How to Buy Property in Australia

Buying Real Estate In Australia

First Published Date : June 20, 2010

Australia is a very popular country to not only vacation at, but live in, and every year thousands of people make the move to Australia where the sun shines every day and the people are very friendly. The country is considered to be one of the safest to live in, and routinely ranks high in terms of standard of living among its citizens.

If you are thinking of buying a home in Australia, then you need to submit an application through the Foreign Investment Review Board. As a foreigner, you can buy property in Australia that are already developed, to be developed, redeveloped or in the planning stage. The FIRB will review all applications for purchase of residential real estate within about 30 days on average. An approval is granted only on a specific property and there are no approvals given for simply buying a home in Australia. This means that for each property that a foreigner wants to buy, they need to put in another FIRB application.

There are several things that will influence the FIRB in their decision. Some examples, but which are not limited to:

·    If a foreign citizen is buying a property for the purpose of renting out the property, it will be refused.

·    If the foreign citizen is a purchaser who only wants to speculate on the property’s future value, they will have their application refused.

·    If the resident is residing in Australia on an entry visa with more than 12 months of validity and wants to buy a property for themselves, the application will be approved. This will have a condition that the property will be sold when the person no longer lives in Australia.

If you are thinking of buying property within Australia, you can send your application to:

The Executive Member

Foreign Investment Review Board

c/o The Treasury

Canberra ACT 2600

Whenever you decide to buy a home in Australia, it is important to have someone look at the property for you. If you have someone look at the property for you, they will be able to tell you if there are any problems with the property, or anything that you should know. If you are going to buy a property in Australia, you should talk with a real estate agent who will be able to help you navigate through the paperwork of being a foreigner buying a property.

Australia is a stunning country that is the home to 22 million people who all seem to love this island nation. Located in the Southern Hemisphere, the country boasts warm weather, beautiful beaches and plenty to do for anyone who loves the outdoors in a country that was founded on having fun outside. If you are going to buy property in Australia, make sure you go through the official channels to ensure that you get a property the right way and do not fall victim to any scams that may target foreigners looking to buy a property in Australia.