Foreign Investors

Looking to purchase a property in Melbourne but not an Australian resident?  The Australian Government has guidelines and limitations as to the type of property you may purchase.  Any property purchase must firstly be approved by the Foreign Investment Review Board.

Foreign investors need to apply for FIRB approval to purchase residential property in Australia but approval is subject to various strict conditions.  The most common of these are as follows:

PURCHASING AN EXISTING PROPERTY 

The foreign investor must be a holder of a temporary resident visa in Australia for more than 12 months.  You will be required to live in the property and once you leave Australia you must sell the property.  You are not able to rent the property during your stay in Australia or after you leave the country.  Should your visa expire you will also be required to sell the property.

NEW AND "OFF THE PLAN" PROPERTY

You may purchase a property that has not previously been occupied or sold and is part of a development or you can buy a property "off the plan". That is you purchase it from a development that has either not commenced or completed construction. Only 50% of any development is allowed to be sold to foreign investors.

VACANT LAND

If you purchase a vacant block of land you are required to commence building within 12 months of receiving foreign investment approval.

For more detailed information on the guidelines of Australia's foreign investment policy contact the Foreign Investment Review Board at http://www.firb.gov.au/

Should you need assistance finding the right property to purchase that will meet the guidelines of the FIRB we can provide full range of services.