870 visa can you buy any house
 

Good morning, I am currently in Australia visiting my son and have been advised to apply for the 870 as I want to be with my son. Can you buy any home during this period or is it just off plan and plots of land?

thanks Nic

Re: 870 visa can you buy any house
 

You are aware an 870 is only for a limited time? I believe its 5 years, with a further possible 5, but thats the limit.
I don't think there is a barrier to prevent an 870 visa holder buying a property, but as you would be a temporary resident you'd need FIRB approval, with a large tax hit to go with it.

Re: 870 visa can you buy any house
 

Hi
Yes I am aware of the length of time they are valid for that wasn't my question. I just want to know if you can buy any type of house??? Does it have to be off plan or a vacant plot of land.

Re: 870 visa can you buy any house
 

I only enquired in case you didn't realise that you might have to sell up fairly fast if you have to leave.

There's some useful info here -

For temporary visa holders

• At least more than 12 months remained in your visa at the time you purchase residential properties
• You can only buy one established house to live in
• You have to sell it once you do not live there anymore
• You can buy an investment property and it must be a new property, or a land to build a new property
• You don’t need FIRB approval if you’re buying the property with an Australian citizen as joint tenants and must be in a spousal relationship. This doesn’t include the relationships such as business partners, parents, siblings…

For foreign investors

• The foreigners investors can’t buy an established house
• They can buy the investment property and it must be a new property or the land to build a new property
• Foreigners investors are approved to buy established houses or properties if they want to demolish it and carry out redevelopment works. This mean you can be a property developer

And you should also see the FIRB site

https://foreigninvestment.gov.au/get...on/residential

Re: 870 visa can you buy any house
 

https://www.accountingtimes.com.au/e...ntial-property

Not good news for subclass 870 visa holders ...

Best regards.

Re: 870 visa can you buy any house
 

Looks like you can still buy land and build though. A bit of a risk if only a short visa as house builds are very slow and expensive at the moment.

Re: 870 visa can you buy any house
 

And likely to become even slower once every tradie in the country is busy rebuilding the east coast after TC Alfred lays waste to it