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The Government’s First Home Buyer Deposit Scheme

Why you need a Lawyer now more than ever to look over your Conveyancing, Mortgage and Contract of Sale agreements

Buying a home in Sydney, just got more complicated, which is why the services of a Conveyancing Lawyer in Sydney has become indispensable. The Federal Elections are over, the New South Wales Metro has just gone live plus the Coalition Government will soon launch its First Home Buyer Deposit Scheme.

Pandits are hopeful that these measures will reverse the 10.9% fall in property values that Property Insights and Analytics firm, Core Logic, reported occurred in the last 11 months in its report titled Australia’s Dwelling Values Fall Half A Percent In April As Rate Of Decline Continues To Ease.

While no-one can say what impact, precisely, the First Home Buyer Deposit will have on Sydney’s property prices, experts online suggest that it is possible that the scheme, coupled with other property and real estate developments, may reverse the 10.9% decline the market in Sydney has seen in the last 11 months.

What do these developments mean for First Home Buyers and Property Investors in Sydney?

It means you should look at your Conveyancing, Mortgage and other Home Purchase Agreements even more carefully than you may have done, previously.

When buying a home, or apartment, you need to enter into several agreements as a buyer with the seller of your home, your bank and if you’re buying the property with your partner – your partner. This is particularly important given divorce rates in Sydney which stand at 41% according to Statistics Australia.

Property agreements are complicated. So, they need to be looked over by an expert from the legal field because once you enter into these agreements which include your Contract of Sale, Mortgage and Partnership Agreements – you are legally bound by their terms and conditions.

First Home Buyer Deposit Scheme Sydney

The Law Society of New South Wales is very clear about what Home-buyers should do when purchasing a home or apartment in Sydney

In an excellent report titled Once You Have Decided To Buy, the New South Wales Law Society details ‘why’ you must consult a Lawyer before you put that deposit down on your home.

It is because buying a home in Sydney today has become a minefield full of traps.

Because of the complexity involved with buying a home today, it is critical that you consider using the services of a competent and experienced Law Firm like Platinum Lawyers Sydney to help you understand the legal paperwork and guide you through it.

The First Home Buyer Deposit Scheme is just the tip of the iceberg

Yes, the Government will give people who have never owned a home in Australia before the opportunity to obtain a loan at 5% of the home’s purchase price.

This is limited to 10,000 home loan applicants only – the Government has not yet detailed the criteria on which their selection will be based.

But from where we sit in the Legal Industry, the First Home Deposit Scheme is not as important as understanding the wider berth of purchase and mortgage agreements with your bank or private lender, partner and seller that you will invariably need to enter into.

Your purchase could be, for example:

  1. By Private Treaty
  2. By Auction
  3. Or you could buy your home ‘off the plan’ or directly from the home’s owner

Then there’s the range of documents, processes and terms you need to know about:

  1. The Contract for Sale
  2. Cooling Off period
  3. Settlement
  4. Freehold purchase
  5. Leasehold purchase
  6. Strata title
  7. Company title
  8. Community Title

With over a decade’s experience helping Sydneysiders buy property as well as invest in it, Platinum Lawyers is qualified and competent to help you buy your property and ‘settle’ it! We have a large in-house team of Legal Experts whose experience you can draw upon to ensure the property agreements you are entering into meet legal considerations and standards – protecting your home as well as the personal interests you will invariably have attached to it.

To speak to a Property Lawyer today, please call us on (02) 8188 2310.

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