by Myer Lipschitz
31. August 2009 22:13
If you are not a permanent resident of Australia and want to buy a home here you must get prior approval from the Australian government.
It is the aim of the Australian government to increase the supply of housing in Australia and therefore foreigners cannot normally get approval to buy houses, flats or units which have been occupied.
Foreigners can normally get approval to buy vacant land -- as long as continuous construction occurs within 12 months. Foreigners can normally get approval to buy existing residences for redevelopment -- as long as this will increase the supply of housing.
In order for foreigners to purchase property they need to apply to the Foreign Investment Review Board (website is www.firb.gov.au).
When applying for approval you need to give the address of the property you intend to purchase. You should not sign agreements before you receive foreign investment approval unless the contract is conditional on such approval.
Approximately 7500 foreign residents and businesses receive approval each year to purchase property in Australia with residential real estate comprising more than 92% of applications received each year by the foreign investment review Board.
One of the most frequently asked questions that we receive is "will the acquisition of property improve my prospects of obtaining permanent residence in Australia?" The answer is unfortunately not. One needs to meet one off the permanent residence visa categories in order to do so.
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