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BUYING A HOME IN AUSTRALIA

Investing in Australian properties has become popular with overseas investors looking for returns and stability not available in their own country.

 

If you are a non-resident or a temporary visa holder, you are legally required to get permission from the Foreign Investment Review Board (FIRB) if you want to buy properties in Australia. Australian Citizens, Australian Permanent Residency holders and New Zealand (NZ) Citizens are exempt from obtaining FIRB approval.

 

Getting FIRB approval to purchase a property is an uncomplicated process and we specialize in helping overseas buyers to get approval for their dream home or investment property in Australia.

 

Generally every property that we offer is suitable for a government approval to be sold to the foreign nationals who do not have permanent residency in Australia.

 

While the Australian Government recognizes the strong benefits of foreign investment, particularly direct foreign investment, to Australia, its foreign investment policies are designed to help maintain stability in the Australian property market.

 

The Australian Government has made widespread changes to the foreign investment rules governing the purchase of residential property in Australia, in a bid to improve flexibility.

 

The changes include:

 

  • Temporary residents are now allowed to buy an established dwelling as their principal place of residence. They can also buy any new dwelling regardless of purpose without needing to notify the government.
  • Foreign-owned companies, overseas trust estates and non-residential foreign persons purchasing vacant residential land need to build within two years of the purchase date. Previously, they had only 12 months.
  • Foreign companies can now buy existing property for the use of their Australian-based staff, provided they sell or rent the property if it’s vacant for more than six months.
  • Developers are no longer limited to selling a maximum of 50 per cent of one development to foreign buyers, so long as they still market their product locally as well as overseas.
  • Accommodation facilities such as resorts and hotels are to be treated as commercial real estate rather than residential real estate.

 

Non-residents can purchase newly built dwellings – whether they be units within a complex or standalone houses – as long as the property has never been sold before and has not been occupied for longer than 12 months. 

 

Exceptions are Integrated Residential Resorts located on the Gold Coast in Queensland:

 

  • Acquisitions of residential real estate within a resort which has been designated by the Government as an Integrated Tourism Resort are exempt from the normal foreign investment restrictions applying to foreign acquisitions of residential property can be on sold to foreigners without approval
  • All established (secondhand) properties that we offer are already approved for sale to foreign nationals

     

Legal fees and taxes

 

Purchasing property in any country requires additional expenses and on average any buyer should budget around 5.5% of the purchase price to cover the legal costs and fees.
 

If you spend more than 6 months in a year in Australia, then you’re automatically become liable for income tax. Amount of Australian taxes may vary pending on which state you reside.

 

 

For more information, please visit FIRB website at www.firb.gov.au