Employer sponsored visas (including DAMA) can be an attractive option for many migrants, but it is important to remember that you must first find an employer that is willing to sponsor you.
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Employer sponsored visas (including DAMA) can be an attractive option for many migrants, but it is important to remember that you must first find an employer that is willing to sponsor you.
With the new program year just getting underway, there have already been some trends emerging and changes to eligibility in the skilled migration space.
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South Australia has released its new State Nominated Occupation List (SNOL) for skilled migration, and its good news for prospective migrants. State nomination applications will be open again at 12pm (ACST) on 3 July 2019.
Immigration SA has announced it will temporarily halt the granting of new business migration state nominations after it reached its quota from the Australian Government for the 2018/19 program year.
In April we outlined new details on several regional visas to be introduced on 16 November 2019. Coinciding with these new visas are changes to the existing points test for skilled migration.
Immigration SA has announced it will temporarily will close its General Skilled Migration (GSM) state nomination application system from 24 June to early July 2019 in order to undertake system updates.
Business visa holders, whether they be permanent or provisional, must continue to meet certain conditions after arrival in Australia. Being aware of all the visa conditions and utlising the available support is key to ensuring a successful venture in Australia.
It was recently announced by the Premier of South Australia, Steven Marshall, that the state would be home to the latest Mortal Kombat film production. Using the facilities at Adelaide Studios, the production is expected to generate 780 jobs and inject $70 million into the local economy.
Read our latest Australian Immigration updates from 26th June 2023 here >>>
Updated June 2023
Buying an Australia property as an immigrant on a visa can be difficult. Whether you are a permanent resident or a temporary resident, there are many visa requirements as well as Foreign Investment Review Board (FIRB) requirements a migrant must be aware of. When investing in Australian property temporary residents, foreign investors, and even visa holders may be approved to purchase using home loans.
Australia has strict guidelines for foreign non-residents and temporary residents who wish to purchase a house in Australia. Back in March 2015, a Sydney residential property bought for A$39 million, the “Villa del Mare”, received instructions from the Treasurer of the Australian Government that it must be sold off. The purchase was found to be not compliant with the Foreign Acquisitions and Takeovers Act (1975), which requires foreign investors to notify the Treasurer through the Foreign Investment Review Board (FIRB) before purchasing residential real estate. Since then there have been additional properties that were found to be illegally purchased and forced to be sold.
The Foreign Investment Review Board (FIRB) is the governing body which ensures residential properties are bought in compliance with the Foreign Acquisitions and Takeovers Act (1975). In addition to the assessment of foreign purchase of residential property, the FIRB also assesses foreign investment in Australian businesses, especially in agriculture and mining.
The FIRB serves as a control to prevent foreign investors from over-inflating residential property prices through excessive investment. As such a list of requirements was created to ensure local Australian interests are protected.
Australian permanent residents share the same treatment as Australian citizens with regards to the purchase of residential property. There are no FIRB restrictions for permanent residents.
On the other hand, temporary residents and foreign non-residents are subject to various rules when purchasing residential property.
According to the FIRB, a temporary resident is an individual who:
Temporary residents would include holders of the following Australian visas:
Previously, the 457 Temporary Work Visa would also be included until it was replaced by the TSS 482 Visa.
If your temporary visa is less than 12 months you are considered to be a foreign non-resident.
Residential properties are categorized as “new dwellings” or “established dwellings”
New dwellings are homes built on residential land which has not been previously sold as a dwelling and has:
A refurbished or renovated residence which was previously occupied is not considered to be a new dwelling. Vacant land bought for residential construction is deemed to be a new dwelling instead. As such, “Home and Land” packages are considered to be new dwellings too, as long as:
There are no conditions or limitations on the number of new dwellings that can be purchased by a temporary resident. Approval is generally required before the purchase is made.
Established dwellings typically refer to residential properties that are on the secondary market. If a residential property is constructed and occupied, it is usually considered to be an established dwelling.
Temporary residents can purchase ONE established dwelling to live in as their primary residence in Australia. The property should not be used for leasing. The property also should be sold within 3 months if the temporary resident moves out of the established dwelling. In other words, an established dwelling cannot be purchased by a temporary resident to be held as an investment property. Additionally, temporary residents who want to purchase an established dwelling for redevelopment must seek prior approval from the FIRB before purchasing the property.
A visa holder purchasing a property will be subjected more fees and higher rates/interest rates than an Australian citizen or permanent resident. Two fees every visa holder must factor in are the FIRB acquisition fee and the Stamp Duty.
