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Step 5: Legal Representative

A Solicitor or Conveyancer will look after the following on your behalf:
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• Prepare or Review the Contract
of Sale

• Organise the title search for the
proposed property to that all the
details on the Contract of Sale
are correct

• Check if there are any existing
mortgages or caveats registered
on the title of the property

• Protect your interests during the
sale

• Calculate any adjustments to
taxes, council & water rates

• Arrange, attend and complete settlement on your behalf

• Carry out any applicable conveyancing duties on the property

While you’re home hunting, it may be wise to find a legal representative (conveyancer) who will ’translate’ the formalities of a legal contract into simple terms.

You can ask friends and family to recommend someone or if you know of local legal firms check out a few of them to get a comparison.

Get a clear understanding of what their fees will be and what their services include. Beware of hidden costs such as photocopying and phone calls. Also, make sure they’re covered by Professional Indemnity Insurance. This means that if a mistake is made on the part of the solicitor, you may be able to seek compensation.

If you require any assistance finding a Solicitor in your area, you can contact the Law Society in your State. Alternatively, if you’re looking for a Conveyancer, you can contact the Australian Institute of Covneyancers.

A Solicitor or Conveyancer will look after and

protect your best interest

during the process of purchasing your
first home.

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Austral is a member of the Mortgage & Finance Association of Australia (formerly MIAA), the professional body for the mortgage industry.

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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