FAQs - purchase of property

Subject to finance

If your contract is subject to and conditional upon approval of finance (see the Particulars of Sale under “Loan”) you will have until the due date listed in the contract to obtain finance approval.

If you your finance is declined, you can end the contract in accordance with the terms of the contract by way of written notice to the vendor on or before the due date specified in the contract.

You will lose your right to end the contract and have your deposit returned if your finance is not approved by the due date if you don’t notify the vendor in writing that the contract is at and end by that date. Note you will be required to provide written evidence from your lender that you applied for the loan amount specified in the contract, that your loan was declined.

Please contact us to discuss if you would like further information.

Subject to a building and pest inspection

If your contract contains a condition making it subject to and conditional upon the results of a report from a building and pest inspection, you will have until the due date listed in the contract to obtain this report and end the contract by that date . If there are issues with the results of the inspection, depending on the wording in the special condition, you can only end the contract in accordance with the terms of the special condition by way of written notice to the vendor on or before the due date specified in the contract.

You will lose your right to end the contract and have your deposit returned if you fail to meet the requirements of the special condition with respect to terminating the contract by a specific date your finance is not approved by the due date if you don’t notify the vendor in writing that the contract is at and end by that date. Please contact us to discuss if you would like further information.

 

Stamp duty exemptions and concessions

First home buyers

When you buy your first home on or after 1 July 2017, you may be eligible for an exemption or concession from duty. If you entered into a contract to buy your first home before 1 July 2017, you may be eligible for the first home buyer duty reduction. This duty assistance is available to eligible first home buyers, in addition to the First Home Owner Grant. For information on eligibility criteria for First Home Buyer Stamp Duty Exemptions and concessions available see: https://www.sro.vic.gov.au/fhbduty. 

First Home Owners Grant (FHOG)

You must be buying your first home that is a new home, less than 5 years old that is the first sale of the property since it was built, and purchased for $750,000 or less. Your lender/finance broker will make this application for you, please contact your lender/broker for details of their requirements.

Check eligibility requirements for the FHOG here: https://www.sro.vic.gov.au/fhogapply

For information on the First Home Owners Grant see: https://www.sro.vic.gov.au/first-home-owner#fhog 

Principal place of residence (PPR) duty concession

A principal place of residence (PPR) duty concession is available when you buy a new or established property valued up to $550,000, which you intend to move into within 12 months of your settlement date and live there as your primary home for at least a year.

For information on eligibility criteria for the Principal Place of Residence Stamp Duty Concession see: http://www.sro.vic.gov.au/pprconcessions 

 

Recording ownership on title - 'Manner of holding'

 

 

Where there are multiple purchasers of a property, the Transfer of Land can be drawn in the following ways:

  1. Tenants in common – On the death of one of the persons owning the property, the deceased person’s share of the property will pass to the beneficiaries specified in the deceased’s will.OR

  2. Joint tenants/proprietors – On the death of one of the persons owning the property, the deceased person’s share of the property will pass to the joint owner irrespective of the terms of the deceased’s will.

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