Are you a foreign citizen keen to buy property in Australia? Or perhaps you have international friends and family interested to make Australia home. Who is eligible to buy local property, and what can be bought? You may be surprised.........

ARE YOU ELIGIBLE?: Foreign citizens or companies wishing to buy residential real estate must apply to the Australian Government’s Foreign Investment Review Board (FIRB). You must apply to FIRB if you DO NOT fit one of the following special category visa holder groups:

• Australian citizens
• Approved migrants
• Permanent residents of Australia
• A foreign national holding a permanent visa or a foreign citizen entitled to permanent residence in Australia.

BEFORE YOU SIGN ANYTHING!: 30 days must be allowed for FIRB to assess and approve or deny applications. Therefore, real estate sales contracts with foreign citizens must contain a clause stating the purchase is conditional upon FIRB approval, likely with 30 days cooling-off (rather than standard 5-days) from contract exchange to purchase confirmation. This means purchases by auction or 66W certificate are unsuitable as they are unconditional purchase contracts. Fines apply to persons who acquire property without first seeking approval.