All you need to know about buying an investment property.
Buying the right property for investment purposes is very important every step of the way. Its selection, method of buying and financial and taxation implications as well as the cost of refurbishing if needed, preparing for the rental market and its management must be handled with care giving close consideration to the overall picture at every stage.
This may be your first investment property and it makes sense to get it right from the beginning. At RiverandSea, our experienced sales team will help you buy the most appropriate property. We can assist with location and property search and rental assessment of suitable properties within your defined criteria. Alternatively RiverandSea will be happy to review your own proposals and give independent advice on whether the property or properties would be suitable and generate sufficient rental income.
If you are an investor from overseas proposing to purchase a property for rental purposes in Australia, we highly recommend you refer to the regulations set out by the Australian Government through the Foreign Investment Review Board. (FIRB) before proceeding. www.firb.gov.au
The Foreign Investment Review Board examines proposals by foreign interests to undertake direct investment in Australia and makes recommendations to the Government on whether those proposals are suitable for approval under the Government's policy. The main functions of the Board are to examine proposals by foreign interests for investment in Australia and, against the background of the Government's foreign investment policy, to make recommendations to the Government on those proposals; to advise the Government on foreign investment matters generally; to foster an awareness and understanding, both in Australia and abroad, of the Government's foreign investment policy; to provide guidance, where necessary, to foreign investors so that their proposals may be in conformity with the policy; and to monitor and ensure compliance with foreign investment policy.
The Board's functions are advisory only. Responsibility for the Government's foreign investment policy and for making decisions on proposals rests with the Treasurer. Many of the decisions requiring Ministerial consideration are made by the Assistant Treasurer.
The Board is assisted by an Executive which is part of the Treasury and also has available to it advice from other Commonwealth and State Government departments and authorities.
If you require FIRB approval prior to the purchase of a property in Australia, please discuss with your RiverandSea agent who will be able to assist you and please refer to the FIRB web page for full information.