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Australian holiday home insurance

Buying a home in Australia

In order to purchase a holiday home in Australia you require prior approval from the Australian Government. This is due to the belief that in Australia foreign investment in the housing sector should not be speculative in nature, but instead should channel foreign investment into increasing the supply of new housing.

You do not need prior approval if you are a permanent resident of Australia or you fulfil one of the following criteria:

• you are an Australian citizen currently resident abroad
• your spouse is an Australian citizen and you are buying Australian real estate as joint tenants
• you are a foreign national who holds a permanent residents visa, or a "special category visa", for example a citizen of New Zealand

The types of property applications that are normally approved are:

• Vacant land - Foreign citizens can normally receive approval to purchase vacant land as long as continuous construction of a new property is started within 12 months
• Existing residences for redevelopment - Where this will increase the supply of housing and the property remains unoccupied during the redevelopment
• New developments - At any stage before, during or on completion of construction, providing the home has never been occupied or sold, and that no more than 50 percent of homes within the development are sold to foreign investors

Due to the Australian Governments policy towards foreign investment in the housing sector, foreign citizens cannot normally get approval to purchase homes which have previously been occupied. There are two exceptions to this rule:

• Foreign citizens temporarily resident in Australia for over 12 months
• Foreign companies purchasing homes for senior executives who will be resident in Australia for over 12 months

Any application for property purchase in Australia must include the address of the holiday home you wich to purchase, the Australian government cannot approve an in-principle application to purchase a property. You should not under any circumstances sign any contracts before receiving such approval to purchase the property, unless any contract is conditional upon the approval being granted, as the Australian government cannot approve a purchase after you have signed the contract. If the necessary approval isn't obtained beforehand, you may have to cancel the contract or be forced to sell the property, often at a significant loss.

To apply in writing to purchase a holiday home in Australia, you can download the appropriate application forms from the Foreign Investment Review Board website at www.firb.gov.au. You should allow at least 30 days for a decision to be made after making an application.

Useful Links

Foreign Investment Review Board - The FIRB is the Australian advisory board that examines foreign investment proposals and makes recommendations to the Australian government on whether they are suitable for approval under current government policy. Applications to purchase holiday homes are made through the FIRB.

Holiday Home Insurance Australia
Policy Benefits

• Holiday home insurance cover underwritten by Lloyd's of London
• Fully comprehensive buildings and contents insurance
• Your Australian property is covered whether occupied or unoccupied
• Your Australian holiday home is covered if let short term or long term
• Competitive online insurance rates
• No claims discount
• Excess from only £50
• We cover emergency travel, accommodation and temporary accommodation following a major insurance claim
• Policy covers swimming pool as well as buildings
• Policy covers public liability of £5m in regards to buildings and contents
• Policy covers loss of rent following an insurance claim
• Wider cover than most standard buildings and contents policies
• Protects your valuable contents - new for old

Key facts

• Full name: Commonwealth of Australia
• Capital: Canberra
• Population: 21 million (official estimate 2007)
• Area: 7.7 million sq km (2.9 million sq miles)
• Major Languages: English
• Major religion: Christianity
• Life expectancy: 78 years (men), 83 years (woman) (UN)
• Monetary unit: Australian Dollar
• Main Exports: Ores and metals, wool, food and live animals, machinery and equipment
• GNI per capita: US $32,220 (World Bank 2006)
• Internet domain: .au
• International dialling code: +61
• Head of State: Queen Elizabeth II
• Prime Minister: John Howard
• Daily Newspapers: Herald Sun (daily), The Australian (Daily)

General information

The Island continent combines a wide variety of landscapes. These include deserts in the interior, hills and mountains, tropical rainforests, and densely-populated coastal strips with long beaches and coral reefs off the shoreline.

The British founded the first settlement and named it Sydney in 1788. Many of the first settlers were convicts. Free settlers have been arriving in increasing numbers after the discovery of Gold in the mid-19th century. Australia's foreign policy has shifted from the US and Europe in the last 20 years to it's near neighbours. It's economy is certainly geared towards Asia.

The country has considered severing it's ties with the British Monarchy. In 1999, Australians narrowly voted against plans for the country to become a republic.