The government monitors foreign investment to ensure that the investment will benefit Australia. In particular foreign investors are limited to investing in “new” properties so that their investment adds to the existing housing stock in Australia. This is to prevent speculation which has little benefit for the Australian economy and that could result in escalating housing prices.

You cannot apply for FIRB “pre-approval” so you should refer to the FIRB guidelines before you begin looking for an Australian property. You can only apply for FIRB approval when you have chosen a specific property to buy. As long as you are following the FIRB‘s rules then it is highly likely that your investment will be approved. Once you find a property then you can sign the contract of sale with a condition that allows you to back out of the purchase if FIRB approval is not granted. However you can get pre-approval for a mortgage before you find a property.

Investment properties: In most cases the Australian government will approve applications to buy an investment property on the condition that it is a new property. You can often keep an investment property if you leave Australia.
Home (owner occupied): If you are buying a home then you may be able to buy an established property (one that wasn’t recently built). You will have to sell your property when your visa expires and you leave Australia.
Vacant land (investment): In most cases the Australian government will approve applications to buy vacant land on the condition that you commence construction of a dwelling on the land within 24 months. You can often keep a property that you build as an investment property if you leave Australia.

As a general rule investment properties are accepted more readily.
If you are on a temporary visa or work visa then you can:
-Usually buy a new property or an established property.
-Will usually be required to sell your home when you leave Australia.
-If you obtain citizenship or permanent residency then you will not have to sell your property.
If you are a foreign citizen living overseas then you:
-Are unlikely to be allowed to buy a property to live in in Australia. This is because you do not have a valid visa which allows you to stay in Australia.
-If you have been granted a temporary residency visa then you may be able to buy a home before you move.
If you are an Australian living overseas you can:
-Buy a property to live in in Australia as long as you can prove to your lender that you will be able to afford the debt.
-Either you will need to prove that you will continue your job in Australia or that you have another income source.

You will need FIRB approval if you fall into the following categories.

Temporary resident

If you are on a temporary visa such as a spouse visa, 457 work visa or student visa:
-You need approval from the FIRB.
-You can only buy one established dwelling and it must be to live in, however you will be required to sell it once you do not live there anymore.
-You can buy an investment property, however it must be a new property or vacant land to build a new property.
-You do not need FIRB approval if you are buying the property with an Australian citizen as ‘joint tenants.’
Foreign investor
If you are a foreign investor:
-You need approval from the FIRB.
-The investment property must be a new property or vacant land to build a new property.
-You cannot buy an established dwelling as an investment property.
-They can buy a new property in their name and rent it out to their child that is on a temporary visa. Please refer to the FIRB website for the full details of who is and is not eligible.

If you are an Australian expat living overseas or Australian Citizen living in Australia:
-You do not need approval from the FIRB.
-You can buy a new property, existing property or vacant land.
-You can live in the property or it can be an investment.
Permanent resident
If you are a foreign national who has a permanent residency visa:
-You do not need approval from the FIRB.
-You can buy a new property, existing property or vacant land.
-You can live in the property or it can be an investment.
New Zealand citizen
If you are a New Zealand citizen:
-You do not need approval from the FIRB.
-You can buy a new property, existing property or vacant land.
-You can live in the property or it can be an investment.
Temporary resident buying with Australian citizen spouse
If you are on a temporary visa such as a spouse visa, 457 work visa or student visa and are buying the property with your Australian citizen spouse*:
-You do not need FIRB approval if you are buying the property as ‘joint tenants.’
-You will need FIRB approval if you are buying the property together as ‘tenants in common.’
-You can buy a new property, existing property or vacant land.
-You can live in the property or it can be an investment.
*Includes de facto partner (both same sex and different sex).

The FIRB assesses applications from foreigners who would like to invest or buy a home in Australia. If you are interested in buying an investment home or home to live in, in Australia, you may be required to obtain FIRB approval.