2008-7-2 01:19
ct110
quote from FIRB web site ([url=http://www.firb.gov.au]http://www.firb.gov.au[/url])
[u]Students[/u]
Q24. I am a student at university and want to buy an established house to live in while at university. Is that allowed?
A. Yes, but for purchases of [b]established residential real estate there is a $300,000 limit[/b] for the acquisition by students. Additionally, students need to be over 18 years of age, be studying at a recognised tertiary institution and hold a student visa valid for at least the next 12 months. Students need to provide a letter from their tertiary institution confirming the course they are attending and the duration of that course. The property also needs to be close to the tertiary institution.
The property would be subject to the normal conditions that are placed on second hand properties, namely that the purchaser must live in the property, they cannot rent or lease out the property and they must sell the property if their visas expire, they leave Australia or cease to live in the property.
Should foreign students wish to acquire[b] vacant land for development or brand-new properties, no thresholds apply[/b]. However foreign investment approval still needs to be obtained. Acquisitions of vacant land would be conditional on ongoing development commencing on the property within 12 months. Acquisitions of brand-new properties will be subject to the property having never been previously occupied or sold.
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