|
Evolution Home Loans PO Box 1132
While you are busy looking for a property, Evolution Home Loans can analyse and compare the home loan market on your behalf. We offer a range of home loans with access to 25+ lenders through the Australian Finance Group (AFG). With fantastic software capabilities we are able to quickly and accurately determine which banks may best suit your lending requirements. Our service to you is complimentary and may save you time, effort and money. We are available to see you during the day or evening, even on weekends, because we work "your" hours not bank hours. 
The Mortgage and Finance Association of Australia (MFAA) has over 10,000 members including all the major banks and lenders, plus mortgage brokers. The membership application process has strict requirements for experience, education, industry sponsorship, and probity checks. All members must join the independent dispute resolution service, the Credit Ombudsman Service Limited (COSL), or a recognised equivalent. Australian Finance Group (AFG) is an independently owned, Australian company specialising in arranging loans for almost any purpose, in most cases at no charge to the customer. AFG is the largest third party wholesaler introducer of mortgages in Australia processing on average 6000+ residential mortgages per month, with market share in excess of 20% of the Australian broker market. |
Hello, Welcome to another edition of our e-newsletter, which we hope you find interesting and useful. The second article features comments on using a settlement agent versus DIY. Evolution Settlements is the chosen and preferred settlement agency recommended by Evolution Home Loans. Capably led by Lee-anne Jefferson this friendly office of twelve includes four Senior Conveyancers, each with over 20 years experience in the settlement industry. Evolution Settlements can be contacted on (08) 9244 5177. We would also like to remind you that we are available anytime to discuss all your finance requirements, whether it is simply a “health check” you need on your current structure, or you are looking to upgrade your owner occupied property or purchase a new investment property - We can help. We look forward to speaking with you soon. Jason & Julian Rudd pushes for 100,000 cheap rentals
Part of their response is to encourage investors to build 100,000 affordable rental properties. The Federal government has formally established a significantly expanded National Rental Affordability Scheme. It promised last year to set up such a scheme to encourage the building of 50,000 low-cost rental properties. The National Rental Affordability Scheme is an innovative policy initiative to create a new “asset class” of affordable rental properties, because there is currently very little investment from institutional investors in residential property in Australia. Industry forecasts suggest that, without this kind of intervention, the shortage of housing stock could continue for a number of years. How it worksUnder the Scheme, the Commonwealth will provide private investors with tax credits of $6,000 a year for ten years for new properties that are rented at 20% below the market rate. States and Territories have agreed to provide $2,000 per home either through cash payments or in kind, such as via the provision of cut price land or concessions on stamp duty. The initiative would mean, for example, that rent on a new average three bedroom unit would fall by $70 a week (from $350 to $280). This measure is one of a range of policies the Australian Government is implementing to assist Australian families under financial pressure. Reduce infrastructure costsMr Rudd also announced a $500 million Housing Affordability Fund to push down the cost of building a new home. "It is no exaggeration to say that in early 2008 housing affordability is the worst it has been in living memory," said Kevin Rudd recently. The Property Council of Australia estimated housing-linked infrastructure charges such as water, sewerage, transport and parklands cost more than $68,000 on a new home. These charges are currently being passed onto the home buyer. The Housing Affordability Fund will be used to invest in infrastructure with local councils to reduce the costs for home buyers. Development applicationsThe Government has also announced that it will invest up to $30 million from the Fund to streamline the approval of development applications, including moving them online allowing applicants to track progress. This should also help to cut the cost of new homes. Delays in planning approvals create “holding costs” such as interest and land taxes, which can push up the price of new homes by tens of thousands of dollars. The scheme is planned to complete a national roll-out to all councils by the end of 2009. What it meansAustralia continues to struggle to meet the demand for affordable housing. These measures should give confidence to existing and potential property investors that there is a strong and continuing market for rental properties. Is DIY conveyancing a good thing?
Problems can be avoided by engaging the services of a legal professional. Finding a property that you want to purchase can be a time-consuming and stressful process. Unfortunately, this is not the end of the work, as the legal side needs to be taken care of. Contract of saleOnce you've found the property you want to purchase, the vendor's agent, or the vendor themselves, will provide you with a contract of sale. It's important that this document be looked at carefully to ensure that everything about the property is understood, and that there will be "no surprises" after you have purchased it. Most people do not have the skills or expertise to review these documents, and with such a major purchase it is unwise to take risks. Therefore it makes sense to employ the services of a solicitor or conveyancer. CostsThe most obvious consideration when determining how to choose the method of conveyancing is the cost. While most solicitors and conveyancers offer a fixed price, you need to determine exactly what is included in the price, and what isn't. Some people simply want the appropriate forms completed and lodged, while others require a more comprehensive service, such as assisting in negotiations for a private sale. With additional services come additional fees, and it pays to know what these are likely to be. Peace of mindOne of the key benefits of using a professional is the peace of mind that they provide. Both should have sufficient indemnity insurance to cover them if something goes wrong with the transfer. Another benefit of using a professional is that they provide this service on a regular basis. With this experience comes the expertise of knowing what to look for. Draw as much advice from these people as you can. They are on your side and you are paying them. Ask about any matters you don't understand and if there are any special conditions you want to negotiate into the contract, speak up now. Do it yourself?The main reason for performing your own conveyancing is to save money. There are a number of do-it-yourself kits that exist for this very purpose. There are, however, a number of important issues that should be considered first, including:
Unless you are skilled in understanding what these issues can mean and how to respond to them, then you are taking a big risk. ConclusionSaving a few thousand dollars can be appealing to a property purchaser. But the costs of not engaging the services of a solicitor or conveyancer can be a lot higher. |
With the continuing publicity around housing affordability, the Labor government is looking for a range of solutions.
Purchasing a property is often stressful, particularly when it comes to the legal side.