Helping First Home Buyers to achieve the Australian dream

From time to time the government seeks to stimulate the economy by offering grants and exemptions to entice us to dip our toes into the property market. First Home buyers have been the traditional beneficiaries of these grants, with the original First Home Owner Grant being introduced in July 2000 in an attempt to negate the effect on the property market of the newly introduced GST. Since that time there have been numerous schemes with similar names helping first home buyers realise the Australian dream of property ownership.

Eligible first home buyers can currently apply for two schemes – one that provides a grant of $10,000, and the other an exemption or concession from stamp duty.… Read More

Time is running out for Home Builders

Part of the government’s response to the economic downturn caused by Covid-19 has been to encourage spending in certain sectors. The building industry have been given a lifeline via the Homebuilder scheme, which encourages eligible home owners to renovate their existing home, buy a new home off the plan or build a new home.

The scheme was to finish at the end of 2020, but has now been extended to 31 March 2021 with an amended grant amount and conditions.

The grant you will receive depends on when you entered into your building Contract and applications must be submitted by 14 April 2021.… Read More

Ending a Residential Tenancy – from the Landlord’s perspective.

There are strict rules that apply when a Landlord wants to bring a residential tenancy to an end.

A termination notice must be provided to the tenant. This notice must be in writing, addressed to the tenant, signed and dated by you or your managing agent, provide the date the tenancy is to be terminated and the tenant needs to vacate and in some circumstances provide the reason for the notice.

In some circumstances there is no minimum notice period for the tenant – for example if the tenant dies, the property becomes uninhabitable or is destroyed, is being compulsorily acquired (for example by Council) or is not legally usable as a residence.… Read More

Ending a Residential Tenancy – from the Tenants perspective

To bring a tenancy to an end you must provide written notice to the landlord or managing agent, in a specific timeframe depending on your situation.
When your fixed term is ending – if you want to leave at the end of your fixed term lease you need to give the landlord at least 14 days’ notice. You can provide this notice at any time up to the very last day of your fixed term.
If your fixed term has already ended – if you have continued to rent the premises, say on a week to week or month to month basis, you need to give the landlord at least 21 days’ notice.… Read More

Don’t be late! The consequences of not completing a Property Contract on time. – Katie Cook

In every Contract there is a set time for Completion, or ‘Settlement’ as it is often called. The time for Completion can be a set number of days or weeks after exchange takes place (eg 42 days or 6 weeks), or a set time after another event takes place (eg 14 days after a plan or subdivision has been registered).

Completion or Settlement is essentially when the Purchaser hands over their money and takes title to the property.

It is crucial that a purchaser in a property transaction is aware of the date that Completion is due under the Contract, as there are serious consequences when Completion doesn’t take place on time.… Read More

Ready Set Go! Contract Races and Gazumping – Katie Cook

You’ve found a house you love, put in an offer and it’s been accepted! Time to break out the champagne? Not just yet….

One of the most important things to remember when buying a property is that the Contract is not binding on either the purchaser or seller until Contracts are exchanged. That is the contract, evidencing all of the important terms have been signed by both the vendor and purchaser and the contracts have physically been exchanged.

Agents are legally bound to pass on to owners all offers made up to exchange. This means that although your offer has been accepted, another buyer may also make an offer on the property.… Read More

Buying & Selling Property, What happens on settlement day?- Katie Cook

What is settlement?

Settlement, or the Completion Date under a Contract, is essentially the day a Purchaser hands over the money to buy a property and in return is provided with the title documents and the keys.

In New South Wales settlement takes place in one of two ways:

In person via a paper settlement – this is still the most common way for settlements to proceed. It involves the legal representatives for each party (the buyer and the seller) as well as their banks meeting in person at a scheduled time. At this meeting the title documents and bank cheques are exchanged between the parties.… Read More

First Home Buyers – What am I entitled to? – Katie Cook

Two schemes currently exist for First Home Buyers. One is a grant of $10,000 and the other is a Stamp Duty Exemption.

First Home Buyers Assistance Scheme – (Stamp Duty exemption)

For both new and existing homes – you will not pay stamp duty up to a purchase price of $650,000, and you will get a concession from stamp duty if your purchase price is between $650,000 and $800,000.

The usual stamp duty on $650,000 is $24,760 – a huge saving!

Vacant land – you will not pay stamp duty up to a purchase price of $350,000, and you will get a concession from stamp duty if the purchase price is between $350,000 and $450,000.… Read More

Buying a house – where do you even start? – Katie Cook

Buying a house is an exciting time however if you have not purchased a home before, or haven’t for a while, it is hard to know where to start, or how it all works! This short guide will help you through – from making your offer to buy, to a legally binding Contract.

Finance – one of the first things you should do is talk to your bank or finance broker. They will tell you how much you can borrow, the deposit you will need and what your repayments will be.

Research – get to know the property market. Look at properties sold in your area and attend open houses.… Read More