A strata scheme is a building or collection of buildings that has been divided into ‘lots’. Lots can be individual units/apartments, townhouses or houses. When a person buys a lot, they own the individual lot and also share the ownership of common property with other lot owners. Common property generally includes things like gardens, external […]
Foreign Resident Capital Gains Withholding FRCGW & Clearance Certificates
Foreign resident capital gains withholding (FRCGW) applies to all vendors disposing or selling of property under contracts entered into from 1 July 2016. FRCGW is different to the foreign person surcharge when purchasing a property but is often confused. The withholding obligation applies to both Australian resident and foreign resident purchasers. The FRCGW tax rate is […]
First Home Buyer Schemes and Grants
First Home Buyer Assistance Scheme Full or partial exemption on transfer duty (stamp duty) when buying your first home under the nominated threshold. Requirements 1. Australian citizen or permanent resident of Australia 2. At least 18 years old 3. Buying your first home This can be an established or new home and also includes land. […]
Changes to Stamp Duty from 1 August 2020 during COVID-19
These changes are part of a range of changes made by the New South Wales Government under the COVID-19 Recovery Plan. From 1 August, 2020 and for the next 12 months thresholds for exemption from payment of stamp duty for first home buyers who buy new homes or vacant land. NEW HOMES Pre 1 […]
Deposit Bonds
What is a deposit bond? A deposit bond is essentially like an insurance policy or bank guarantee for money that is need for a deposit when purchasing a property. No money actually exchanges hands, and all purchase funds or monies are dealt with at settlement, when the monies are paid in full the deposit bond […]
Is a reverse mortgage really a good idea?
A reverse mortgage is essentially money being advanced to a person who owns their home. There are no repayments and the loan amount and accumulated interest is deducted from the sale of the property. Reverse mortgages need to be treated with great care, the interest on these lines of credit can be so great […]