Buying Property in Australia — Guide for Indian NRIs

How Indian NRIs buy residential property in Australia — FIRB approval requirements for temporary residents, state-based transfer duty, the conveyancing process, mortgage eligibility, and FEMA implications.

Overview

Australia has a FIRB foreign investment approval regime for temporary residents and state-based transfer duty system.

Foreign Investment Review Board (FIRB) Requirements

Foreign persons must obtain prior FIRB approval. Temporary residents restricted from purchasing established dwellings except as principal residence.

The Property Purchase Process

Property search, FIRB application, finance pre-approval, exchange of contracts, cooling-off period, settlement.

Transfer Duty (Stamp Duty)

State-based progressive rates. Foreign purchaser surcharge may apply.

Mortgage Eligibility for Temporary Visa Holders

Minimum 20% deposit common. FIRB approval required before settlement.

Ongoing Ownership Costs

Council rates, water rates, strata levies, land tax.

India-Side Implications

FEMA overseas direct investment. Sale on departure required by FIRB. Schedule FA disclosure.

Key Takeaways

• FIRB approval required before purchasing
• Temporary residents limited to one established dwelling for personal use
• Transfer duty varies by state, may include foreign purchaser surcharge