Australia has clear rules and vetting for the status of property buyers. The following are some of the legal statuses that can be used to purchase Australian properties:
Australian Citizens: Australian citizens are free to buy properties in Australia.
Permanent Residents: People with permanent resident status can also buy Australian properties.
New Zealand Citizens: According to the reciprocal agreement between Australia and New Zealand, New Zealand citizens have the same rights to reside and work in Australia as Australian permanent residents, so they can also buy Australian properties.
Overseas Residents: Overseas residents (or foreign investors) refer to individuals who do not reside in Australia or hold any Australian visas. Strictly speaking, this includes individuals holding visas lasting less than 12 months, such as those holding Australian tourist visas.
Overseas residents typically can only purchase new properties or vacant land, and are not allowed to buy second-hand properties. Before buying a property in Australia, they need permission from the Foreign Investment Review Board (FIRB).
Temporary Residents: Temporary residents are individuals holding temporary visas with a validity period exceeding 12 months, such as those with student visas and 485 graduate temporary work visas. They also have the right to purchase real estate. Moreover, they can buy one second-hand property for owner-occupied purposes, subject to approval from the FIRB.
It is important to note that foreigners purchasing Australian property may be subject to a number of restrictions and conditions depending on their status and visa type. Before purchasing, it is advisable to consult a MoreMore Finance professional to ensure compliance with relevant laws and regulations and to understand the specific conditions and procedures for purchasing a property.
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