What to Do If You Buy and Sell Property

Property purchase is an important investment in human life. Especially if you are a newcomer. Property law in Australia is different in each state and can be complicated and difficult to understand.

If you buy residential real estate in Australia as a non-resident foreigner, the transaction must be approved by the Foreign Investment Review Board (FIRB). You need to apply for foreign investment approval before buying. This is regardless of how you buy property, whether personally, or through an Australian company. You still need approval even if you will buy it with a qualified person (Australian citizen or PR), whether that person is your partner, friend, or business partner. It only means that you need approval and that person does not. New Zealand citizens don’t need approval. A company is considered foreign where 15% or more of the shares are held by foreigners, even if there is at least one …