Foreign Investors
Do you want to buy a property in Australia? If you are not a permanent resident of Australia and want to buy a home here, you must get the prior approval of the Australian Government, through the Foreign Investment Review Board (FIRB). You don’t need prior approval if you are: - an Australian citizen resident here or abroad
- an Australian citizen with a foreign spouse buying residential real estate as joint tenants
- a foreign national who holds a permanent resident visa, or a “special category visa”, eg a New Zealand citizen
Foreign Investors and FIRB applications
Foreign Investors can purchase residential property in Australia, however it is subject to the FIRB’s strict guidelines and applications must be made to them in writing. We would be happy to discuss your particular situation with you and advise on the options available to you. Once a suitable property is found, we can assist you in the preparation and lodgement of the required FIRB forms and other necessary documentation to streamline your FIRB application.
Types of applications that are normally approved*:
| vacant land | provided continuous construction is commenced within 12 months of FIRB approval. | | existing residences for redevelopment | provided this will increase the supply of housing. The house must remain unoccupied during redevelopment. | | previously occupied houses or flats | provided they are: - foreign nationals temporarily resident in Australia for more than 12 months;
- foreign companies buying a home for their senior executives who will be living in Australia for more than 12 months.
| | new development | can buy before construction, during construction, or when the dwelling is newly constructed, provided:
- the dwelling has never been occupied or sold;
- no more than 50 per cent of the dwellings in any one development are sold to foreign investors.
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*For a more detailed explanation of Australia’s Foreign Investment policy, please visit the Foreign Investment Review Board www.firb.gov.au Written Reports and Due Diligence
Before lodging an FIRB application, we make sure a property is right for you by producing a detailed written report evaluating the property and its current market value. We also arrange for all necessary pre-purchase inspections, such as a pest & building, strata searches and contract perusal to be carried out on your behalf. Video Tours
We understand you can’t always be here to personally inspect a property you may be interested in purchasing. Buying Sydney can provide you with a complimentary video tour of any short-listed properties you are interested in proceeding with, to give you a better idea of the configuration of the property, both inside and out.
Please contact Buying Sydney to discuss how we can assist you with your property acquisition needs, or to arrange a free consultation.
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