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Understanding legal documents is challenging as it is. Do you really want to stress about your legal issues? Let our friendly team take care of you so you can focus on moving forward.
Our business lawyers are experienced dealing with all types of businesses
Don’t stress. We have it all under control. Our job is to make the process as simple as possible.
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Here’s some information to help you.
The new first home loan deposit scheme (FHLDS) aims to give first home buyers a leg up in the property market by reducing the deposit amount required to purchase a property.
First homebuyers were previously slugged with lenders mortgage insurance (LMI) if they did not come up with at least 20% deposit.
The First home loan deposit scheme works by providing a guarantee to first home buyers to purchase a property with as little as 5% deposit opposed to the onerous 20% required by most lenders. On a $500,000.00 property, that’s a whopping $75,000.00 difference!
The catch
Places are limited! The Australian Government has reported nearly 3,000 potential first homebuyers have registered with the banks since the 1st of January for the scheme. The remaining 7,000 places will open from the 1st February 2020. It is important that you have your finances in order, have spoken to a financier (i.e bank) and have started looking at potential properties.
Can you apply?
If you are a first time homebuyer then you are most likely eligible for the scheme. The Australian Government website has a handy eligibility tool to see if buyers qualify for the scheme. In a nutshell, you will need to be a first home buyer and:
· Pass the income test;
· A prior property ownership test;
· A deposit requirement; and
· Pass the owner occupier requirement.
Next steps
Before you sign a contract of make an offer on a property, make sure you get legal advice to protect your interests. At McLaughlin & Associates Lawyers we have a team dedicated to residential conveyancing. We can assist you with pre-purchase contract conditions and also make sure the contract you sign protects your interests. See our page on Conveyancing for more info and guides for buyers and sellers.
Written by Dominic Doan, Commercial and Property Solicitor
For further information or to book in a consultation please contact us at business@mclaughlinlawyers.com.au or phone us on 07 3808 7777.
Have any questions? Send us an email:
Read some of our other residential conveyancing articles:
· Buying a home and claiming PPR
Written by our lawyers for you.
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De Facto Property Disputes
Children, De Facto, Family Law, PersonalA defacto spouse can now apply to the Court for a division of property where:-
(a) The relationship was for a minimum of two years; or
(b) There is a child of the relationship under the age of eighteen; or
(c) Where you can’t bring yourself within (a) or (b) but can show that a serious injustice would result from failure to recognise a defacto spouses financial or non-financial contribution.
So even for relationships of a relatively short duration say six to twelve months, you can still make application to the Court for a division of property where you can show a serious injustice would result.
Such applications must be brought to the Court within two years of the end of the relationship.
A defacto spouse still has the right to seek child maintenance pursuant to the Child Support Act and other disputes concerning children such as residence and contact can still be dealt with by the Family Court.
Property Disputes
Unfortunately, couples cannot always agree as to the division of property upon the breakdown of a marriage. Others simply don’t know what they are entitled to and need advice as to their entitlements.
At McLaughlin & Associates we take a caring and sympathetic approach to matrimonial matters. We try our hardest to ensure that property disputes are resolved between the parties without the need to go to Court and on average 90% of disputes are able to be resolved without the need for a Court hearing.
If agreement can be reached with your spouse on how to divide up your assets/liabilities an Application for Consent Orders can be made to the Family Court. If you are unable to reach an agreement, you can apply to the Court for Property Orders.
The law governing the division of assets is complex and therefore, we strongly recommend that you seek our advice before making any decision on such division.