Found 6 relevant pages. The strongest matches explain what “firb approval australia federal” means, where the buyer risk sits, and how the clause plays out in real contracts.

Frequent Risk Signals

• Criminal penalties — Purchasing without FIRB approval can result in fines of up to $168,750 for individuals and forced divestiture (being forced to sell) of the property.
• Contract invalidated — If your contract does not include a FIRB approval condition and approval was required, the entire contract may be void.
• Time pressure — FIRB approval typically takes 30 days but can take up to 90+ days. A contract with a tight settlement date may fail if approval is delayed.
• Temporary residents — Many buyers incorrectly assume their temporary visa exempts them from FIRB. The rules are complex and depend on visa type, property type, and whether the property is new or established.
• Surcharge land taxes — FIRB approval does not protect you from foreign investor surcharges on stamp duty and land tax, which vary significantly by state.
• Cybersecurity and Phishing: If a legal practitioner’s email is compromised and fraudulent bank account details are entered into the PEXA workspace, your settlement funds—often hundreds of thousands of dollars—could be transferred to a criminal's account with very little chance of recovery.