Foreign investors helpful info when buying a home, property, house, unit, flat, apartment, penth

Buy a home, property, house, unit, flat, apartment, penthouse, or condo in Australia; 

If you are not a permanent resident of Australia, and you want to purchase a home, unit, flat, apartment, or condo here, you must get prior approval from the Australian Government. 

You do not need prior approval if you are;

An Australian citizen with a foreign spouse and want to buy residential real estate as joint tenantsAn Australian citizen resident abroad A foreign national who holds a permanent resident visa, or a “special category visa”, for example, a New Zealand citizen.  

Why you need prior approval from the Australian Government;

The Australian Government believes that foreign investment in the housing sector should increase the supply of homes, and should not be speculative in nature.  So the policy is designed to channel foreign investment into increasing the supply of new housing.  

Types of applications that are normally approved include;

Foreigners can normally get approval to buy vacant land as long as they start continuous construction within 12 months.

Foreigners can normally get approval to buy existing residences for redevelopment as long as this will increase the supply of housing. As well, the house must remain unoccupied during redevelopment.

Foreigners can normally get approval to buy units, townhouses, and house/land packages in a new development.

They can buy these properties before construction, during construction, or when the dwelling is newly constructed as long as:  The dwelling has never been occupied or sold No more than 50 per cent of the dwellings in any one development are sold to foreign investors.  

Foreigners buying a pre-owned home;

Because Australia’s foreign investment policy is designed to increase the supply of new housing, foreigners cannot normally get approval to buy houses, flats or units which have been occupied. 

The exceptions to this rule are:

Foreign nationals temporarily resident in Australia for more than 12 months, who are buying a home here Foreign companies buying a home for their senior executives who will be living in Australia for more than 12 months.  

Getting in-principle approval to purchase in Australia;

When you apply for foreign investment approval, you must give the address of the property you want to buy.  The Australian Government cannot give in-principle approval.  

Can you get approval after you buy my home;

You should not sign contracts before you receive foreign investment approval, unless the contract is conditional on such approval.The Australian Government cannot give approval after you have signed the contract. 

If you don’t get approval;

If you don’t get the necessary approval beforehand, you may have to cancel the contract or sell your new property. 

 You could also be fined or imprisoned if you:

Provide false or misleading informationDon’t comply with a development conditionBuy a property after your application has been rejectedDidn’t apply for approval and your purchase was inconsistent with Australia’s foreign investment policy.  

For more information contact the Australian Government at - http://www.firb.gov.au