Are you currently overseas and interested in purchasing property in Australia?

There are some important factors that you need to be aware of first, which we are going cover further in this article.

You can also obtain some professional legal advice, assistance and guidance from an experienced property or conveyancing lawyer in Chatswood, like TY Lawyers.

Potential Australian real estate buyers generally fall into one of these categories:

• Permanent Australian residents living overseas who want to buy a home to move into or an investment property
• Non-residents currently living overseas who would like to buy a property in Australia
• Non-citizens, non-residents or temporary residents currently living in Australia who would like to buy a property

The purchase of Australian land or property whilst overseas is assessed by the Foreign Investment Review Board (FIRB) who then make a recommendation to the Australian Treasurer on whether or not to approve an application to purchase.

A reputable and knowledgeable property and conveyancing lawyer in Chatswood can assist you to ensure you’ve completed all necessary checks and required paperwork.

So depending on which category you fall in, read below on further advice pertaining to your individual situation.

Group 1: Permanent Australian Residents Living Overseas

Australian expats can purchase a property and apply for a mortgage just like a citizen who is residing in Australia, there are no extra hoops to jump through just because you are overseas – you have exactly the same rights as any other permanent Australian resident currently living in Australia.

It’s always advisable to engage an experienced property lawyer or conveyancing lawyer in Chatswood for a legal advice, much like you would anyway even if you were in Australia, before entering into a Contract of Sale of Land.

Group 2: Non-Residents Living Overseas

Non-residents looking to purchase property in Australia from overseas are required to obtain approval to purchase from the Foreign Investment Review Board (FIRB) prior to purchasing.

Usually non-resident buyers can only invest in new dwellings, off-the-plan properties under construction, or vacant land with a view to development within a time frame so speak to your property or conveyancing lawyer in Chatswood to find out exactly what that means for you.

As a foreign investor you do not need to set up a company in Australia or buy with a citizen in order to qualify for buying a property in Australia – you only need to apply through FIRB and gain approval prior to purchasing.

Group 3: Non-Citizens, Non-Residents or Temporary Residents Living In Australia

Temporary residents and foreign non-residents who are currently living in Australia are also required to obtain approval to purchase from the Foreign Investment Review Board (FIRB).

You can invest in brand-new properties or off-the-plan properties for investment purposes.

Keep in mind you can only buy one established dwelling and then it must be used as your primary residence. 

When the non-resident no long lives in Australia, the established property must be sold.

What’s Involved In A FIRB Application?

FIRB applications take around 30 days for approval, so keep this in mind with you property purchase plans.

You can apply online using the Australian Government FIRB application form and always read all instructions prior to applying. The form is called the ‘Residential real estate application’, available on the ATO (Australian Taxation Office) website.

A separate application must be completed for each property you intend on purchasing.

When applying, ensure you carefully determine the application type for which you are seeking approval to ensure there are no delays.

How Property Lawyers Chatswood Can Assist With Your Property Purchase

TY Lawyers are not only property lawyers in Chatswood, the team is well versed as conveyancing lawyers in Chatswood too.

We can advise you on and assist you with the FIRB application process, prior to applying along with all parts of the property purchasing process.

With the help of electronic conveyancing, the entire conveyancing procedure can be easily completed online.

Working alongside a well-established electronic conveyancing system and highly experienced property or conveyancing lawyer like TY Lawyers in Chatswood, you can ensure a smooth property transaction.

TY Lawyers will assist you with all property purchase matters, taking care of the many legal documents, checks, inspections of the property, and lodgements to avoid mistakes that can lead to costly expenses, fines, or legal complications.

Our team will be with you every step of the journey.

Contact us today to discuss your personal situation and one of our experienced property and conveyancing lawyers in Chatswood will be able to assist you.

Call TY Lawyers Chatswood on: (02) 8007 0135.