Buying property with a SIR visa?!

[emmylou]

Hi Everyone

Just wondered if anyone knows of restrictions on buying property under SIR visa. I am in Adelaide on a visit and have taken this opportunity to visit some real estate agents. I have been told that unless I have perm residency I may not be able to buy! I know that there can sometimes be difficulites with this but would love to know what anyone has done. I hope the real estate agent just got it wrong!!!

Thanks, and by the way I love Adelaide!!

Emma

[Jane.Mason]

Hi

If you are on a temp visa you would have to apply to the goverment in order to buy a house. This isn't difficult so i've been told. But i'm sure some of the 495's already there will be able to help more.

Jane

[Angela]

Hi Emma

Janes right, there is an FIBA website, I will try & get the link but Lisa might beat me to it :lol: & once you have found a property to buy you process an application, I don't think it takes long for FIBA to respond & give you the go ahead 8)

Don't forget though on the SIR495 we cannot qualify for the 1st time home buyers grant of approx $7k :cry:

Angela

[betty22]

Hi,
The only restrictions are that you have to get FIRB approval
look here www.firb.gov.au/content/default.asp just make sure that you have it written into your contract if you want to buy a house. The Estate Agent should send all the forms off for you.

You can buy an existing dwelling or a new build, but it has to be from an australian. If you want to purchase a second property it has to be a new build.

liz

[Angela]

Hi Liz

By Australian, do you mean a permanent resident? Seems like a tricky process if you can ONLY by from a born & bred Ozzie - do you agree?

Angela

[betty22]

hi Angelea,

By Australian I meant citizen or PR. You cannot buy from another foreigner or temp visa holder (ie you couldn't buy a property that somebody else had to get permission to buy) Basically they do not want foreign nationals buying up huge areas.

Liz

[pigzmickey]

Hi all...

First post, I'm used to the yellow screen.

Is it possible to buy one property in my partners name & another in mine? Would the new build rule still apply?

Is there a limit to the amount of property a 495 holder can own?

[betty22]

15. Foreign persons are normally given approval to buy:
• vacant land for residential or commercial development, including house and land packages where construction has not commenced, subject to a condition imposed under the FATA that continuous construction commences within 12 months; and
• new dwellings such as house and land packages, home units and townhouses purchased ‘off-the-plan’ that is 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 a development are sold to foreign persons.
16. Certain categories of foreign nationals, who hold a visa that permits them to reside in Australia continuously for at least the next 12 months, may be given approval to purchase developed residential real estate (that is, second hand dwellings) for use as their principal place of residence (that is, not for rental purposes) while in Australia. A condition of such purchases is that the dwelling must be sold when the foreign nationals’ temporary resident visas expire, they leave Australia, or the property is no longer used as their principal place of residence.


I suppose from reading that it doesnt say how many new builds you may have just that you are only allowed to own one principal dwelling.

Liz

[pigzmickey]

Hi Liz,

I wonder if we can have one principal dwelling in each name, in theory we have 2 visa's per household...

Even though only one partner was a principal visa applicant, FIRB won't know which is which (I hope). Both mine & my partners visa tickets have different numbers, so in theory they would be separate FIRB applications.

Guess I won't know until I try...

[betty22]

The only trouble is that you have to live in a principal dwelling, so that would effectively make you live apart as you are not allowed to rent your principal house out.

Liz