• Means oversea property investors can always purchase property in Australia provide they meet all the requirements stated by FIRB-(Australia’s Foreign Investment Review Board)Under FIRB rules, a foreigner needs permission from FIRB before they can purchase residential property in Australia.

• Permission always granted if the purchaser buys a property in one of the following ways:

• Buying off-the-plan (or during the construction phase) or when the dwelling is newly completed provided that it has never been occupied or sold.

• The purchaser can buy a house/land package, an apartment, or a townhouse in this manner.

• It is also possible for a student attending a recognized tertiary institution and holding a valid student visa to buy a property to live in while at university.

• FIRB approval is not needed for new dwelling, if you are buying from developer who has already gotten pre approval from FIRB to sell to foreigners.

It is possible for buyer to purchase the property in full or dump down payment and borrow or borrow part of the purchase price from a financial institution. In the latter case, in exchange for the loan, the financier as security would normally hold title in the property. This is called a mortgage.

Residential property in Australia is usually freehold, unless it is in Canberra (Australian Capital Territory). Freehold means the buyer owns the house and land in perpetuity (it remains in that person’s name “forever”). In the Australian Capital Territory, the land on which the house or unit is located is leased to the Purchaser for a 99 year period under a “Crown Lease”. At the end of that period, the Crown Lease will usually be extended for the payment of an administration fee.