The government will allow foreign buyers to purchase an off-the-plan property when another foreign buyer has failed to reach the contract settlement. The Treasurer, Scott Morrison, has distributed a media release regarding changes under the foreign investment framework in Australia.
The Turnbull Government will implement changes under the foreign investment framework to allow foreign buyers to purchase an off-the-plan dwelling when another foreign buyer has failed to reach settlement. This reduces the risks (mainly for the banks) when off-the-plan sales to foreign purchases fall through, due to lack of finance, or changing conditions in the FIRB over a number of years. Legislation is effective immediately for potential purchasers applications made by individuals.
Remembering of course, that if you are not an Australian citizen and do not have permanent residency there are limitations on the type of property you can buy, and purchase must be approved by the Foreign Investment Review Board (FIRB).
The Australian Government is committed to strengthening Australia’s economy and welcomes foreign investment in Melbourne.
Using a buyer agent in Melbourne to assist with the research for the best development project is just plain common sense.
Foreign Investment Reforms Factsheet: Foreign investment in Australia