*** note recent amendments to FIRB approvals which apply to temporary residents***
Foreign Investment Review Board (FIRB) Approval:
This month I thought I would outline briefly when FIRB approval is required. I have taken information directly from www.firb.gov.au and summarized it below however if in doubt, please see the website directly and/or seek legal advice.
What is the FIRB?
The Foreign Investment Review Board was set up basically to examine proposals by foreign citizens to directly invest in Australia. Essentially it is the mechanism by which the government of the day uses to control the amount of foreign investment within Australia.
Do I need FIRB approval as an Australian Expat?
Australian Citizens living abroad do not need FIRB approval to acquire real estate in Australia.
Do I need FIRB approval as a temporary / non resident?
Temporary / non residents will be exempt from applying for FIRB approval if one of the following applies;
What is a spouse?
Spouse includes de facto partner (whether of the same sex or a different sex) – that is, although they may not be legally married, they have a relationship as a couple and live together on a genuine domestic basis (sections 22A and 22B of the Acts Interpretation Act 1901).
I am a temporary resident on a 457 visa residing in Australia, do I need FIRB approval?
If you are not buying with an Australian citizen then you will need FIRB approval if you are looking at buying an existing second hand home that is to be an investment property. If you are buying a home to live in yourself, or buying something that is brand new or constructing a home, then FIRB approval is not required.
I am a foreign citizen looking to invest in Australia. Do I need FIRB approval?
Yes, unless you are looking at buying directly from the developer (ie, brand new property either built or to be constructed) AND the developer has pre-approval from the FIRB to sell those dwellings to foreign persons. Ie, the FIRB would rather give one approval for the entire development than have to take FIRB applications from everyone looking to purchase.
More information for Australians living overseas here. More information for temporary residents here.
Ashleigh StanleyWe’ve had the pleasure of working with Justin Thom to refinance our loans in order to purchase another block of land, and we couldn’t be more grateful for his support throughout the process.
From start to finish, Justin made everything feel straightforward and explained concepts to help us understand the process too. He went above and beyond to help us secure the best possible loan, taking the time to find the right bank and deal to suit our needs. Even when a few hurdles came up from our side, he was very flexible and found solutions for us! He is proactive in his approach, had very clear communication, and was always willing to make time for us.
Justin is very professional, yet we felt he genuinely cared for helping us. We felt completely supported every step of the way and would highly recommend him to anyone looking for a knowledgeable and dedicated broker! We will definitely be using him as our broker from now on.
Kyle MeehanWe had an exceptional experience with Justin. His patience throughout the process was remarkable, always taking the time to explain every detail and answer our numerous questions. He kept us informed at every step and ensured we understood all our options. His support throughout, and post completion, was invaluable, making us feel confident and secure in our decisions. We couldn’t have asked for a better partner in securing our mortgage. Highly recommend!
Ari & Nadene ThomasWe recently worked with Justin refinance our loan. This is the 2nd time working with him and both times have been a pleasure.
Justin has always gone above and beyond to assist us to ensure we get the best possible service. Not only does he show a professional attitude toward his role, but he also shows a genuine interest in our family to assist with our financial matters.
I would have no hesitation in recommending Justin to people important in my life.
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