buying a house with FIRB approval

[Guest soggy]

Hi all,

 

I have been here 4 weeks now and just starting to look at buying a house, I know as a I am on a temporary visa I will have to apply for FIRB approval and it is almost certain that I will get it and I should have it written into any contract that the offer is conditional on FIRB approval, but what I have been wondering is are people reluctant to accept an offer from a temp visa holder as it introduces a little uncertainty into the proess, they would have to wait a few weeks before they were 100% sure of a sale, and with the market as it is they may well get other offers in that time with no strings attached.

 

Simon :)

 

 

[Guest rickyaswell]

Hi

I would also like to know the answer to your question. While you are waiting I bet you could answer mine.

 

1. Can you buy a place so early on a temp visa ?

 

2. Could the FIRB say know ?

 

Thanks,

Rich

[cribber]

Hi,

 

We're here on a 457 Temp Business visa and have just had an offer accepted on a place in Woodcroft. FIRB approval is a condition of our contract and although the vendors were initially reluctant the real estate agent explained things and they accepted our offer.

 

I've heard of FIRB approval being granted in 24hrs so i believe it is just a formality.

 

Paul.

[ianb]

Hi,

 

We're here on a 457 Temp Business visa and have just had an offer accepted on a place in Woodcroft. FIRB approval is a condition of our contract and although the vendors were initially reluctant the real estate agent explained things and they accepted our offer.

 

I've heard of FIRB approval being granted in 24hrs so i believe it is just a formality.

 

Paul.

 

Hi Paul,

 

not sure about the 24hrs bit but someone may well confirm but with our house we had to wait upto 30days for approval which we got no problem. It may be different when buying an existing property as ours is new.

 

Be interesting to see the replies from the folks down under as if 24hrs is good news i think

[Rachiegarlo]

People aren't used to long hold ups with the sale of their house here, but if yours is the best offer then most will accept it subject to your conditions, especially if it is explained to them.

[Guest ozzy wannabe]

Hi

 

We have just bought in Happy Valley. We had it written into the contract that we needed FIRB approval. Our estate agent wrote that into our offer so the vendor knew our postition right from the start. Our agent explained it to the vendor what it was, and obviously it didn't put them off.

 

Our agent also completed the paper work and faxed it off, we had approval after 5 working days. At the moment it dosn't take long at all.

 

Vicky

[suzer]

What is FIRB approval?

[Guest soggy]

What is FIRB approval?

 

Foreign Investment Review Board, if you are on a temp visa you have to apply for it's approval before buying a house, it is not normally a problem. If you want to buy a house to live in you can buy a new or old house, if you want to buy a property for investment it must be new if on a temp visa. The idea is to prevent any area from being owned mainly by non PR or citizens.

 

Simon:)

 

 

[cribber]

Hi Ian,

 

The agent representing our vendor has had one case where agreement can back within 24hrs but generally the wait is 3-5 days at the moment.

 

Suzer,

 

FIRB is Foreign Investment Review Board approval. It is a requirement for Foreign nationals here in Australia who wish to invest in property, shares or a business.

 

Hi Vicky,

 

Where in Happy Valley have you bought? We looked at a few properties there!

[suzer]

Foreign Investment Review Board, if you are on a temp visa you have to apply for it's approval before buying a house, it is not normally a problem. If you want to buy a house to live in you can buy a new or old house, if you want to buy a property for investment it must be new if on a temp visa. The idea is to prevent any area from being owned mainly by non PR or citizens.

 

Simon:)

 

Thanks my husband and I eventually want to put my name on the house he has, so just wondering if this is an option. Thanks for the info.

 

Suz

[Guest soggy]

Hi Ian,

 

The agent representing our vendor has had one case where agreement can back within 24hrs but generally the wait is 3-5 days at the moment.

 

Suzer,

 

FIRB is Foreign Investment Review Board approval. It is a requirement for Foreign nationals here in Australia who wish to invest in property, shares or a business.

 

Hi Vicky,

 

Where in Happy Valley have you bought? We looked at a few properties there!

 

 

I have just had FIRB approval on an investment property and it took 6 weeks, this is why I was a little concerned, but it seems people who are here and want a home to live in are given priority, thats good!:)

 

Simon

[cribber]

Hi Simon,

 

You could well be right on investment properties. My experience of FIRB relates to buy to live not buy to rent.

Our application goes off tomorrow so i'll let you know how long it takes for our approval.

 

Paul.

[Guest Nick11]

We got ours back in about 10 days - not really a problem just as long as you have a visa sticker in your passport.