Termination from an off-the-plan contract
Building-related delays in Victoria such as material shortage, skilled labour availability, and unexpected weather events are a common issue. If you have signed a contract for an off-the-plan property and are concerned about the timeline, there are certain circumstances in which you may be able to terminate an off-the-plan contract. These include: What is ‘off-the-plan’? […]
Land tax exemptions in Victoria
Thinking about buying a property? You should understand your obligations with land tax. Land tax is an annual tax payable if the total taxable value of all the land you own in Victoria exceeds $300,000, or $25,000 for trusts. It is assessed at midnight on 31 December every year for the succeeding year. How much […]
What to Consider When Buying Your Retirement Home
As you transition into your golden years, the concept of retirement often comes hand in hand with a change in living arrangements. For many, this means possibly purchasing a retirement home. Making this decision is a significant one, requiring careful consideration of various factors other than costs, to ensure it aligns with your lifestyle and […]
Vendors must hand over property in the same condition – What are your responsibilities in Victoria?
When selling a property in Victoria, vendors have a legal responsibility to hand over the property and any goods sold with the property in the same condition as it was on the day of sale at settlement. This excludes normal fair wear and tear. The day of sale is the date when all parties have […]
Changes to the FIRB Approval Procedure
Temporary off-the-plan stamp duty concession
The Victorian Government has introduced a temporary off-the-plan stamp duty concession to boost housing supply. This could save eligible buyers tens of thousands of dollars when buying new apartments, units or townhouses. Off-the-plan (OTP) concession When you buy property, you pay stamp duty on the total contract price. With purchasing off-the-plan, eligible buyers are able […]
I am a landlord – what should I consider before renting out my commercial property?
The Australian rental market prices are skyrocketing, which is great news for those entering the market as a landlord. Before you start making a profit on your new investment, make sure you understand your obligations first. Commercial or Retail? Firstly, identify whether your property will be used as a retail or commercial space. Retail leases […]
Australian Government 5% Deposit Scheme
One of the biggest obstacles as a first home buyer is often saving for a deposit and the cost of lenders mortgage insurance (‘LMI’). The 5% Deposit Scheme (‘Scheme’) is a federal government initiative designed to help eligible home buyers to purchase a property without the need to save the traditional 10-20% deposit or pay […]
Typical fees to expect during a property settlement (VIC)
Whether you are looking to buy or sell property, it’s the question on everyone’s mind – what fees should I expect to pay? See below for a general idea of fees that may be applicable to you. Lodgement Fees The Land Titles Office charge a lodgement fee to register any changes to a title. The […]
I am selling my property. Do I get a refund for the rates I already paid for?