When lodging your application with FIRB you will be prompted to pay an acquisition fee.
Acquiring an interest in residential land where the price of the acquisition is:
View the full FIRB acquisition fee list and more details here.
Foreign citizens who want to buy or invest in residential property in Victoria (VIC), New South Wales (NSW), Queensland (QLD), South Australia (SA) and Western Australia (WA) will need to pay an additional stamp duty levy and, in some states, a land tax surcharge.
Foreign Citizen Additional Stamp Duty Surcharge By State:
See the complete and detailed list of Foreign Citizen Stamp Duty and Taxes.
*Note: Please confirm true, up to date tax rates with state government as government bodies and tax rates do change.
There is also the possibility of being charged an annual vacancy fee. From 9 May 2017, foreign persons who purchase residential real estate will be subject to an annual vacancy charge where the property is not rented out or occupied for more than six months per year.
There are several fees, taxes, and rates that differ between states and the specific visa you are carrying. When buying property in Australia, it is highly recommended that you speak with a professional tax agent/ the Australian Taxation Office, and an accountant to ensure that you know all the fees.
The FIRB guidelines state the you must have approval before a property can be purchased in Australia.
An offer to purchase a property may need to be conditional on FIRB approval, which may lead to delays and the offer not being accepted or as attractive as others without such conditions. The regulations state that you must complete a separate application for each property you intend to purchase. This issue can be mitigated by applying for what is called an 'Exemption Certificate'.
An Exemption Certificate allows a foreign person to purchase one unspecified property within a six-month period. The exemption certificate means that you do not have to seek individual approval for each property you are interested in. More information is available from the Australian Tax Office.
Your status as a temporary resident may impact your ability to secure finance to purchase property in Australia. Financial institutions have different restrictions on the amount you can borrow depending on your visa type and status.
Being self-employed or a business owner may also have an impact on how much you can borrow. Contacting your financial institution or financial adviser for more information.
Violations or “Breach" of the FIRB policies will incur a criminal and civil penalty. Additionally, the property in question will be forced to be sold as the ownership is deemed illegal. As such it is best to comply with the FIRB policies and always contact the FIRB if you have any doubts about the procedures and requirements. You can find the contact information for the FIRB on their website listed below.
A criterion for the subclass 888 Business Investment Stream permanent business visa is that the you must meet two of the following three requirements:
By meeting the first requirement for business assets and also buying property, meeting the second requirement should be straight forward considering the median price of a house in Australia is over AUD500,000. This would achieve the two out three criteria meaning that the business would not need to employ two full-time eligible employees.
Owning a property is not an essential criterion to be met when applying for permanent residency or citizenship.
In the case of citizenship, owning a property is considered by the Department of Home Affairs in assessing the 'close and continuing link to Australia' criteria. However, it is not a compulsory requirement, and other factors such as family connections, work history, and time in Australia are also considered.
Temporary residents may have the intentions to build up a portfolio of residential properties as a form of investment. Upon purchase, many of these properties are rented out to generate passive rental income. As a temporary resident, you can do so as long as the properties being rented out are all new dwellings. By regulation, you can only purchase one established dwelling for your own residence, and not rent it out.
The purchase of residential property is a primary consideration for many Australian visa holders. Residential properties may be purchased as a family home and primary residence, or as a safe asset for investment. If you are a temporary residence visa holder, you need to check with the FIRB to ensure you comply with the investment policies. Failure to comply with the requirements may cause unnecessary financial losses and frustrations.
As a rule of thumb, if you are a temporary resident in Australia you must seek approval from the FIRB first before purchasing a property.
As a permanent resident, the FIRB restrictions will be lifted and as such, it is recommended that temporary residents apply for permanent residency once they are eligible. With permanent resident status, you can safely invest and purchase residential properties knowing that you are exempted from FIRB requirements.
Work Visa Lawyers understand that owning a home is a big step in settling down in Australia. We hope that this article has provided you with the necessary knowledge about purchasing your first home in Australia.
At Work Visa Lawyers we are experienced in assisting applicants in all matters relating to Australian visa applications. Our areas of expertise include Skilled Migration visas, Business Skills Migration visas, Employer Sponsored Work Visas, Partner and other Family Migration visas as well as Migration Review Tribunal, Judicial Review and Ministerial Intervention.
If you require further information regarding your Australia visa options you can contact us through:
Phone (08) 8351 9956 or +61 8 8351 9956 or email This email address is being protected from spambots. You need JavaScript enabled to view it.
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