Foreign Investment Review Board
The purpose of the Foreign Investment Review Board (FIRB) is to encourage foreign investors to buy new developments to increase housing. Investment from foreigners also injects money into the local economy through the building industry.
The FIRB are not keen for foreign investors to invest into developed residential real estate.
The FIRB encourages the purchase of new homes either for buy or rent which will help the affordability of housing in Australia. The FIRB wants housing prices to stabilise.
To buy real estate in Australia
- You must apply to the FIRB for approval
- Download an application form from http://www.firb.gov.au/content/real_estate/residential/apply.asp
Buying before approval
- The contract must be conditional upon foreign investment approval.
- There is no guarantee you will get approval and you may end up disappointed so it is really best to wait for approval.
Buying at Auction
- You must have foreign investment approval as the contract will be unconditional.
- If you are successful, you will need to send a copy of the signed contract to the FIRB.
