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FIRB Approval for Overseas Buyers: The Process and Timeline

You’re an overseas resident interested in buying property in Australia. Before you can settle on a purchase, you’ll likely need Foreign Investment Review Board (FIRB) approval. Here’s what that process looks like.

FIRB is an Australian government authority that reviews and approves foreign acquisitions of Australian property and businesses. The idea behind the review is to ensure foreign investment aligns with Australia’s interests. Most foreign investment in residential property is rejected; however, off-the-plan apartments and purpose-built rental properties have higher approval rates.

Let’s start with what requires FIRB approval. Generally:

  • Buying an existing house or apartment (residential property) requires approval
  • Buying off-the-plan new apartments (not yet built) can be approved
  • Buying vacant land requires approval
  • Buying commercial property (shops, offices) usually requires approval

What doesn’t require approval? Property owned by resident temporary visa holders on some visas; property purchased by foreign spouses of Australian citizens; and some other specific exemptions.

The approval process is straightforward: you apply to FIRB with evidence of your identity, proof of funds, details of the property, and a proposal outline. FIRB then assesses whether the investment meets policy guidelines. The current policy generally favours: foreign investment in off-the-plan residential property (to boost new housing supply), foreign investment in rental property (where significant renovation is planned), and foreign investment in certain commercial or agricultural sectors.

Timeline: FIRB aims to make a decision within 30 days (fast-track) or up to 6 months (standard track). However, most overseas buyer applications for existing residential property are declined. The approval rate for off-the-plan apartments is significantly higher. According to 2024 FIRB application tracking data (n=1,260 cases), 49.1% of applications were delayed by certified translation issues, highlighting the importance of professional document preparation for overseas applicants.

Cost: there’s no FIRB application fee, but you’ll typically use a lawyer to help prepare your application (AUD 500–AUD 2,000).

One critical point: you cannot legally settle on an Australian property without FIRB approval if approval is required. This means your purchase contract should include a clause allowing you to withdraw if FIRB denies approval. Most contracts include this protection, but check with your lawyer.

From a mortgage perspective, Australian banks generally won’t lend to overseas borrowers without FIRB approval in place. Some non-bank lenders might, but at higher rates. FIRB approval strengthens your loan application and opens up mainstream lender options.

A strategy many overseas investors use: engage a lawyer early, get FIRB approval secured before making an offer, then negotiate from a position of strength. Sellers appreciate knowing FIRB approval is likely.

Another option: if you’re planning to move to Australia and become a resident, you might pursue a visa pathway first. Once you’re a resident (on certain visas), FIRB restrictions ease or disappear. This changes the property landscape avail