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?
Solicitor’s Certificate for Guarantors
A lender may require a guarantor of a loan to obtain independent legal advice before giving any guarantee. A guarantor is an individual or a company, who will be responsible for meeting the borrower’s obligations under the loan agreement if the borrower fails to do so. What is a solicitor’s certificate? A solicitor’s certificate […]
Commercial Stamp Duty Abolished…or is it? Introducing the Commercial & Industrial Property Tax reform
Stamp duty has long been a barrier to a buyer’s property transactions, whether they are entering the market for the first time or building a portfolio. The Victorian government has announced the abolishment of duty on eligible commercial and industrial properties (“CIPs”) (‘the reform’). From 1 July 2024, CIPs transactions will trigger a final stamp […]
Understanding Land Tax (Victoria)
Conveyancers vs Property Lawyers: What’s the Difference?
