Australian residential property has always been popular for overseas investors looking for return and stability. To arrange the purchase of Australian residential property is not difficult, as long as you rely upon appropriate professional advice at different points in the process. It is absolutely necessary that you do meet the Foreign Investment Review Board (FIRB) requirements and seek appropriate approval for any purchase:
As Temporary residentsA temporary resident is a person who is residing in Australia and:
- Holds a temporary residency visa which permits them to stay in Australia for a continuous period of more than 12 months (regardless of how long remains on the visa); or
- Has submitted an application for permanent residency and holds a bridging visa which permits them to stay in Australia until that application has been finalized.