If you’re an expat in Australia and you’re planning to buy land for sale in Caroline Springs or anywhere in Melbourne, you might encounter questions regarding the requirements. You might need an approval, but it’s not always necessary. This is especially true if you’re holding a permanent resident visa or buying as joint tenants with an Australian citizen.
Approval for Vacant Land
Expats can have a vacant land for development, but it should be under the conditions of the Foreign Acquisitions and Takeovers Act 1975 (FATA). Construction should be within 12 months for residential properties and five years for commercial developments without the intention of using it for residential purposes.
Covering Legal Issues
Non-residents should get permission from the Foreign Investment Review Board (FIRB). After application, you’ll receive an answer within 40 to 130 days depending on the circumstances. Exchanging contracts during this period is possible, but make sure that it’s legitimate to avoid financial penalties. This way, you won’t be banned from common transactions in Australia like auctions.
Buying land for sale in Caroline Springs, Burnside Heights, and other suburbs of Melbourne is possible even for expats. Remember the requirements and the institution where you’ll file your application, so you can start building a property of your own.