The issue of “overseas people” can usually be classified into two categories:

First, overseas people who have obtained permanent residency in Australia (with a passport of another country)
Second, overseas people who do not have permanent residency or have a valid temporary visa.
Among them, overseas persons who have obtained permanent residency in Australia can purchase real estate in Australia without any special permission or approval, and can apply for local Australian loans.

However, overseas buyers who do not live in Australia and temporary residents with valid temporary visas must obtain approval from the Foreign Investment Approval Board (FIBR) for all types of property purchases.

In Australia, the government has always supported real estate as a major pillar industry, and every year it has taken a number of measures to support its development. One of the most important policies is to encourage overseas people to purchase Australian real estate as part of their personal portfolio. Overseas people can enjoy the same policy as Australian residents to buy investment houses when they buy a house, that is, national treatment. The only procedure that needs to be done more is to be approved by FIRB.

Here you must be reminded that overseas buyers will not be granted permanent residency because they simply buy a house in Australia.
Property categories that can be purchased by overseas people
New house
A new home is an uninhabited home that has been newly built on residential land, is under construction or will be built and has never been traded before; or the home has not been used for more than 12 months.

Buying a second-hand renovated or refurbished property is not a new home. If you buy a second-hand house to rebuild, please refer to the second-hand housing redevelopment.

* New home transactions are the most popular type of property for overseas investors. Generally, overseas investors can purchase new houses unconditionally and there is no limit to the number and number of new houses, but they need to apply again.

Second-hand house
There are strict restrictions on the purchase of second-hand houses. First, the purchaser must hold a one-year or more Australian temporary residence visa (student visa, work visa); the second purchase must be self-occupied; in addition, the property must be sold three months before the visa expires. Second-hand property.
Second-hand housing redevelopment
For redeveloped residential projects, overseas investors also need to be approved by FIRB and ensure that the number of newly built homes is greater than the original number.

*FIRB’s principle of compliance with the application is to see if the purchase behavior has increased the Australian property, so if this condition is met, in principle, overseas investors can invest in secondary development of residential projects.

space
Generally, overseas investors who purchase open space will be eligible for approval. The specific conditions are that the land development and construction needs to be completed within 4 years and construction is required within 24 months after purchase. A completion certificate or proof of occupancy is required 30 days prior to completion.
About FIRB application
The Foreign Investment Approval Board (FIRB) does not issue any pre-approval documents, and all potential buyers must provide the specific address of the property to be purchased so that the approval committee can evaluate each application separately. The buyer must obtain the purchase approval before the purchase. If the purchase contract is signed before the FIRB approval, the contract must specify that the transaction will not take effect until it is approved by the FIRB.

An approved response will usually be received within 30 days of submitting the application.

As of December 1, 2015, each application submitted to the Foreign Investment Approval Board will be charged a fee. The details of the new 2018 charges are as follows:
A $5,600 application fee is required for purchases of less than $1 million.
Buying a property between $1 million and $2 million is subject to a $11,300 application fee
Buying a property between $2 million and $3 million requires a $227,000 application fee
Buying a property between $3 million and $4 million requires an application fee of $340 million
Buying between $4 million and $5 million in property requires a $45 million application fee
Buying a property between $5 million and $6 million requires a $567,000 application fee
Buying a property between $6 million and $7 million requires a $68 million application fee
Buying a property between $7 million and $8 million requires a $795,000 application fee
Buying between $8 million and $9 million in property requires a $90,900,000 application fee
Buying a property between $9 million and $10 million requires a $10,330,000 application fee
More than 10 million wow away properties need to contact the Australian Taxation Office (Australian Taxation Office)

Why do many people do not need to apply for FIRB before purchasing a first-hand house?

There is a concept we must be clear, FIRB approval refers to whether a specific house can be sold to foreigners, rather than whether the foreigner can buy this house.
We often hear that the first-hand house does not need to apply for approval from the SAFE, but the concept is actually not complete, because it is usually because the developer has taken the entire property they developed to the FIRB for approval. The Foreign Investment Approval Committee may approve the 80% of the property can be sold to foreigners, so the “illusion” given to us is that the first-hand house (new house) does not need to apply, but in fact these houses have been approved for sale to foreigners.

The reason why second-hand housing is usually to be approved, because the original owner is not possible to approve before selling to you. Therefore, the applicant must provide specific house information when applying for approval from the SAFE. If the approved house to be purchased is not bought for any reason, the applicant will need to apply for additional house approval.
FIRB exemption

If you meet any of the following conditions, you can get an exemption before you buy in Australia:
Australian citizens do not need to approve the purchase of residential real estate, whether or not they live in Australia;
Holders of New Zealand citizens and Australian permanent residence visas are also exempt from approval requirements;
Australian citizens, New Zealand citizens, and spouses of Australian permanent visa holders do not need to be approved for purchase of residential real estate as joint tenants.

In addition, the following regions are also exempt areas for FIRB↓↓
Related violations

From December 2015, penalties for violations of the Australian Foreign Investment Regulations will include mandatory sale of property, a fine of up to A$127,000, and even a maximum of three years in prison.

In addition, other third parties that assist purchasers in violating FIRB regulations may also be subject to appropriate penalties.
For more information on the Foreign Investment Approval Board, please visit www.firb.gov.au.