Categories for First Home Buyer

Foreign Buyers Duty Form required by all Buyers

18/1/2019
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On 1 January 2019, foreign transfer duty and foreign landholder duty came into effect by amending the Duties Act 2008. The additional 7% duty applies to acquisitions of residential property where the buyer or transferee are foreign persons, including foreign companies and trusts.What does this mean to you? Every buyer or transferee that acquires or purchases land in Western Australia is now required to complete and lodge a Foreign Transfer Duty Declaration Form within two months of executing the dutiable transaction.If you represent a...

Finance Formally Approved, or Contract now unconditional – what is next?

27/12/2018
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We usually send our clients ALL the required ‘wet-ink’ paperwork with our initial postal package. Sometimes we need to allow for the other party to complete certain forms first, so thanks for your patience and understanding if you receive more than one form requiring ‘wet-ink’ execution. Buyers;That Loan Amount on the Unconditional/Formal approval is usually NOT the exact amount your lender will make Available as Funds (aka funds your lender will bring) for Settlement.The Lender will usually take their fees...

Millennials are the NOW wave

1/5/2018
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Changing the business mindset from Boomer property consumer to Millennial property consumer, is here, Don’t lose sleep,  this article might be of assistance. By: BekHayes Conveyancers – are you meeting the needs of your Millennial clients? By Bek Hayes, CEO AICSAOne of the largest generations in history is about to move into its prime spending years. Millennials are poised to reshape the economy; their unique experiences will change the way we buy and sell, forcing companies to examine how they do...

SCAM ALERT – Did that person, really send you that?

19/9/2017
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In what is suspected to be a “man in the middle scam”, funds were unwittingly deposited by a purchaser into an east coast bank account in the lead up to a settlement and then transferred by the scammers to an overseas account resulting in a significant loss of $557,000. Typically, this type of scam will occur when the contents of person’s private emails are accessed and details of future financial transactions are seized upon by scammers. Victims will be contacted...

Property withholding rules explained

17/7/2017
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Some quick facts you need to know: All contracts of sale signed on or after July 1st 2017 where the consideration value is greater than or equal to $750k require a Clearance Certificate issued by the ATO. Failure to obtain a Clearance Certificate will require the purchaser’s agent (Conveyancer) to retain 12.5% of the sale price at settlement and remit funds to the ATO on the day of or shortly after settlement. General interest charge may be imposed on amounts...

Impact on property sales of $750,000 or more

23/6/2017
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On 1 July 2017, the proposed changes to the Foreign Resident Capital Gains Withholding (FRCGW) rate and threshold will take effect.These changes will apply to contracts entered into on, or after 1 July 2017 for real property disposals where the contract price is $750,000 and above.  The FRCGW tax rate will also change from the existing rate of 10% to 12.5%.  The existing $2 million threshold and 10% rate will still apply for any contracts entered into before 1 July 2017...