Below are a few pointers to general questions asked about residency and Australian property for sale. • A foreign person that resides temporarily in Australia for a period exceeding 12 months from the time of application for approval are eligible under foreign investment policy in order to acquire residential real estate. Foreign investment is still available if property being purchased is an established dwelling, a property that is occupied or sold. The approval is available providing the dwelling to be used is for the person’s principle place or residence. This will mean the dwelling cannot be used for any rental purposes and the property must be sold when their visa expires or they cease to reside in Australia.
• Exchanging Contracts Prior to Approval: It is quite possible to exchange contracts prior to getting approval; entering into contracts for the purchase of property on the terms that those contracts are conditional upon obtaining approval for foreign investment. If the contract is not conditional, then unfortunately you will be in breach of the Act. This is simply ensuring to protect you (and your deposit) if there is the possibility of approval not being granted. You must not sign such a contract which does not portray such conditions, as you will be committing a breach of the
• Married on Long Stay – You Own a Home but You Want to Buy Another Property: If you are married and are on long stay business visas and already in a good position where you own a home, perhaps which had been given Government approval, and now you may want to buy another house but for investment purposes. To lighten concerns here, the answer is simply yes. However, this will come with conditions. The second property you want to buy is as foreign investors this time and not another residential property. You would usually be granted approval to purchase a brand new house or perhaps even a unit which has not been previously sold or occupied and is part of a development where not more than 50 per cent of the dwellings are already sold to foreign investors interests.
• Temporary Resident – Visa Expired – Leaving Australia – Can I Keep My Home & Rent?... Even if you have lived in the house you have bought for 3 years, it is not possible to rent out the property. Unless the property you acquired was on vacant land, which subsequently developed, or if your property is brand new you still cannot rent. What you must do is notify the Government, and, or make arrangements to sell your property as soon as possible. You could risk possible prosecution in failure to notify the Government.
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