Legal Implications Of Foreigners Buying Property In Australia

Aside from boasting its captivating stretches of golden coastlines, the Land of Oz also takes pride in being among the leading nations to offer a multitude of employment opportunities for locals and foreigners alike. Thus, it has been one of the most viable places to invest in real estate.

 To give a good background of the legalities of buying a house in Australia, some of the most common questions asked by non-residents are answered below.

Do I need approval from the Australian government?  Yes, you need prior permission from the authorities if you are not a citizen of the country. But, you are exempted from this rule if you have a spouse who is a permanent resident. Also, if you are a foreign national who holds a special category visa, then you do not have to secure such documents, too.

What types of properties can I buy?  You can purchase a vacant land given that the construction of a residential building starts within 12 months. You are allowed to invest in an existing property for redevelopment so long as it is unoccupied during the rebuilding process. You may also buy housing packages that are still being erected. However, because of the country’s aim to increase the supply of new homes, you cannot acquire a pre-owned abode unless you are a temporary resident for more than a year.

What happens if I do not get the necessary authorisation?  If you obtain a house without being pre-approved by the government, then you may have to cancel the purchase or sell the estate at a considerably lower price, which means significant losses. Aside from that, not complying with such a policy can cost you huge amounts of penalties or even lead to imprisonment.

You see, there are a lot of factors that you need to consider to ensure that such undertaking complies with the Foreign Investment Review Board (FIRB) regulations. That is why it is important that you take advantage of the services offered by a reputable buyer’s advocate to ensure success. With that in mind, why not contact us at MPBA today!