For foreign nationals looking to purchase a home or property in Australia, there are a few things to keep in mind. The purchase of property can vary depending on your resident status as well as whether the property is a new construction or existing construction. Here is a breakdown to help explain it.
FIRB does not allow non-residents to purchase pre-exiting properties for either home use or investment purposes, except under a few conditions:
Non-residents will have an easier time purchasing property to construction new establishments. They will still need to apply through FIRB, but the acceptance rate is higher.
Temporary residents have different regulations when it comes to purchasing property in Australia.
Though temporary residents still need to apply through FIRB in order to be allowed to make a property purchase, they are given more provisions.
Temporary residents can apply through FIRB to purchase new property and are usually approved without issue.
If a temporary residents would like to purchase property for residential development, they will also need to go through FIRB. There are conditions on these kinds of purchases though, such as time restraints for construction.