457 visa question

[Rach K]

Hi All,
We have just been granted a Temporary Business entry (Long Stay) visa
(Subclass 457) for 3 yrs. Does anyone know if we can buy a property on this visa or do we have to wait for perm residency?

[proud2beaussie]

The answer is yes but you must seek approval from the FIRB first.
Have a look here:
FIRB: Foreign Investment Review Board - FAQ

Quote from the site-
"
Real Estate

Q6. I am a foreign person living in Australia on a long stay, temporary resident visa. Do I need approval to buy an established house to live in?
A. Yes. Foreign persons temporarily resident in Australia for a period exceeding 12 months from the time of application for approval are eligible under foreign investment policy to acquire residential real estate. If the property being purchased is an established dwelling, that is, one that has been previously occupied or sold, foreign investment approval is still available provided that the dwelling is to be used as the person’s principal place of residence, not for rental purposes and the property must be sold when their visa expires or they cease to reside in Australia. For more detailed information, see Policy Documents