bill drinkwater

Hi there,does anyone have any info,or bought a property whilst on a temporary visa (572) in Australia ?? I had been told you could do this,but you have to go through a government financial agency just to check the money is clean etc,but that there may be a limit to how much you are allowed to spend. I have also been told you are not allowed to buy on this type of visa,so a bit confused at the minute and cant seem to find much relating to this !! Sorry if this has been asked before,anyone know anything regarding this? Cheers,Bill.

ABCDiamond

Property Buying Restrictions:

Australian Citizen or Permanent Resident - No Restrictions

Temporary Resident, Retiree or Student - Can buy new property without restriction or an established property provided it is your residence and it is sold when your visa expires. Consent of the FIRB is normally required. (exceptions apply for some spouse / de facto partner.)

Foreign National or Foreign Corporation - Can buy new property. Can buy vacant land as long as building commences within 12 months of purchase. Can buy an established property only if an additional amount of no less than 50% of the original property cost is spent on improvements or additional construction. Can buy up to 50% of new projects or apartments, Consent of the FIRB is required.

FIRB = Foreign Investment Review Board - http://www.firb.gov.au/
Interesting Q&A fact sheet: - http://www.firb.gov.au/content/faq.asp

The FIRB FAQ site states: (as at April 2005)

Q6. I am a foreign person living in Australia on a long stay, temporary resident visa. Do I need approval to buy an established house to live in?

A. Yes. Foreign persons temporarily resident in Australia for a period exceeding 12 months from the time of application for approval are eligible under foreign investment policy to acquire residential real estate. If the property being purchased is an established dwelling, that is, one that has been previously occupied or sold, foreign investment approval is still available provided that the dwelling is to be used as the person’s principal place of residence, not for rental purposes and the property must be sold when their visa expires or they cease to reside in Australia.


Property

bill drinkwater

Thank you very much!