Step 8: Exchange Contracts
 The contract of sale is usually prepared by the agent or the vendor’s solicitor and outlines your offer, the date of settlement and any conditions that must be met before the sale goes ahead.
Your solicitor or conveyancer will review and help you understand the contract before you sign it. When exchanging contracts, you’ll also be required to pay the deposit (usually 10% of the agreed price). The funds will be placed into the real estate agent’s trust fund and then made available to the vendor upon settlement.
Once you’ve exchanged contracts, your solicitor will do all the conveyancing (which is the legal transfer of the property into your name).
Now is also the time to shop around for the best home and contents insurance to protect your new home. The insurance policy has to be made out in your financier’s name or their trustee. You can contact Austral to confirm the exact details prior to shopping around.
Deposit Bond Guarantees
If your deposit is tied up elsewhere and you don’t want to wait and exchange contracts sooner rather than later, talk to us about Deposit Bonds. A Deposit Bond Guarantee can act as a cash deposit substitute between signing the contract and settlement of the property. A Deposit Bond Guarantee can be issued for all or part of the deposit amount required.
 Useful links:
State Revenue Offices:
NSW www.osr.nsw.gov.au
QLD www.osr.qld.gov.au
WA www.srd.wa.gov.au
NT www.osronline.com
VIC www.sro.vic.gov.au
SA www.revenuesa.sa.gov.au
First Home Buyers
If you’re buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme (FHOG)and / or the First Home Plus Scheme.Once you’ve exchanged contracts, post the original FHOG application along with all the requirements to your lender for processing. Austral can arrange for the FHOG to be available at settlement. (You can download the FHOG application from the revenue office’ website).
Stamp Duty Concessions
In addition to the First Home Owner Grant, some states also provide stamp duty exemptions and concessions to the first home buyers. Contact your local office for more details.
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