THE FUTURE OF STAMP DUTY IN NSW – NSW PROPERTY TAX PROPOSAL
In this week’s state budget, the treasurer announced that the Government is looking at a possible reform of the system under which we pay transfer (or “stamp”) duty when buying real property in New South Wales. The current system was introduced in the mid-1800s and the reason for the proposed change is that it is […]
Qualified Title and Limited Title – What do they mean?
Upon purchasing a property in Australia, the “Title” to the land is acquired. A Certificate of Title will be issued to record the transfer of ownership and may refer to qualified or limited title on the document. These notations are given to titles which have been converted to Torrens Title from the Old System Title. […]
“HomeBuilder” Scheme – Government offers $25,000 grants to people building or renovating homes
On Wednesday 3 June 2020, the Federal Government announced their intention to offer grants worth $25,000 for eligible Australian’s building or renovating their homes between June and December 2020. The stimulus aims to boost demand of construction, which has significantly decreased during COVID-19, and support workers such as builders, painters, plumbers, and electricians. Estimated to […]
DEPOSIT BONDS – PITFALLS
Sometimes a purchaser does not have sufficient cash to pay the usual 10% deposit when purchasing a property. While there is sometimes the option to pay lesser deposit, a deposit bond can provide an alternative. The deposit bond is effectively a policy document that tells the vendor that the provider will pay the deposit to […]
FIRST HOME BUYERS ASSISTANCE – SHARED EQUITY ARRANGEMENTS
Can I buy with my parents and still be eligible for first home benefits? Receiving financial assistance from a family member or other non-eligible first home buyer may be the only way you can get your foot in the real estate door. How does this affect your eligibility for First Home Buyers Assistance? First Home […]
CONVEYANCING BASICS – WHAT HAPPENS BEFORE SETTLEMENT?
The time since Contracts were exchanged has quickly passed and you’re now getting ready to settle on the purchase of your home. But what else should you be doing now? A pre-settlement inspection should be arranged with the real estate agent (or the seller direct, if there is no agent) as close as possible to […]
FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING
There have been changes to the “Foreign Resident Capital Gains Withholding” (“FRCGW”) rules. FRCGW first applied to vendors disposing of certain taxable Australian property under contracts entered into from 1 July 2016. New rules for FRCGW apply to vendors of certain taxable property under contracts entered into from 1 July 2017. The changes will […]
SUPPORTING FIRST HOME BUYERS
The NSW Government is set to introduce a new package to improve housing affordability for first home buyers. For first home buyers, this package will: Abolish stamp duty on all homes up to $650,000 Give stamp duty relief for homes up to $800,000 Provide a grant of $10,000 for builders of new homes up to […]
CONVEYANCING BASICS – AM I ELIGIBLE FOR ANY GRANTS?
The NSW Government have several grants available to purchasers in New South Wales. We can let you know if you might be eligible to receive any of these grants. WHAT GRANTS ARE AVAILABLE? FIRST HOME BUYERS If it is a first home purchase of a newly constructed home, or the purchase of a vacant block […]
CONVEYANCING BASICS – HOW LONG UNTIL I CAN MOVE INTO MY NEW HOME?
You have found the property that you will soon call home. Contracts have been signed by all parties and have been exchanged so the deal is binding on you and the seller. But how long do you have to wait until you can move in? The standard settlement period (that is the time between exchange […]
