Andrew from Vista Financial

Definitely now in force - no need for FIRB when buying home on temp visa

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    We knew it was coming it is now confirmed, see the bold text below.

     

    http://www.firb.gov.au/content/Exemptions/exemptions.asp

     

     

    Real Estate

     

    You do not need to submit an application for approval to acquire real estate in Australia if:

    • you are an Australian citizen living abroad;
    • your spouse is an Australian citizen (not a permanent resident) and you are purchasing residential real estate in both names as joint tenants (not tenants in common);
    • you are a New Zealand citizen;
    • you hold a permanent resident visa;
    • you are a temporary resident and you are purchasing:
      • single block(s) of vacant land;
      • new dwelling(s); and/or
      • a second hand dwelling to be used as your principal place of residence (including if it is going to be demolished first then redeveloped);

      [*]you are purchasing new dwelling(s) from the developer, where the developer has pre approval to sell those dwellings to foreign persons;

      [*]you are acquiring an interest in a time share scheme which does not permit you (and any of your associates) more than 4 weeks entitlement per year;

      [*]you are purchasing certain residential real estate in an Integrated Tourism Resort (ITR);

      [*]an interest in developed commercial property valued at less than $50 million or $953 million (indexed annually) for US investors, or $5 million for heritage listed properties where the acquirer is not a US investor;

      [*]an interest in developed commercial property where the property is to be used immediately and in its present state for industrial or non residential commercial purposes. The acquisition must be wholly incidental to the purchaser's proposed or existing business activities;

      [*]you are acquiring an interest by will or by operation of law (such as, a court order regarding the division of property in a divorce settlement, but not if both parties simply agree to transfer property without a court’s intervention); or

      [*]you are purchasing property from the Government (Commonwealth, State or Territory, or local).

    Andy

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    Guest Lulujim

    YEAH!!!!! Thank you Andrew. Does it look like 475ers would ever get the First Home Grant thingy?? x

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    Guest Snape Family

    Thanks for this it's useful to know.

     

    Tracey

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