Purchasing property in Australia

There are several considerations before you apply for a mortgage. A better understanding of all your options can give you peace of mind and save you time and money, while helping you focus on finding the right property.

As a starting point, non-permanent residents who wish to purchase property in Australia need to obtain approval from the Foreign Investment Review Board. There is an application fee for this, which varies depending on the property price. There may be additional costs for non-residents buying property, which you should be mindful of, such as the Foreign Citizen Stamp Duty.

In most cases, when you buy Australian property there are government policies in place that determine the types of dwellings or land that non-residents and temporary residents can buy. There may also be limitations on the specific purpose of any associated construction and the period in which it must be completed.

Unless you become a citizen or permanent resident, there may also be consequences for any property you have purchased once you leave the country. For people wishing to visit, work, study or live in Australia, visa and immigration information is available from the Australian Government Department of Home Affairs.

Keep in mind that New Zealand citizens are exempt from many of these restrictions, including the need to apply to the Foreign Investment Review Board.