As migration both from returning Australian expatriates and foreign nationals continues to fuel demand in the property market, the real estate industry is catering to this growing segment by developing facilities that simplify the process of purchasing Australian property from overseas. Ray White, one of Australia’s largest groups in the real estate industry has developed a free concierge service to purchasers or sellers using a Ray White Real Estate Agent. With just one phone call, Ray White Concierge will arrange all your connections disconnections, insurance and home loans through Loan Market International.
Find an Australian property and purchase from overseas
To find an Australian property and access the Ray White Concierge service, complete the brief form on this page or call +61 2 9249 3739 and we will contact you at a time that is convenient for you.
Residential real estate
If your intention is to purchase residential real estate in Australia, there are some rules and regulations governing the sale of these properties to foreign interests. If you are a foreign national, it is a requirement that you attain approval from the Foreign Investment Review Board unless specifically exempted by the Foreign Acquisitions and Takeovers Regulations.
Commercial real estate
The Australian government generally tries to encourage investment in commercial real estate and the requirements for purchases of vacant land for commercial development and developed commercial property are structured to encourage this investment.
Purchasing rural land
Foreign interests will usually require approval from the Foreign Investment Review Board before they can acquire rural land unless the acquisition is of a business of primary production valued at less than $100 million. While requiring FIRB approval, acquisitions of such businesses valued at $100 million or more will normally receive approval unless deemed contrary to the national interest. Foreign governments or their agencies are also required to attain approval irrespective of the size of the investment.
Purchasing accommodation facilities
Properties that are used for short term tourism purposes are generally examined under the less restrictive tourism policy. Accommodation facilities do not include holiday houses, mixed residential/commercial properties or serviced apartments – such acquisitions would need to be considered under the Urban Land Policy Guidelines.
Urban Land Corporation/Trusts
Foreign interests require Foreign Investment Review Board (FIRB) approval for the acquisition of an interest in an urban land corporation or trust. Corporations or trust will usually be deemed to be an urban land corporation or trust if they hold more than 50 per cent of their assets in urban land (vacant or developed). Applications for approval are considered on a case by case basis based on the nature of the real estate interests being acquired under both the Urban Land Policy Guidelines and the policy regarding an Acquisition of Shares in an Australian business.
For more information on Expat Home Loans call +61 2 9249 3739
