If you are a non-resident, temporary resident or foreign corporation, you must first go through the Foreign Investment Review Board (FIRB), before buying a property in Australia.
The FIRB review applications for foreign investment in Australian property, so that Australian citizens’ interests are prioritised.
The FIRB also promote investment in construction in Australia, as well as making sure that foreign investment in existing properties, doesn’t displace citizens needing homes in Australia.
It can be hard for a non resident to get approval from the FIRB however there are a few exceptions:
- A non-resident can buy an existing property to demolish and redevelop
- A non-resident can buy an existing property if they are in Australia for work
- A foreign company can buy property as accommodation for their staff
Non-residents are typically limited to borrowing 70% of the value of a home, unless they are married to an Australian citizen or resident.
The cost of an FIRB application can be $5000 for a property under $1 million, $10,000 for a property between $1-2 million and then, increasing increments of $10,000.
This is on top of the regular stamp duty, conveyancing, legal fees, body corporate fees, council rates etc.
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