The term encumbrance refers to instruments or agreements burdening or affecting a property. Encumbrances can restrict how owners deal with their land. They can be registered or unregistered; most registered encumbrances appear on title’s register search statement (an electronic search of the title). An example of an encumbrance is a mortgage. A mortgage is a registered instrument on the title securing the lender’s (usually a bank) right to have a loan repaid and to take further action against the property… Continue reading

As the Victorian Government moves to cut stamp duty for first home buyers, find out what it means for you. 1 July is here, and it brings good news for first home buyers across Victoria: stamp duty will be completely abolished for properties valued under $600,000. For properties valued between $600,000 and $750,000, first home buyers will receive a variable concession (applied on a sliding scale). There is currently no stamp duty concession for first home buyers on properties valued… Continue reading

How to read a planning certificate? A planning certificate is intended to inform a purchaser about town planning rules and restrictions that apply to a property. In practice, it doesn’t achieve this. This is because: ­The actual rules that apply aren’t included in the certificate ­ just the name of applicable controls, which for most users won’t mean much (or in some cases, are even misleading). ­You need a bit of background knowledge to understand the terminology in the certificate.… Continue reading

Important Update: The below article is not current. The position has now changed with amendments to section 31 of the Sale of Land Act and an overturning of the decision at the Court of Appeal, thus allowing real estate agents to receive cooling off notices. Most of us are aware of the purchaser’s right to terminate a contract of sale within 3 business days after a signing a contract of sale. This is commonly referred to as the ‘cooling off… Continue reading

Looking into buying a new home or investment property can be a stressful time for the best for us. With so many aspects to consider most purchasers find that they unaware or simply forget the principle of caveat emptor or “Buyer Beware”. As a purchaser in the state of Victoria, one is strongly urged to have the Contract of Sale and Section 32 reviewed by a conveyancer or solicitor however it is the purchaser’s responsibility to meticulously inspect the land… Continue reading

UPDATE –> Stamp Duty Concession Update 1 July 2013 Summary From 1 July 2013 First home buyers will receive $10,000 if they purchase a new home (off the plan, land and building, etc). First home buyers will be entitled to a 40% reduction on stamp duty (subject to eligibility – see below). Continue reading

What actually is the RBA’s interest rate? The Rerserve Bank of Australia’s (RBA) announced interest rate are not anywhere near the amounts the banks charge for money they lend through home loans, personal loans, etc. So what is the RBA interest rate then then? Continue reading