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Steps to buying a house in Australia
First Home Buyers Incentive from NSW Government
Interest Rate On Hold
Interest Rate Update
Is selling your property at Christmas a good idea?

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Steps to buying a house in Australia

 
1. Are you ready?
The saying goes, “look before you leap”, and it couldn’t be more true than when considering purchasing a property. Before you leap into finding your dream home, take a breath and ask yourself the big question - “am I ready? If you’re still experiencing itchy feet and wanderlust then possibly you’re not quite ready for the commitment at this time in your life.
But if you think you’re all in, assess whether you have job security needed to make it work. High job security (12 months plus) will give lenders more confidence in you and will give you a better chance of getting your foot in the door.

First Home Buyers Incentive from NSW Government

The NSW government has announced a new package designed to even the playing field for first time buyers and bring housing costs under control.

The new measures, effective July 1, include stamp duty exemption for first time buyers purchasing new or existing properties under $650,000. Buyers of homes under $800,000 will also get stamp duty discounts.

Those purchasing homes with small deposits will no longer have to pay 9 per cent stamp duty charges on lenders’ mortgage insurance.

Other measures are aimed at further restricting investor purchases.

Interest Rate On Hold


Interest Rate Update

The Reserve Bank has left the cash rate on hold today at it's record low of 2.0% as was predicted by most economists.

RP Data released in November revealed that after three years of solid price growth, home values in Sydney are now falling. With a 1 per cent drop over the past three months, houses were hardest hit – falling 1.4 per cent, while units bucked the trend increasing 0.6 per cent. This overall decline is in line with auction clearance rates also dropping in November.

We are unsure what to expect at the next meeting, and given it is in February we expect a lot of discussion about its likely outcome between now and then.

Is selling your property at Christmas a good idea?

It’s only four weeks until Christmas which means you are about to get very busy. There’s decorations to hang, shopping to do, eating and drinking with friends to enjoy and holidays to plan. So if you’re contemplating selling your home at Christmas time, is it such a good idea?

Selling at Christmas has traditionally been seen as bad timing. Let’s face it, most people choose the Christmas break to go on holiday and relax.  An obvious consequence of this could be a reduction in the number of potential buyers looking at your home.

Off Plan Purchase

NSW Parliament today approved amendments to the Conveyancing Act 1919, strengthening protections for buyers who purchase properties off the plan.
Minister for Innovation and Better Regulation Victor Dominello said the new laws are intended to prevent rogue developers from rescinding contracts using the sunset clause to make windfall profits.

“The NSW Government has listened to the community’s concerns and acted swiftly to provide home buyers with greater certainty,” he said.
“Any developers who are thinking of acting unethically should know that their behaviour will no longer be tolerated.

Interest Rate News

The Reserve Bank has once again left interest rates on hold at the historic low of 2 per cent. However commentary in the meeting, suggested a rate cut could be on the cards in the near future.

Auction clearance rates in Sydney and Melbourne hit their lowest points this year and capital city property prices flat-lined over October. This drop off, coupled with some banks raising their interest rate, is casting shadow over consumer spending leading into Christmas.

It will certainly be an interesting couple of months to end 2015, and likely to be a very different playing field to what the year kicked off with,

Historic Cut to Interest Rate

THE Reserve Bank has cut official interest rates to a new low in a decision that paves the way for the cheapest home loans in more than 40 years, a weaker Australian dollar and further increases in house prices.

Returning from a two-month summer break, the RBA board ended a mounting frenzy of speculation over whether interest rates should, or would, be cut, choosing to end a period of interest rate stability that had seen official rates at 2.5 per cent for the 17 months, since August 2013.

Economists still expect the bank to cut rates at least one more time this year.

Holiday Break

Principal Acknowledgement 

It has been very busy year 2014, as a Principal of Affordable Plus Conveyancing i would like to thank all our clients for their trust and faith in our Conveyancing services and we promise more affordability on its way in 2015. 

** Our office will close from Friday 19 December 2014 and re-open on Monday 12 January 2015. Wish all happy and safe Holiday Season **. 



If you are interested in legal arguments this case law for you


Rehayem Investments v Harfish [2014] NSWSC 1485

REAL PROPERTY - sale of land - whether contract for sale of land validly
terminated - whether notice of termination effective - where notice to
complete authorised by special condition of contract - where first defendant
failed to complete contract in accordance with notice to complete
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