FOREIGN INVESTMENT REVIEW BOARD (FIRB)
The Foreign Investment Review Board (FIRB) normally gives approval to foreign interests to buy:
- House and land packages where construction has commenced, home units, townhouses, etc 'off-the-plan', under construction; or
- Newly constructed but never occupied or previously sold. 'Off-the-plan' sales to foreigners are only permitted for new development projects or extensively refurbished commercial structures, which have been converted to residential, on condition that no more than half the dwellings in any one development are sold to foreign interests. Usually the developer has pre-approval to do so, normally the developer gains written approval from the FIRB in advance.
- Vacant residential land, including house and land packages where construction has not commenced, (on condition that continuous construction of a dwelling is commenced within 12 months); and
- New residential properties, which have never been sold by the builder and have never been lived in may be sold to foreign persons if certain conditions are met. Builders and developers may only sell half of the dwellings they construct to foreign people.
To learn more about Immigration to Australia go to the links below:
Migrate
To Australia
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Tasmania
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New South Wales and Sydney
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Queensland
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Victoria
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South Australia
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Western Australian
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Northern Territory