Buying From Overseas: A Short Guide to FIRB

A new apartment in a development like Harrington is generally available to foreign buyers, but the purchase needs approval from the Foreign Investment Review Board before contracts become unconditional. Applications are lodged online and are usually decided within thirty days.

Victoria applies a foreign purchaser additional duty on top of ordinary stamp duty, and an absentee owner surcharge on land tax where the owner does not live in Australia. Both are calculated on the contract price and both should be modelled before an offer is made.

Harrington buyers are introduced to a conveyancer experienced in cross-border settlements as part of the sales process, and the dedicated consultant coordinates the approval timetable against the settlement date so the two never collide.