TinkerbellaGloria

G'day all

I heard that you can't buy property in Aus unless you a resident. Is that true?

I've been looking at properties on APlaceInTheSun.com and there are some awesome ones that would suit me, but I'm only there for six months of the year.

Does anyone know the rules?

DEEDEE01

Hi Hun,

No that isn't true, you can purchase a property but there are restrictions.

I will dig out the info now.

Donna.

DEEDEE01

Firstly,

Foreign purchasers may need to seek approval from FIRB (Foreign Investment Review Board - www.firb.gov.au).

Temporary Residents:-

Foreigners with a temporary residence visa (which must be valid for a period exceeding 12 months after you plan to buy the property) may buy a new property in Oz but require FIRB approval. If you plan to buy a resale home, FIRB normally approves the purchase under the following conditions:

The property is to be your permanent residence.
The property isn't let.
The property is sold as soon as your visa expires or you leave Oz.
The property costs under $300,000 (higher-cost purchases are approved under execptional circumstances)

Non Residents:-

All non resident foreigners must obtain FIRB approval before buying a home and persmission is given only for the following types of property:

New homes (i.e never owned by anyone before, including off plan purchases), provided under 50% of the properties in a development have been sold to foreigners.

Residential land provided the buyer starts construction of a home on the site within 12 months of purchase and spends at least 50% of the purchase price on developing the site.



Non resident foreigners cannot buy re-sale or property sold at auction.

Hope this helps.

Thanks
Donna.
x

TinkerbellaGloria

DeeDee01

Thank you so much! That's so helpful.

DEEDEE01

Your welcome.

I have all the books !!!!!

louie

Deedee is right about the rules BUT Jayr on this thread - http://britishexpats.com/forum/showthread.php?t=573548 - has friends who have found a way around them. Might be worth contacting him to see if you can find out how......

DONOVAN

Hiya if any one is looking for financial advice please give Rebeka a call from mortgage force, i can honestly say from the feedback I have had from the many English people she has helped she is worth her weight in Gold
Let her know that XXXXXXX recommended her to you and please let me know how you go a bit about her below.

From my experience in helping many new Aussies from the UK in finding finance, you are most likely familiar with how a mortgage broker fits into your property purchase.

I have around 35 Australian lenders on my panel and state of the art software that can compare what each lender is offering, and which lender will be the cheaper option for you long term.

This software is updated every hour to ensure all the latest products, interest rates and specials are available to us.

When you are ready to get the wheels in motion to purchase your property, please feel welcome to give me a call on 07 5573 5474.



Warm regards
Rebekah

ABCDiamond

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