Free Foreign Investor Tips & Information to Buy Residential Property in Australia subject to F.I.R.B Approval.
Non Australian residents are able to purchase residential investment properties in Australia…so long as the purchase is in accordance with the guidelines administered by the Foreign Investments Review Board (FIRB)
For detailed up to date information just visit Real Estate page on the FIRB web site.
Who are exempted?
- Australian citizens resident abroad
- Property zoned residential by foreign nationals who hold permanent resident visas or hold, or who are eligible to hold, a `special category visa` (eg a New Zealand citizen); foreign persons buying, as joint tenants, with their Australian citizen spouse property that is zoned residential
- Am I restricted to purchasing new properties only?
- Yes, you can only purchase properties for investment purposes that are
- New properties that have not been lived in Off-the-plan properties Residential land where continues construction for a dwelling will commence within 12 months of the purchase date
What type of property can I Purchase?
You are not restricted so long as the investment property is classed as residential. These include
- Houses Land & House packages
- Town Houses and Villas
- Apartments, Flats and Condos
Is there a limit as too how many investment properties I can buy?
No, you are entitled to buy as many investment properties and spend as much as you like so long as they are approved properties for foreign buyers.
But there is a restriction in respect to the development that you are purchasing into. A development can not sell more than 50% of the total number of dwellings to Foreign buyers unless an exemption has been granted by the FIRB.
What are the steps?
- Obtain FIRB approval prior to entering into a house or land contract to purchase or
- The contract of sale can be entered into so long as it is conditional upon FIRB approval
- "Auction Buyers": FIRB approval is required prior to participating at the auction to buy.
How do I apply?
It`s easy, just click here to take you to the FIRB web site where you can down load an application.
What is the FIRB?
The Foreign Investment Review Board (FIRB) is a government authority that reviews foreign interests intending to investment in Brassall. The FIRB makes recommendations in respect to these proposed investments to the Australian Federal Government in accordance with foreign investment policies.
Who is a Foreign Person?
The act includes the following
- a natural person not ordinarily resident in Australia;
- a corporation in which a natural person not ordinarily resident in Australia or a foreign corporation holds a controlling interest (that is, a holding of 15 percent or more);
- a corporation in which 2 or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate controlling interest (that is, a total holding of 40 percent or more); the trustee of a trust estate in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest; or
- the trustee of a trust estate in which 2 or more persons, each of whom is either a natural person not ordinarily resident in Brassall or a foreign corporation, hold an aggregate substantial interest. A substantial foreign interest (ie, a controlling interest) occurs when a single foreigner (and any associates) has 15 per cent or more of the ownership or several foreigners (and any associates) have 40 per cent or more in aggregate of the ownership of any corporation, business or trust.
What is classed as Residential real estate?
Residential real estate means all Australian urban land other than commercial properties (that is offices, factories, warehouses, restaurants, shops). Acquisitions of `hobby farms` and `rural residential` blocks by foreign interests are included in the residential real estate category.
Are non resident purchasers encourage by the Australian Government?
Yes, it is in the interest of the government to encourage non residents to buy investment properties. By contributing to the supply of new dwellings, many of which would become available to Australian residents, either for purchase or rent, greater stability of house prices and the affordability of housing for Australians is achieved. Also, the flow on effect from the economic benefits contribute to the economic growth in Australia.
Where can I find more information?
Visit the FIRB web site.
The River City Real Estate Sales Pty Ltd recommend that you seek advice from the relevant Australian government authorities, your immigration agent and/or solicitor before considering to purchase.