Whether you are living in Australia, Sri Lanka or anywhere in the world you can buy a property in any state in Australia.
A foreign buyer is a person living in Australia or overseas without citizenship or permanent residency. If you are living in Australia on a temporary visa, for example a student or a temporary graduate visa, you can purchase a property as a foreign buyer.
As a foreign buyer, you can purchase a new property which has never been lived in. The property can be completed, under construction, or off-the-plan, but it must never have been lived in. Foreign buyers can buy a range of properties, including apartments, townhouses, and house and land across Australia, in capital cities or regional areas.
When you are buying a property, you must pay a deposit when you are signing the contract, which can vary from 5% to 10% of the value of the property. Foreign buyers must pay FIRB fees and Stamp Duty which are taxes and fees governed by the Australian Government. Stamp duty varies for each state, with foreign purchasers having to pay a total of 13.5% in Victoria and New South Wales.
The Foreign Investment Review Board (FIRB) is an Australian government agency that reviews foreign investment proposals and makes recommendations to the government on whether those proposals are suitable for approval under Australia’s foreign investment policy. When purchasing a property, foreign buyers must apply for FIRB approval and are required to pay a fee which varies depending on the value of the property. From 1 July 2023 to 30 June 2024, the fee for properties valued at $1 million or less is $14,700, $2 million or less is $29,500 and increases with every $1 million increment.