*** 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.
Kobus&WillemienJustin assisted us in buying our first house, in Australia, 10years ago. He just did it again with our second house. Same old story again… Always helpful, always available, always friendly. We didn’t had any stress, he just sorted it and came up with the best results to suit us. What a pleasure to work with. Thanks Justin, you just made it so easy.
Brendan ConquestWe have been working with Justin for almost 10 years and he has always made the process easy and time efficient. Justin’s help to get things over the line is stress free and uncomplicated, he always handles everything with such care and compassion.
We are extremely grateful for Justin’s services and would highly recommend him and the MAP home Loans team to anyone in need of help, advice or guidance with their home loans.
Thank you, Justin!
Timothy RussMy Wife and I worked with Justin to purchase our first home and we couldn’t be happier with the help we received to make our dream a reality. Justin had answer’s to every question and made it very easy to understand how it all works. I highly recommend using Map home loans to take the stress out of buying a house.
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