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Changes to Foreign Investment Review Board Criteria

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The FIRB has changed the criteria from 1st March 2009 for people purchasing a property, while on a tempory Visa eg 457.

 

If the property is to be your perm residence, then you no longer need to obtain FIRB approval as long as you live in the property within 6 months of purchase.

 

This is to try to quicken up the house buying process.

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Guest nickas

Hello Dave

 

We are new to the forum and would like some advise on the FIRB application. You have stated that you no longer need to apply to the FIRB for approval, we are currently renting in Brisbane and our lease is up in 6 weeks time with the view to purchasing a property in that time scale. Are you saying that we can simply make a offer on a property without going through the FIRB application,we are on a 457 visa, does this affect the buying process.

 

Cheers

Nick

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Guest

Hi Nick

I've sent you a PM.

Dave

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I managed to get through to them on the phone the other day and I mentioned what the website had said and he said that the legisation hadn't been passed yet and I would still have to apply through them. I phoned them on the 9th of March. This link that follows I looked up a few minutes ago.

 

FIRB: Foreign Investment Review Board - General Policy

 

I applied (after having an offer accepted on a house) on the 12th. Very straight foreward and hopefully I'll hear before the final exchanges (part of which is based on getting FIRB approval). If it doesn't come through or they say no, I can still drop out of the contract.

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The FIRB has changed the criteria from 1st March 2009 for people purchasing a property, while on a tempory Visa eg 457.

 

If the property is to be your perm residence, then you no longer need to obtain FIRB approval as long as you live in the property within 6 months of purchase.

 

This is to try to quicken up the house buying process.

 

 

tell soddin keystaRT THEN MATE


Here at last:jiggy:

SUFC life not a pastime

I limit myself to 2 drinks a day, I`m now 10 years in front make that 15

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I don't think FRIB know what their doing!

 

They release a notice through the regulator to the mortgage market (brokers) stating the new rules, but then when you contact them they say that they haven't started them yet and it may be another couple of weeks until their systems show the changes!!!!!!!

 

On the plus side they tell me that any application request for purchasing a property for own residence for the next couple of weeks is being treated as a tick box exercise.

 

:wacko:

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tell soddin keystaRT THEN MATE

 

Keystart are having massive admin problems at the moment, due to the number of first home owners applying for their mortgages before the Grant ends in June.

 

Currently telling us backlogs of upto 3-4 weeks!!!!

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G'day guys,

 

I've just got back from the Broncos game (Broncos 16 Storm 14) and I have got an email from FIRB.

I applied on line and faxed the signed copies on the 13th of March and today we have approval. I think (as does Davemott), that it's a tick box exercise.

Please people, don't worry about it.

By the way. On a 457 or other temp visa, you DON"T get the first home buyers grant.

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G'day guys,

 

I've just got back from the Broncos game (Broncos 16 Storm 14) and I have got an email from FIRB.

I applied on line and faxed the signed copies on the 13th of March and today we have approval. I think (as does Davemott), that it's a tick box exercise.

Please people, don't worry about it.

By the way. On a 457 or other temp visa, you DON"T get the first home buyers grant.

 

Dont want to a harbinger but adey in bunbury was on a 457 and was in danger of havin there sponsorship ended. Its precarious buying on a 457 at the current climate unless you are flush and keep it as an investment if the **** hits the fan


Here at last:jiggy:

SUFC life not a pastime

I limit myself to 2 drinks a day, I`m now 10 years in front make that 15

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Guest TheArmChairDetective

 

We are new to the forum

 

Cheers

Nick

 

Hi and welcome to PIO, how about posting something about yourself in the welcome forum?

Thanks in advance

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For information - our son got FIRB approval for a house purchase within 24 hours .

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OMG. I really hope that's true. We should have PR by the end of the year, if everything goes in the time scale IMMI told us.

The way our luck has been going (with money etc) it won't be, so I'm not getting my hopes up.

Please let us know what you find out.

 

Frank

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Guest

Hi there.

 

Being a Mortgage Broker in an area full of UK migrants, I get this asked a lot.

If I get Perm residentcy within 12 months of settling on a purchase, I heard that I can claim the FHOG then.

 

Answer that FHOG give is "you qualify for the grant only if you have a perm VISA at the time of purchase only!"

 

Thanks

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Guest

FIRB have now confirmed that the changes have now gone through (31/03/2009) and as long as you have more than 12 months left on your Visa and the propery is for your own use then you don't need FIRB approval.

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