Foreign Buyer Conveyancing & FIRB Victoria
Buying property in Australia as a foreign buyer can involve additional legal and regulatory requirements.
Depending on your citizenship, residency status and the type of property you intend to purchase, you may need to obtain foreign investment approval before acquiring an interest in Australian residential real estate.
At Prox Conveyancing, we assist foreign buyers with the Victorian conveyancing process and help coordinate the property transaction with your legal, tax and foreign investment advisers.
We can assist with the conveyancing aspects of your purchase, including contract review, due diligence, settlement preparation and electronic settlement.
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Do Foreign Buyers Need FIRB Approval?
If you are a foreign person, you generally need to obtain approval or an exemption certificate before acquiring residential property in Australia.
The approval requirements depend on your circumstances and the type of property you want to purchase.
The rules may apply to:
- Temporary residents
- Foreign non-residents
- Foreign-controlled companies
- Certain trusts and other entities
Australian citizens, Australian permanent residents and New Zealand citizens are generally exempt from the requirement to obtain foreign investment approval for residential real estate. However, your individual circumstances should be considered carefully before relying on an exemption.
Important: Obtain Approval Before You Buy
Foreign buyers should obtain the required approval or exemption certificate before entering into an unconditional contract to purchase residential property.
The Australian Taxation Office states that foreign persons must apply for approval before buying residential property, and penalties may apply where property is acquired without the required approval.
If you are considering buying property in Victoria, we recommend obtaining appropriate foreign investment advice before making an offer or bidding at auction.
Useful link: Australian Taxation Office foreign investment information
Current Restrictions on Established Dwellings
From 1 April 2025 to 31 March 2027, foreign persons are generally prohibited from purchasing established dwellings in Australia.
There are limited exceptions to this restriction. Foreign buyers may still be able to purchase certain types of residential property, including new dwellings, near-new dwellings or vacant residential land for development, subject to the applicable foreign investment rules and approval requirements.
The rules are complex and may change. You should obtain current advice about your eligibility and the property you intend to purchase before signing a contract.
OUR PROCESS
Our Foreign Buyer Conveyancing Process
The process may vary depending on the circumstances of each matter.
Confirm Your Eligibility
01
Before making an offer or bidding at auction, obtain appropriate advice about whether you are permitted to purchase the property and whether foreign investment approval is required.
02
Obtain Foreign Investment Approval
Where required, you should apply for approval or an exemption certificate before acquiring the property. The application process is managed through the Australian Taxation Office's foreign investment system. The relevant application fee and approval requirements depend on the type and value of the proposed investment.
Review the Contract
Before signing, we can review the Contract of Sale and Section 32 Vendor Statement and explain the conveyancing aspects of the transaction.
03
Sign the Contract
Once the contract is signed by both parties, we manage the conveyancing process and monitor the contractual deadlines.
04
Prepare for Settlement
We liaise with the relevant parties, coordinate with your lender where applicable and prepare the settlement figures.
05
Complete Settlement
Settlement is generally completed electronically. Once settlement has successfully completed, ownership of the property is transferred in accordance with the transaction arrangements.
06
How Prox Conveyancing Can Help
Once you have confirmed that you are eligible to purchase the property and have obtained any required approval, Prox Conveyancing can assist with the Victorian conveyancing process.
Our services may include:
Contract Review
We review the Contract of Sale and Section 32 Vendor Statement and explain important contractual terms and conditions.
Settlement Preparation
We prepare the transaction for settlement, liaise with your lender and other parties, and calculate relevant settlement adjustments.
Electronic Settlement
Most Victorian property settlements are completed electronically. We coordinate the settlement process and notify you once settlement has been completed.
What Is Not Included in Our Conveyancing Service?
FIRB or foreign investment approval is a separate regulatory matter from conveyancing.
Prox Conveyancing can assist with the Victorian conveyancing process. However, we do not provide immigration, taxation or financial advice.
Depending on your circumstances, you may need advice from:
- A migration agent regarding visa status
- A tax adviser regarding taxation
- A financial adviser regarding investment decisions
- A lawyer or foreign investment specialist regarding complex FIRB matters
We can work with your other professional advisers where necessary to help coordinate the property transaction.
OUR TESTIMONIALS
What our Client Says
Need Assistance With FIRB and Foreign Buyer Conveyancing?
Contact Prox Conveyancing to discuss your circumstances and understand the next steps.
Buying Property in Victoria as a Foreign Buyer?
The foreign investment rules can be complex, and the requirements depend on your individual circumstances and the type of property you intend to purchase.
At Prox Conveyancing, we provide professional Victorian conveyancing services for eligible foreign buyers and assist with the legal conveyancing process from contract review through to settlement.
If you are considering purchasing property in Victoria, contact us to discuss your conveyancing requirements.
Ready to Talk to a Conveyancer?
Foreign investment rules can be complex, and the requirements depend on your individual circumstances and the type of property you intend to purchase.
If you are considering purchasing property in Victoria, contact Prox Conveyancing to discuss your circumstances and understand the next steps.
FAQs
Many foreign persons need approval before acquiring residential property in Australia. The requirements depend on your citizenship, residency status, the type of property and other factors.
Temporary residents are subject to specific foreign investment rules. The type of property they may purchase and the conditions that apply depend on the current foreign investment framework.
From 1 April 2025 to 31 March 2027, foreign persons are generally prohibited from purchasing established dwellings, subject to limited exceptions. The rules should be checked before entering into a transaction.
Foreign buyers may be able to purchase certain new or near-new dwellings, subject to the applicable foreign investment rules and approval requirements.
Foreign persons may be able to purchase vacant residential land for development, subject to approval and applicable conditions.
The foreign investment approval process is separate from the conveyancing process. Depending on your circumstances, you may need to obtain advice from an appropriate foreign investment or legal adviser.
Yes. We can review the conveyancing documents and help identify important contractual matters. However, foreign investment eligibility and approval should be confirmed before entering into an unconditional purchase contract.
Yes. Many Victorian property settlements are completed electronically, and we can communicate with you remotely throughout the conveyancing process.
Foreign investment rules may also apply to certain companies, trusts and other entities. The ownership and control structure should be reviewed carefully before entering into a transaction.
Important: Foreign investment laws and eligibility requirements can be complex and change from time to time. You should obtain appropriate advice and, where required, obtain foreign investment approval before acquiring an interest in residential property in Australia.