Agree that FIRB is usually a condition to settlement. BUT the problem arises if a foreigner buys at an auction. Contracts of sale at auctions are unconditional. So an Aussie citizen may be out bidded by a foreigner who has no approval to purchaser.
Interested to know how many auctions have been won by foreigners. I will bet there would be alot.
It is worthy of an investigation at least....
chinese buying houses in australia, page-43
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