FIRB (Foreign Investment Review Board)
Government & Compliance
The Australian Government body that reviews foreign investment proposals, including property purchases by non-residents.
Full Explanation
FIRB approval is required before foreign persons (non-residents or temporary visa holders) can purchase residential property in Australia. Generally, foreign buyers can only purchase new dwellings or vacant land (with a requirement to build within 4 years). They cannot buy established dwellings. FIRB charges application fees ($14,100+ for properties up to $1M) and additional surcharges on stamp duty and land tax apply in most states. Temporary residents may buy one established dwelling as their home but must sell when they leave.
Example
A foreign investor applies to FIRB to purchase a $800,000 new apartment in Melbourne. They pay a $14,100 application fee and, if approved, will face an additional 8% foreign stamp duty surcharge in Victoria.
Frequently Asked Questions
Do Australian citizens need FIRB approval?
No. FIRB approval is only required for foreign persons — non-residents, temporary visa holders, and foreign-owned companies. Australian citizens and permanent residents do not need FIRB approval regardless of where they live.