Who Needs FIRB Approval for Residential Property?
The Foreign Investment Review Board requires approval for most foreign persons buying residential property in Australia. This includes temporary visa holders, overseas buyers who are not Australian citizens or permanent residents, and foreign corporations. If you hold a temporary visa and want to buy a home to live in, you need FIRB approval. If you live overseas and want to purchase an investment property in Sydney, Melbourne, Brisbane, or anywhere else in Australia, you need FIRB approval.
Some purchasers qualify for exemptions. New Zealand citizens living in Australia, Australian permanent residents, and certain spouses of Australian citizens may not require approval. We assess your circumstances and confirm whether an application is necessary before you incur any costs.
Established Dwellings vs New Dwellings
FIRB rules differ significantly depending on the property type. Temporary residents can apply to purchase one established dwelling as their principal residence. They must sell this property when their visa expires or they leave Australia. Overseas investors who do not hold a temporary visa generally cannot purchase established dwellings at all.
New dwellings and vacant land are available to a broader range of foreign investors. A new dwelling is one that has not been previously sold as a dwelling and has not been occupied. Vacant land purchases come with construction requirements. Standard FIRB conditions typically require construction to be completed within 4 years (48 months) of the approval date.
Application Fees and Timeframes
FIRB application fees depend on the property value. Properties under $1 million attract lower fees, with fees increasing in bands as property values rise. We provide you with the exact fee amount when quoting for your application. Treasury typically processes residential applications within 30 days, though more complex matters may take longer.
Our Fixed Fee FIRB Application Service
When you hire a FIRB solicitor from our firm, you receive a fixed fee quote covering the entire application process. This includes initial eligibility assessment, preparation of all application documents, lodgement with the Foreign Investment Review Board, responding to any Treasury queries, and providing you with your approval notice.
We handle residential FIRB applications for clients purchasing in every Australian state and territory. Our clients include temporary residents buying their first Australian home, overseas investors building property portfolios, parents purchasing homes for university students, and expats returning to Australia after years abroad.
What Happens After Approval
Your FIRB approval comes with conditions. These vary depending on your circumstances and property type. Temporary residents must sell their established dwelling when they leave Australia. Vacant land purchasers must typically complete construction within 4 years. We explain all conditions attached to your approval so you understand your ongoing obligations.
FIRB approval is one step in your property purchase. You will also need conveyancing services to complete the transaction. As part of a boutique property law firm, we can assist with your full property purchase or work alongside your existing conveyancer.
