Australian government –
Foreign Investment Review Board (FIRB) guidelines
There may be Australian Federal Government limitations on your property purchase in Australia.
To whom do the restrictions apply?
Australian citizens living overseas? No. There is no restriction for Australian citizens.
New Zealand citizens are also free to purchase Australian property without restriction.
Loans where the applicant includes one foreign citizen and one Australian citizen? No. No restrictions on purchase.
Non-Australian citizens who have achieved permanent residency status or hold a permanent resident visa, in Australia? No. No restrictions on purchase.
Foreign residents who are not Australian citizens or NZ citizens? Yes. Restrictions may apply
Summary of restrictions applying to foreign residents (non-Australian expat)
The property purchase needs to be approved by the Foreign Investment Review Board (FIRB).
The FIRB prohibits purchases of established (used or second-hand) Australian property by non-Australian (or NZ) citizens for investment purposes, who do not have permanent residency or at least temporary residency visa status.
Foreign citizens who move to Australia and have a temporary work visa, are usually approved to purchase existing dwellings to use as a residence, usually on the condition they sell the property at the end of their visa’s eligible period
What purchases are exempt from requiring approval (allowed) for non-resident non Australians?
Newly built properties purchased from a developer, who has received approval to sell property to non-residents.
Purchases of apartments, and managed units etc within an Integrated Tourism Resort
And;
you do not need to submit an application for approval to acquire real estate in Australia if:
- You acquire an interest in a commercial property incidental to new or existing business of the client, with value <$50 million
- You acquire a property by will or operation of the law
- You acquire property from the government
For further information clients you can contact us or refer to the Federal Government’s site, www.firb.gov.au for further details.