Buying

First Home Loan Deposit Scheme (FHLDS)

Fitzpatricks - 07/01/2020

As of 1st January 2020, first home owners are eligible to apply for the first home loan deposit scheme, an initiative of the Australian Government to help first home owners purchase a home sooner. The grant provides “a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent.” …

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What is Exchanging Contracts?

Fitzpatricks - 03/01/2020

This is the legal part of the sales process when a property is sold by private treaty or auction. There are two copies of the contract, one for vendor and the other for the purchaser. The purchaser and vendor can negotiate changes to the terms in the contract prior to signing which can be done through their solicitor.  Each party signs a copy and then …

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What happens at Settlement?

Fitzpatricks - 03/01/2020

This is the conclusion of the sale process and usually takes place approximately 28 days after contracts have exchanged. This time frame can be negotiated between the purchaser and vendor via your solicitor upon the signing of the contract prior to exchanging contracts. Once the property reaches the settlement date, the balance of the purchase price must be paid and the purchaser becomes the legal …

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What happens on settlement day?

Fitzpatricks - 03/01/2020

You should arrange a final inspection of the property to make sure it is in the same state as it was when contracts were exchanged. A Solicitor (or representative) from both the purchaser and vendor and representatives from your bank and the vendor’s bank will meet to exchange cheques and documents.

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