Understanding Land Tax (Victoria)

As someone looking to build their property portfolio in Victoria, it is important to understand Land Tax treatments and what it means to you. What is Land Tax? Land tax is the annual tax you pay to the State Revenue Office for all the land you own in Victoria that is not your principal place … Read more

What is the First Home Buyer Choice? 

The First Home Buyer Choice is a New South Wales Government Scheme, which commenced on 16 January, 2023. This provides buyers with the choice of paying transfer (stamp) duty or opt into paying property tax annually.  This Scheme is applicable to contracts entered into on or prior 30 June 2023. This scheme is available for first home … Read more

What should I do before signing a lease agreement? 

What is a lease? A lease is an agreement between the landlord (i.e. the owner of the property) and the tenant (i.e. the person who occupies the property) that details the tenant’s right to exclusive use and possession of the property for an agreed duration.    A lease commonly details, but is not limited to, the … Read more

Australian Federal Budget 2023 

The Australian Federal Budget (‘Federal Budget’) for 2023 holds particular significance for the real estate sector as it shapes Australia’s path to easing the threshold for property ownership and the impacts of the housing crisis.    Home Guarantee Scheme Overview The Home Guarantee Scheme (‘Scheme’) in Australia is a government initiative aimed at assisting 35,000 eligible … Read more

Paying and releasing deposits when buying a property in NSW

After signing a contract of sale, as the purchaser, you are required to pay a deposit at exchange of the contract.   Deposits in NSW The deposit is usually 10% of the purchase price, but this can vary when the buyer and seller negotiate a different amount. In New South Wales, you would typically first pay … Read more

What should I know before signing as a guarantor for a loan?

Becoming a guarantor for a loan is a significant decision involving considerable financial risk. Before agreeing to become a guarantor, it is important that you under your obligations, how that looks under a loan contract and understanding the risks associated. What is a guarantor? A guarantor can be a person or company, commonly used by … Read more

Federal Budget 2022-2023

The release of the Federal Budget for 2022-2023 has been disclosed. Here what’s in it for property and the real estate sector. National Housing Accord The National Housing Accord sets an aspiration target to build one million new, well-located homes over 5 years from mid-2024. The Accord is said to recognise most of the housing … Read more

What does it mean to sign the contract ‘Subject to Finance’?

We generally advise our clients, no matter where they are in Australia, to include the finance clause in their Contract of Sale. Here is our list of FAQs surrounding the ‘Subject to Finance’ clause. What is the finance clause? ‘Subject to Finance’ (STF) means that the buyer will proceed with the purchase if formal loan … Read more

Am I eligible for the off-the-plan stamp duty concession?

Stamp duty, otherwise known as transfer duty, is a tax levied by the Government on transactions when you acquire an interest in the property. You may be eligible for Off the Plan (OTP) duty concession, depending on where the type of property is purchased and its location. See below as we discuss stamp duty treatments … Read more

Federal Budget 2022-2023

To address the continuing challenges faced by first home buyer Australians breaking into the property market, the Federal Government has announced in its Federal Budget 2022-2023 several measures to ease entry barriers.    Continued Incentives Family Home Guarantee The scheme aims to support single parents with dependent children in purchasing a family home. Eligible buyers will … Read more

wealthsource first home scheme

First home buyers: have you heard about the First Home Loan Deposit Scheme? No, it’s not the First Home Owners Grant!  

As property prices keep hitting new records, it becomes harder for people to buy their first home. Fortunately, the government has announced numerous grants and schemes assisting first home buyers to save for their first property. The First Home Loan Deposit Scheme is one of these.  What is the First Home Loan Deposit Scheme?  The … Read more

homebuyer fund

How the Homebuyer Fund can help you purchase your home  

Saving for a 10-20% deposit is challenging with increasing property prices. To address this issue and create more opportunities for home ownership for low to medium income earners, the Victorian Government launched the Homebuyer Fund in October 2021.   What is the Homebuyer Fund?   The Homebuyer Fund is a shared equity scheme that permits the Victorian … Read more

How to buy a house: a guide for first home buyers

Setting out to buy your first home can be both exciting and daunting. It’s an expensive process and there is a great deal of information with which you need to be equipped. However, it is well worth the work, both for the joy of living in your own home, as well as for the financial … Read more

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