New FIRB Rules
New rules came into force on 1 December 2015. Fortunately for residential property there aren’t many changes. The big change is the fees. There weren’t any fees previously so these will come as a shock to some people.
Set out below are the fees applying to Foreign Residents.
An interest in residential land valued at $1 million or less ($0 - $1,000,000): $5,000
The rules relating to obtaining FIRB approval are the same. If it is a new property or vacant land then you will get it as a matter of course. For second hand dwellings the buyer needs to have an Australian Visa which is longer than a temporary visa. So all work visas irrespective of how much time they have on them will apply. Tourist or short term business visas will not allow you to buy a second hand dwelling.
For further information please contact Roland Taylor on 0417 605 185 or firstname.lastname@example.org.