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If you would like to talk property, please contact us:
Office: 1300 911 576
Martyn Fleming: 0400 000 822
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E: enquiries@morpheusproperty.com.au
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06 February 2008

FIRB - When do I need to apply?


If you're an expat, moving to Australia or an overseas investor, buying real estate may seem as clear as mud!! Unless you're a permanent resident of Australia, your options are limited and there are some hoops to jump through.

If you intend to purchase property in Australia as a 'foreign investor', the Foreign Investment Review Board (FIRB) is the entity responsible for assessing your application.

Q. So, does this apply to me?
A. This question's not as simple as it sounds. There are a variety of relationships and legal entities capable of purchasing property. As such, there are tests to determine whether you are a 'foreign investor'. To confirm whether all this applies to you, follow the Q&A on the FIRB website.

Q. According to the Q&A, I am a 'foreign investor'. Can I still invest in Queensland property?
A. The answer is 'yes', but there are limitations. You need to seek approval from the FIRB and there a variety of methods for doing this, including applications made:
  1. as a condition of sale
  2. prior to auction (as auctions are unconditional purchases)
  3. by the developer
Where a developer submits a D2 Form - "Form for Developers" to the FIRB, the burden shifts from the buyer to the developer and is the only occasion where you can consider your purchase as 'pre-approved' by the FIRB.

Under the D2 Form, developers can make application in relation to 10 or more dwellings for advance approval to sell up to 50 per cent of new residences to foreign interests. If you are interested in buying, developers are required to provide you a copy of their approval letter.

The applications are limited to certain types of property, including units, town houses, etc. It does not apply to developed residential real estate that has been refurbished

Need to know more? This is only a slice of information from the FIRB website. Please contact us if you need further assistance with your purchase - 1300 727 586.

Useful references:
FIRB "Buying a Home" brochure
The FIRB policy statement in relation to Off The Plan approvals.

Yours in property

5 comments:

Home Loans said...

If you are a foreigner buying real estate in Australia then you may need approval from the Australian Government. Find out if you are eligible and how to apply.

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