Whether living in the country or abroad, the house has always been an entity that builds a sense of security and belonging. For those who have already obtained Australian PR or citizenship, as long as funds are available, selectivity and affordability will prevail. Regardless of whether you have an identity or not, it is not easy to buy a house. People without Australian status include international students, tourists, temporary skilled immigrants, backpackers, etc. If you want to buy a house here, you have to overcome many obstacles, such as the tightening of Australian loan policy , Additional stamp duty, etc. Well, in Victoria, the things you need to know about buying a house are different from other states. Wan Jia today started the topic of buying a house in Victoria. Two points for everyone to reveal the precautions for buying a house in Victoria One is to explain the characteristics of Victoria from the perspective of the overall situation of Victoria. The second is taking Melbourne and Victoria as an example to explain the advantages of the land and the feasibility of investment.
What house can foreigners buy
- Apply to FIRB
No matter where you come from, whether you are a temporary resident, a foreign resident or a tourist, to buy a residential property in Australia, you must first apply to FIRB (Foreign Investment Review Board) and pay the fee. The specific cost depends on the house price, and the house can only be bought after approval.
FIRB is an institution that advises the Australian government’s overseas investment policies, such as who can buy and what houses to buy. If you buy a house without applying, you will face huge fines and even criminal charges!
- Temporary residents buy a house
Temporary residents here refer to:
With a temporary visa, foreigners who stay in Australia for more than 12 months in a row (regardless of the length of the visa) are allowed. Temporary residents must meet the following requirements when purchasing housing:
A Existing
Only one set (established dwelling) can be purchased, and it must be used to live. If you do not live here, you need to sell it within 3 months after you move out. You cannot hold it, rent it, or use it as a holiday home. And the house must be empty at the time of delivery.
Purchased existing homes are generally allowed to be overthrown and rebuilt, provided that the stock of the house can be truly increased. Reconstruction needs to be completed within 4 years after approval, and houses cannot be rented out before demolishing and rebuilding. You cannot buy existing houses for investment.
B new house
There are fewer restrictions on the purchase of new homes, as long as FIRB approves, you can rent as much as you want. You can buy one set of existing houses and N sets of new houses at the same time, but the existing houses must be self-occupied.
The exception is that the house is a set of development projects (over 50 sets in total), which was then sold by the developer. In this case, if the property has been used, as long as it does not exceed 12 months, it can still be regarded as a new house.
C open space
Temporary residents can also buy new houses for self-construction on vacant land, but they need to be completed within 4 years after approval, and they must be submitted within 30 days after receiving the completion certificate. If it cannot be completed within 4 years, you can apply for an extension 2 months before it expires.
- Non-residents buy a house
Example: If an international student holds a student visa for less than 12 months, it will be considered a non-resident, not a temporary resident.
Non-residents need to meet the following requirements when buying a house:
You can buy a new house without restrictions. Although FIRB approval is required before each purchase, it is generally not limited to the number of purchases, how much you want to buy.
It is generally not possible to buy existing homes.
If you rebuild, you can buy existing houses, provided that you can really increase the housing stock. Reconstruction needs to be completed within 4 years after approval, and houses cannot be rented out before demolishing and rebuilding.
In short, FIRB does not restrict foreigners from buying new homes and land. It hopes to stimulate the Australian residential construction market and increase the supply of new homes, thereby helping to suppress house prices, including rent. Moreover, the booming real estate market will create a large number of jobs and increase taxes.
In recent years, buying a house in Australia is nothing new. Buyers are so courageous, and they are often impressed by foreigners. The following is a part of Victoria and Melbourne as an example to explain the advantages of Victoria ’s land. Taking Chinese buyers as an example, one factor that Chinese people buy a house is very important is education. Generally, the areas surrounded by famous schools are all Popular buying area.
Global vs local
Rowville in southeast Melbourne, Werribee in the west, Box Hill North, Glen Waverley, Templestowe, Clayton, Ringwood, Preston.
As far as Victoria is concerned, Rowville, Fitzroy, Werribee, Box Hill North, Port Melbourne, Balwyn North are all more popular. To judge whether a district is worth investing, mainly from transportation, education, shopping, and From the perspective of the surrounding greenery area, it is what everyone calls “either a beautiful environment, or elite schools, or rich people gather. The most important one is the qualification to purchase, commonly known as room tickets in China. Without it, you can’t buy a house with money.
More and more Chinese people buy a house in Australia, whether it is investment or immigration, which reflects that Australia does have great competitive advantages in many aspects, such as investment environment, living conditions, education quality, and medical care for the elderly.
Wanjia Note
Finally, Wanjia will spare no effort and sincerely warn everyone to confirm the updated tax rate, which often changes.
There may also be an annual vacancy fee to be paid. From May 9, 2017, foreigners buying Australian properties will be subject to annual vacancy fees, which means that their properties are neither rented nor occupied for more than six months of annual vacancy fees. For more information, please refer to Wanjia’s previous tweets.
In addition, there are several types of fees and taxes for visa holders to purchase Australian property, and their rates are different if you are in a different state and hold a different visa. When buying real estate in Australia, we strongly recommend that you consult a professional tax agent / Australian tax office and accountant to ensure that you know all the costs.
For temporary residents, you may want to build several residential houses as an investment method. Many of these residential houses can be rented out, so owners can get rental income. Temporary residents can rent residential houses as long as these houses belong to new housing. According to regulations, temporary residents can only buy a second-hand house as the main residential house, and second-hand houses cannot be rented out.
In addition, any violation of FIRB regulations will result in criminal and civil penalties. In addition, the property will be forced to be sold because its property ownership is illegal. Therefore, it is best to follow FIRB regulations and contact FIRB at any time if you have any questions about procedures and requirements. Please also contact Wanjia or the official website of the government for correct and complete answers and suggestions.
