If you’re purchasing property and you aren’t an Australian, there are a few things you need to do:
- Make sure you cover the legal issues. If you aren’t an Australian citizen, you will need to gain permission from the Foreign Investment Review Board (FIRB) before you can purchase a property. After you apply, you should have an answer within 40 days, however they do have the right to extend the number of days to 130 in unusual circumstances. You can exchange contracts before you have received approval from the FIRB, but make sure the contract is conditional upon approval. If you don’t, you can be in breach of contract and have to pay financial penalties if you aren’t approved. You can’t, however, purchase at an auction without the approval, because auction sales are without conditional clauses.