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Step 8: Exchange Contracts

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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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PH: 02 9299 1833 / FAX: 02 9299 1874

TODAY: Thursday, 20th November, 2008

WEALTH MAXIMISER - INVESTOR ASSIST UPDATE - JUNE 2008
The ATO has recently published an edited version of a Private Ruling on its website: http://www.ato.gov.au/rba/content.asp?doc=/rba/content/81797.htm A taxpayer and client of Austral Mortgage, applied for the private ruling to seek confirmation from the ATO that if there was a shortfall between his investment income and his investment outgoings then that shortfall could be capitalised under the home and investment loan & line of credit structure noted in his application.

WEALTH MAXIMISER UPDATE - MAY 2008
Ever since the High Court decision in Hart's case, taxpayers have been seeking clarity from the ATO on the deductibility of capitalised interest in certain loan structures. On 16th April 2008 a favourable Private Ruling issued to an Austral client that provides insight into the ATO's current thinking on the subject.

My Choice
Austral has recently expanded its product offering through its My Choice loan initiative. My Choice provides borrowers with access to a wide range of lenders and loan products for residential, commercial and equipment finance, so no matter what your need our friendly and experienced staff can assist you.

Austral in the Community
Austral Mortgage has been a Principal Sponsor of the Winston Hills Little Athletics Club since October 2006. We are proud to be supporting this community project and congratulate the young athletes of WHLA for their commitment to and successes in the sport.

WEALTH MAXIMISER UPDATE - FEBRUARY 2008
Wealth Maximiser Update 12th February 2008 - We have advice from the ATO that it is well advanced on a binding Tax Determination regarding the deductibility of capitalised interest on a line of credit facility. Borrowers with both a home loan and an investment loan should consider including a capitalising line of credit within their loan structure or at least ascertaining from their lender that they could access such a facility by way of a simple variation of their existing mortgage.

Trans Tasman Finance
Did you know that Austral has a wholly owned subsidiary, Gem Home Loans Limited, in Auckland NZ - we are able to assist with organising mortgage finance for you should you be considering buying property in NZ.

AusComm Finance
AusComm is the specialist Construction and Development division of Austral Mortgage - if you are a developer seeking finance for construction purposes - residential, commercial, retail, industrial - give Peter McAuley a call on 0419 220 630 or email him peter.mcauley@australmortgage.com to discuss your funding requirements.

Mortgage Calculator
A number of excellent resource tools are now available on the internet for people in Australia seeking a loan to finance the purchase of a property or refinance an existing mortgage. One of the most useful and user friendly tools is a mortgage calculator. Before going too far in the purchase and /or borrowing process it is a worthwhile exercise to quickly gauge your borrowing capacity and also determine how your new mortgage repayments will impact on your personal cash flow. Mortgage calculator...

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