Foreign Investment Review Board Information
What is the FIRB?
Free Tips for Foreign Investors Buying Residential Property in Australia (FIRB Approval Required)
The Foreign Investment Review Board (FIRB) reviews foreign investments in Australia. Their job? To ensure that these investments align with Australia’s foreign investment policies. FIRB recommends to the Australian Federal Government whether to approve or reject foreign investment applications.
Can Non-Australian Residents Buy Property Here?
Yes, non-residents can buy residential investment properties in Australia—provided they follow FIRB guidelines.
Why Does the Government Monitor Foreign Investments?
The aim is to benefit the Australian economy. Foreign investors are typically limited to buying new properties, ensuring their investments add to Australia’s housing supply. This keeps speculation in check and helps avoid unnecessary price hikes.
Did You Know?
Most FIRB applications are approved! As long as you meet the guidelines set out on their website, you’re unlikely to face issues.
Who’s Exempt from FIRB Approval?
- Australian citizens living abroad.
- Foreign nationals with permanent residency visas or those eligible for a special category visa (e.g., New Zealand citizens).
- Foreign buyers purchasing a home to live in with their Australian citizen spouse (as joint tenants) are exempt from this requirement. However, this exemption doesn’t apply if the property is for investment.
Steps to Get Started:
- Obtain FIRB Approval before signing a house or land contract OR
- Conditional Contract: You can sign a contract, provided it’s conditional upon FIRB approval.
- Auction Buyers: FIRB approval is required before bidding.
Applying for FIRB Approval
It’s straightforward. Apply here.
What Counts as Residential Real Estate?
Residential real estate includes all Australian urban land, excluding commercial properties (like offices, warehouses, or shops). For foreign buyers, even ‘hobby farms’ and ‘rural residential’ plots fall under this category.
Are Foreign Property Purchases Encouraged?
Absolutely. Foreign investment in new dwellings adds to Australia’s housing stock, helping to keep prices stable and improve affordability. Plus, it’s a boost for economic growth.
Need More Info?
Visit the FIRB website for all the details.