Australian citizens and permanent residents living abroad have no restrictions in purchasing property in Australia.
If you are a non-permanent resident or non-citizen living either in Australia or overseas, you will be required to first obtain approval to purchase from the Foreign Investment Review Board (FIRB) before applying for finance. Approval is usually granted for the following situations:
- Vacant residential land provided construction of a dwelling commences within 12 months
- Home units (apartments) and townhouses ‘off-the-plan’ (note: foreign ownership is limited to no more than half of any one development)
- Newly constructed dwellings that have never been occupied
- Foreign nationals purchasing residential real estate as joint tenant with an Australian spouse
- Foreign nationals temporarily resident in Australia for more than 12 months buying for their own use as a principal place of residence subject to the sale of the property when they cease to reside in Australia
- Foreign companies buying residences in Australia for use by their senior executives