Buying Property in Australia for Non Residents
GUIDE TO BUYING PROPERTY IN AUSTRALIA FROM INDIA
Australian property has been a popular destination for foreign investors for many years. Many Australian developers and property agents are now promoting their services in India through property exhibitions and Australian property purchase for an Indian makes a lot of sense as the rental income is much higher than in India and Australian property particularly in the main cities has seen exceptional increase in prices.
But buying property as a foreign buyer comes with extra rules and regulations that you need to be aware of and follow strictly.
The Foreign Investment Review Board (FIRB) oversees foreign property purchases and has its own application process.
We have been asked multiple times if Indians can buy property in Australia?
The answer is YES. Indians can buy property in Australia but there are limitations in place.
Australia's foreign property investment rules encourage foreign buyers to purchase new buildings and therefore stimulate the construction of new housing. Therefore, Indians not living in Australia can buy new homes and apartments or land for the exclusive purpose of building new homes.
Please note: Unless you are planning to live in the property and sell it when you move out, you cannot buy an established house in Australia. There are serious potential penalties for breaching Australia's foreign investment rules. Acquiring property without FIRB approval can create fines of up to INR 75 LACS or up to 3 years in prison.
There are higher penalties for foreign companies breaching these rules.
So please keep the following in mind.
- The laws for buying property in Australia for non residents are clear and simple.
- The FIRB (Foreign Investment Review Board) has a clear and easy to understand website that outlines all the laws and restrictions
- Do not try to break the law of look for loopholes as the penalties for doing so are very high
- It is advisable to not blindly trust relatives and friends living in Australia as they may not be aware of all the laws and may unknowingly misguide you
- Australian real estate companies are strictly regulated and licensed so they will guide you properly
If you would like to buy property in Australia from India, it is a good idea to find a reputable Australian agent either in Australia or preferably in India who can guide you through the simple laws and legalities.
If you would like further information, please let us know
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