Temporary Residents to pay $5,000+ to buy a home

A recent change to Foreign Investment Review Board (FIRB) policy means that temporary residents now need to pay a fee when applying for FIRB approval and of course it is typically a condition that a temporary resident obtains FIRB approval before purchasing a home.

The applications fees are as follows:

Fees

An application for approval to purchase residential real estate will not be considered until the relevant application fee has been paid in full.

[TABLE=class: table table-bordered]

[TR]

[TH]Action

[/TH]

[TH]Fee Payable

[/TH]

[/TR]

[TR]

[TD]Acquiring an interest in residential land if the price of the acquisition is $1 million or less

[/TD]

[TD]$5,000

[/TD]

[/TR]

[TR]

[TD]Acquiring an interest in residential land if the price of the acquisition is more than $1 million and less than $2 million

[/TD]

[TD]$10,000

[/TD]

[/TR]

[TR]

[TD]Acquiring an interest in residential land if the price of the acquisition is between $2 million and less than $3 million

[/TD]

[TD]$20,000

[/TD]

[/TR]

[TR]

[TD]For each further $1 million increment in value

[/TD]

[TD]$10,000 per $1 million

[/TD]

[/TR]

[TR]

[TD]Applying for an exemption certificate to acquire one established dwelling

[/TD]

[TD]Same fee structure as an interest in residential land detailed above

[/TD]

[/TR]

[/TABLE]

Initially when I saw this mentioned I thought that this was just aimed at foreign investors and thought that those who are living and working in Australia would get some form of exemption however following several phone calls to them directly I have been told categorically that this fee also applies in this situation (there can be exemptions for some in certain situations ie spouse a Citizen etc).

See more: https://firb.gov.au/resources/guidance/gn02/

Can I just ask how you think this change from the FIRB is panning out? We will be coming over soon on a 489 visa and think that we might be looking to purchase a property after a year in rented accommodation. I understood that it used to be quite difficult to obtain the approval to purchase an established property, but I'm wondering if it is now a bit easier if you you have to just pay a fee?