FIRB approval

What is Foreign Investment Review Board (FIRB) approval?

The FIRB assesses applications from foreigner who would like to invest in Australia. If you would like to buy real estate in Australia either to live in or as an investment then you may be required to obtain FIRB approval.

Who needs approval?

Australian citizens and permanent residents as well as New Zealand citizens are not required to obtain FIRB approval and are generally able to obtain home loans quite easily.

Temporary residents (>12 months) do not require approval for most common types of real estate purchases, although your lender may restrict the amount you can borrow.

If you are a foreign citizen then you will require approval before buying a property in Australia.

Please refer to the FIRB website for the full details of who is and is not eligible.

Investment or Owner occupied?

Will it make a difference if you live in the property or not? As a general rule investment properties are accepted more readily. If you are living in Australia under a temporary visa or work visa then you may be able to buy a home to live in while you are in Australia. You will usually be required to sell your home when you leave Australia. If you obtain citizenship or permanent residency then you will not have to sell your property.

Types of properties you can buy

• Investment properties: In most cases the Australian government will approve applications to buy an investment property on the condition that it is a new property. You can often keep an investment property if you leave Australia.
• Home (owner occupied): If you are buying a home then you may be able to buy an established property (one that wasn’t recently build). You will have to sell your property when your visa expires and you leave Australia.

Applying for permanent residency / citizenship

It is not known by us if owning real estate in Australia in any way affects your application for citizenship. Please refer these questions to your migration agent.

When is FIRB approval required?

You should apply for FIRB “pre-approval” once you have decided to buy a property in Australia. You can then look for a property at your leisure without having to worry about approval. We recommend that you obtain FIRB pre-approval at the same time as you apply with us for your mortgage pre-approval. To find out more refer to our Applying for a loan section.

Do you need help with a loan?

We are mortgage brokers that specialise in financing the purchase of Australian real estate by foreigners, Australians living abroad or people temporarily residing in Australia. Please enquire online and we can contact you via email or phone to discuss your finance options.