2024–2025 Financial Year Update: Latest Foreign Investment Review Board (FIRB) Fees for Overseas Buyers
Since December 2015, under the rules of Australia's Foreign Investment Review Board (FIRB), overseas investors wishing to purchase residential land or property in Australia must first submit an application and pay the applicable application fee. They may only proceed with the purchase of the relevant land or property once FIRB approval has been granted.
The fee schedule was updated on 1 July 2024. The following are the FIRB fees for purchasing a new property:
A property valued at A$1,000,000 or below incurs a fee of A$14,700 ; a property valued at A$1,000,000–A$2,000,000 (inclusive of A$2,000,000) incurs A$29,500; and a property valued at A$2,000,000–A$3,000,000 (inclusive of A$3,000,000) incurs A$59,000. For more detailed pricing, please refer to the table below:
For overseas persons holding a long-term Australian visa, the FIRB fee for purchasing an established property is three times that of a new property. The following are the FIRB fees for purchasing an established property:
A property valued at A$1,000,000 or below incurs a fee of A$44,100 ; a property valued at A$1,000,000–A$2,000,000 (inclusive of A$2,000,000) incurs A$88,500; and a property valued at A$2,000,000–A$3,000,000 (inclusive of A$3,000,000) incurs A$177,000. For more detailed pricing, please refer to the table below:
Who counts as an overseas person?
Under the definitions in Australia's foreign acquisitions and takeovers legislation, an overseas person means:
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a natural person who is not an Australian citizen or not a holder of an Australian permanent residency visa (commonly known as an Australian green card);
- an Australian-registered company whose corporate or trust shareholders normally reside outside Australia, or a company or trust in which a foreign company, foreign trust or foreign government holds a substantial interest;
- an Australian-registered company or trust in which two or more shareholders who normally reside outside Australia, or a foreign company or foreign government, hold an aggregate substantial interest
- a foreign government;
- any other person meeting the conditions prescribed by the regulations.
The following persons or companies may be exempt from a FIRB application:
- Australian citizens;
- New Zealand citizens;
- Australian permanent residents;
- foreign nationals who are the spouse of an Australian citizen or permanent resident and purchase the property as joint tenants;
- developers holding a FIRB exemption certificate;
- inheritance under a will;
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purchasing directly from the Australian government or a government-owned entity.
- brand-new dwellings (apartments or townhouses);
- vacant land – land that increases the number of titles, with construction to be completed within 4 years;
- established property for redevelopment – at least two new dwellings must be rebuilt within 4 years on the land of an established property, and the established property cannot be rented out or used for other investment purposes before the new dwellings are completed;
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established property – available only to overseas persons holding a temporary visa (temporary residents), who may purchase only one established property to live in during their stay in Australia. If the property is no longer used as their residence, it must be sold within 3 months.
How long does approval take?
Generally, FIRB approval is granted within 30 days of receiving the application materials and application fee; that is, applicants will usually be notified whether approval has been granted within 30 days.