Can I redevelop an established dwelling if I obtain FIRB approval?

  • Blog
  • Can I redevelop an established dwelling if I obtain FIRB approval?
View All Articles

Scroll for more

Do I have to live in an established house if I purchase it with FIRB approval as a temporary resident?

If your FIRB application gets approved for the purchase of an existing dwelling, you do not have to live in that property, you are able to re-develop it, however it must be into two or more other dwellings. The reason for this is for the purpose of genuinely increasing Australia’s housing stock.

What does re-develop mean?

To re-develop an existing dwelling means to either:

  1. Keep the existing dwelling and build one or more other/s dwelling/s which have their own separate legal title (not expansions or granny flats);
  2. Build at least two new dwellings on land that previously had an existing dwelling on it; or
  3. Demolish an existing dwelling and build multiple dwellings on it, with a minimum of two.

What are the approval conditions?

Depending on which of the above three options you choose, the approval conditions vary, however generally you must usually comply with the following conditions:

  • the purchase price must be within the fee bracket in the approval – for more information on fees, please click on our previous blog here;
  • the existing property you purchase must be vacant at settlement and until any existing property is demolished;
  • the land purchase must be recorded on the Register of Foreign Ownership of Residential Land within 30 days from the date your settlement of the purchase of the land occurs;
  • at least one additional dwelling, of comparable size or value to the existing dwelling, is to be build on the land;
  • no part of the existing property is to be occupied until construction of the new dwelling is completed;
  • the construction of the new dwelling is to be completed within four (4) years of the FIRB approval being issued;
  • evidence of the completion of the new dwelling/s must be submitted to the Government within 30 days of the approval being issued; and
  • you must not sell, transfer or dispose of the property until the construction of the dwelling/s is completed;
  • once the new dwelling/s are finalised, one or more of the dwellings on the land must be available for rent or sale to other persons (not the applicant).

Who can help me make my FIRB application?

Our specialised team of property lawyers, immigration lawyers and registered migration agents regularly act for clients to advise on or obtain FIRB approval for many different types of properties and investment ventures throughout Australia. It can often be a complex area of law so it’s important to get the right legal advice.

Contact our team today to speak with our team regarding the Foreign Investment Review Board application process or if you are considering investing in Australia.

The information provided in this article is for general information and educative purposes in summary form on legal topics which is current at the time it is published. The content does not constitute legal advice or recommendations and should not be relied upon as such. Whilst every care has been taken in the preparation of this article, FC Lawyers cannot accept responsibility for any errors, including those caused by negligence, in the material. We make no representations, statements or warranties about the accuracy or completeness of the information and you should not rely on it. You are advised to make your own independent inquiries regarding the accuracy of any information provided on this website. FC Lawyers does not guarantee, and accepts no legal responsibility whatsoever arising from or in connection to the accuracy, reliability, currency, correctness or completeness of any material contained in this article. Links to third party websites or articles does not constitute any endorsement or approval of those sites or the owners of those sites. Nothing in this article should be construed as granting any licence or right for you to use that content. You should consult the third party’s terms and conditions of use in relation to any third-party content. FC Lawyers disclaims all responsibility and all liability (including liability for negligence) for all expenses, losses, damages and costs you might incur as a result of the information being inaccurate or incomplete in any way. Appropriate legal advice should always be obtained in actual situations.


Prefer to get in touch?

With offices in Brisbane, Sunshine Coast and Sydney, our team is well equipped to provide both advice and support across a broad range of legal areas.

Free call 1800 640 509
  • This field is for validation purposes and should be left unchanged.