What is FIRB and Why It Matters

The Foreign Investment Review Board (FIRB) is the Australian government body that regulates property purchases by non-residents. Its role is to ensure that foreign investment supports Australia’s housing supply and national interest.

For international buyers, FIRB approval is legally required before you can complete the purchase of residential property in Australia, and different rules apply depending on whether the property is new, off-the-plan, or established.

New apartments are the most accessible category for international buyers.

Select an eligible property

determine it’s in a good location, close to good schools, transport, and a shops.

International buyers can generally purchase:

• Brand-new apartments
• Off-the-plan apartments
• Apartments that have never been previously sold or occupied

These are considered “new dwellings” and are usually FIRB-approved.

Choose a Solicitor

Engage a solicitor who is familiar with conveyancing. Having legal support in place early allows you to move quickly and ensures your purchase complies with Australian regulations. Appoint a solicitor who regularly works with international property buyers. They will review the contract, manage FIRB approval, and ensure all legal requirements are met throughout the transaction.

Sign the contract and pay the deposit.

Once you are satisfied with the contract, you sign and pay the required deposit to secure the apartment. For off-the-plan apartments in NSW, foreign buyers are typically required to pay a 10% deposit when signing the contract, which is held in a trust account and forms part of the final purchase price. Buyers are also given a 10-business-day cooling-off period, during which they can withdraw from the contract for any reason and receive their deposit back, minus a 0.25% holding fee. After this period, the contract becomes legally binding.

Finalise your loan

Your lender completes their valuation and issues formal loan approval so your funds are ready for settlement.

Construction Period

During the construction period of an off-the-plan apartment, the buyer’s deposit is held in trust while the building is completed. This period can last anywhere from 12 to 36 months, depending on the development. Buyers are usually kept informed of construction milestones, progress updates, and expected completion dates. It’s also the time to organise final financing, plan for settlement, and prepare for moving in once the building is finished.

Settlement

Once construction is complete and FIRB approval is in place, the balance of the purchase price is paid, ownership is transferred to you, and you receive the keys.