Foreign Invesment Information
Free Foreign Investor Tips & Information to Buy Residential Property in Australia subject to F.I.R.B. Approval
What Is The FIRB?
The Foreign Investment Review Board (FIRB) is a government authority that reviews foreign interests intending to invest in Australia. The FIRB makes recommendations in respect to these proposed investments to the Australian Federal Government in accordance with foreign investment policies.
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 the FIRB website.
Who Are Exempted?
Australian citizens resident abroad;
Property zoned residential by foreign nationals who hold permanent resident visas or who are eligible to hold a 'special category visa' (e.g. a New Zealand citizen);
Foreign persons buying, as joint tenants, with their Australian citizen spouse property that is zoned residential
What Are The Steps?
Obtain FIRB approval prior to entering into a house or land contract to purcahse or;
The contract of sale can be enterted 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 go to the where you can download an application. http://firb.gov.au/applications/apply-now/
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, etc.). Acquisitions of 'hobby farms' and 'rural residential' blocks by foreign interests are included in the residential real estate category.
Are Non Residential Purchasers Encouraged 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 website. RealWay Australia recommends that you seek advice from the relevant Australian government authorities, your immigration agent and/or solicitor before considering to purchase.