Australia » The Purchase Process

The return of property after communalism is complicated ownership in many cases, which is why most buyers in a foreign country favour to buy in fully restored accommodation blocks, or newly built specialist residential accommodation blocks, where rights are no longer in argument. Luckily, there are many of these vacant.

Each buyer should perform sufficient due carefulness in order to check the title of the property. In Australia the foreign investment revenue board is the centre of registry of ownership and this holds the records of ownership, mortgages etc.

It is the most useful first step to determine the ownership of the real estate. A foreigner can buy property in Sydney but it depends on what is to be purchased. Acquisitions of residential real estate require prior foreign investment approval before the purchase can proceed. To purchase a property you have to fill out a form i.e. R3 form (for use by individuals) and C1 form (for use by companies and trusts).

Foreign persons temporarily resident in Australia for a period of exceeding 12 months from the time of application for approval are eligible under foreign investment policy to acquire residential real estate. Hence all foreign nationals, unless they have permanent resident status or meet other exemptions need to seek prior foreign investment revenue board approval before buying a house. A foreigner cannot purchase property through an Australian incorporated company or until trust.

Australian citizens living in Australia or overseas do not require approval to buy any urban land. The following purchasers (non- Australian) do not need foreign investment approval to purchase zoned residential real estate:

Holders of Australian permanent resident visas;
Persons entitled to hold a special category visa (New Zealand clients); and Foreign persons purchasing as joint tenants with their Australian citizen spouse etc.

There is no fee payable for the application;
Purchasers should allow 30 days from the date FIRB receives the application for decision.