will not get approved if you file it prior to searching for a property.
The whole process can be a little daunting. Without the right assistance, it could be very easy to make a wrong move. It is always better to know what you are doing. The following are some guidelines that you may like to bear in mind:
• Individuals with temporary visas and are buying together with an Australian spouse will need to make sure that the property is under joint tenancy.
• Generally, foreigners will have a relatively easier time buying an investment property compared to a residential unit.
• Those who hold a temporary or work visa could buy a new or established residential property.
• Temporary residents who bought a home in Australia will be required to sell the property before they move out of the country. But if they obtain permanent residency or citizenship, then they will not need to put the property up for sale.
• Australians who are living in another country can buy a property in the country but they will need to prove that they are in a strong financial position and would still be able to afford the payments.
• Non-Australians living in another country are very unlikely to be allowed to buy a property in Australia.
• Established dwellings cannot be purchased for investing purposes. Foreign investors must only acquire a vacant land or a new property.
• Temporary residents are only allowed to buy one residential property.
• Foreigners can buy apartment or townhouse units from a developer. These can be rented out or sold. However, foreigner cannot own more than half of the units in the development area.
• Those who are looking forward to buying a resort may not need Firb approval if that resort is nominated as an Integrated Tourism Resort.