Mr Fluffy Buyback Scheme

  • By Raina Sinha
  • 10 Nov, 2016

Loose Fill Asbestos Insulation Eradication Scheme

The ACT Government has implemented a buyback scheme to all eligible home owners.

The ACT Government will offer to purchase all affected houses in order to enable the demolition of houses and remediation of the sites. The Government has commenced this process by sending eligible homeowners an offer to accept the surrender of their crown lease.

The value of the affected properties will be determined through a valuation process established under the scheme. The Territory will pay for the costs associated with obtaining two valuations of the property by valuers appointed by the Australian Property Institute ACT Division (API). The value of the property will be assessed at market value as at 28 October 2014 and as though the house does not contain loose fill asbestos. The surrender sum offered by the Territory will be the average of the two valuations.

The scheme provides for a third valuation (known as the Presidential Determination) in specific circumstances. If requested by the homeowner, the third valuation will be at the expense of the homeowner. The decision of the third valuer will be final.

Following the valuation, eligible homeowners who choose to participate in the scheme will then enter into a deed of surrender (in regard to the Crown Lease) and, where applicable, statutory declarations.  Eligible homeowners will waive any right to pursue legal action against the Territory and the Commonwealth in relation to financial loss with respect to the property but will retain all their rights in respect of personal injury claims (if any).

Participants in the scheme will require independent legal advice as part of the documentation required to complete the application process.

Eligible homeowners will receive $1,000.00 (inc GST) to go towards the legal costs associated with the surrender of their lease. This will be paid on the settlement of the matter. In addition, eligible homeowners will receive a waiver of the stamp duty (to the value of the affected property) on a residential property purchased in the ACT. This may be applied to a new property being purchased or the subsequent re-purchase of the block.

Following remediation of the site, the Territory will offer the eligible homeowner a first right of refusal to repurchase the site. The repurchase price will be the market value determined independently at the time the block is offered for sale and on the basis of the best and highest use value of the block. The Government has indicated its desire to recoup some of the costs of the buyback program through this process.   There may be some issues with this for particular homeowners whose blocks are suitable for subdivision.


 

Important Dates

  • In order to participate in the buyback scheme, eligible homeowners must lodge an application with the Asbestos Response Taskforce by 30 June 2015. Applications received after 30 June 2015 will not be accepted.
  • With limited exceptions, the buyback scheme will not be available to people who purchase an affected property after 28 October 2014. This means that a person who exchanges contracts on an affected block after 28 October 2014 is not eligible to apply for financial assistance under the buyback scheme and will be responsible for all costs associated with the maintenance and/or remediation of the property.
  • Owners of affected properties that were purchased (contracts exchanged) within the period 18 February 2014 – 28 October 2014 who participate in the scheme will be paid the amount they paid for the affected block. The buyback scheme valuation process will not be used in these cases.

The Government has indicated that participation in the buyback scheme is voluntary. However, residents who elect to remain in their properties will be subject to increased restrictions in terms of a requirement for an asbestos management plan and other physical interventions. It is noted that such interventions are likely to have a significant impact on the amenity of the home.   In some cases it will prevent the use of heating and cooling services within the home. It is anticipated that such conditions (as yet not fully determined) will be made mandatory in 2015 under the Dangerous Substances Act 2004. Any costs associated with remedial works under these circumstances will be outside of the buyback program and so will be at the cost of the home owner.

In the longer term, the ACT Government has not ruled out implementing a compulsory acquisition of affected properties.

KJB will be assisting clients with advice in relation to the buyback scheme and the proposed surrender documents, when they issue. If you have a Mr Fluffy home and would like to discuss your options in relation to the buyback scheme, please contact to organise an appointment.


 

Loose Fill Asbestos Insulation Enquiries

Raina Sinha           E:   raina@kjblaw.com.au

 


News

By Brendan Goodger 10 Nov, 2016

All at KJB Law congratulate Allan Bedford on a wonderful legal career and convey our very best wishes on his retirement from KJB Law as of 30 June 2016.

Allan has practised as a solicitor in the Australian Capital Territory for 42 years. After completing degrees in Law & Arts at ANU, Allan was admitted as a legal practitioner in 1975. Initially Allan worked as an employed solicitor for 4 years with Phillips & Co, before joining the late Ken Johnston in 1979. In 1981 Ken and Allan established the partnership Ken Johnston Bedford & Co. Allan remained a principal with the firm when Ken Johnston retired in 2000 and, together with Andrew Freer, the transition to KJB Law occurred.

Allan is highly regarded as an ethical, hardworking and competent business and commercial lawyer in the Territory. He has in the past, and continues, to contribute to various Law Society Committees and is well regarded by his work colleagues, fellow practitioners and clients alike.

Away from the office, Allan has contributed to many volunteer organisations. In addition to that ongoing volunteer commitment, Allan is looking forward to furthering his bushwalking, photography and travel interests. He has committed to further hours of practice to justify the ownership of a brand new Taylor guitar - a retirement gift from the firm.

The firm looks forward to the continuing relationship with Allan and again congratulate him on a wonderful career.

By Brendan Goodger 10 Nov, 2016

KJB Law is proud to announce the appointment of   Erin Bedford   and   Mark Tigwell   as Principals of the firm, and we welcome them both into the KJB Law family.

By Andrew Freer 10 Nov, 2016

In times of bereavement it is often distressing for members of the deceased’s family to address the issues surrounding the wishes of the deceased. It can also be difficult to try and understand the specific language used in the administration of an estate even when you aren’t trying to cope with the loss of a loved one. To help you better understand this sometimes confusing process we have prepared a short series called ‘10 Things You May Not Know About Estate Administration’.

Andrew Freer             E:   andrew@kjblaw.com.au


Part 4 - Passing Accounts

A legal personal representative has a general duty to keep accounts and render them to beneficiaries when called on to do so. In addition, section 58 of the   Administration and Probate Act 1929   (ACT) identifies that the rules may require a legal personal representative to prepare, have examined and have accounts passed by the Court in certain circumstances.

In most cases, a legal personal representative will be able to comply with his or her general duty to account (whether or not a demand has been made) and satisfy beneficiaries by providing an itemised list of:

  • assets transferred;
  • assets realised and still held;
  • funds received from all sources;
  • payments for estate liabilities, distributions & money retained; and
  • provision for liabilities not yet paid.

What are Accounts?

Accounts are:

  • a written record of the legal personal representative's dealing with the estate assets showing, in broad terms, itemised detail of assets transferred to beneficiaries, assets realised or retained; funds received from all sources, payments for estate liabilities, liabilities incurred but not yet paid, distributions to beneficiaries and money retained and re-invested; and
  • the original supporting documents, that is, receipts, statements and invoices.

The passing of accounts involves a process akin to an audit by a Registrar of the court to determine both whether payments have been made and if so, whether they are proper. A legal personal representative is required to file and pass formal accounts when:

  • ordered to do so on the application of a beneficiary or the court of its own motion;
  • an executor wishes to claim commission and cannot reach agreement with affected beneficiaries;
  • an executor desires to obtain a release but beneficiaries are unwilling to give one.

What do accounts look like?

There is no standard format for accounting in an informal way.  The key is to inform beneficiaries adequately.  Often accounts will be by letter from the executor's solicitor.  The frequency, form and detail will depend on the make-up of assets in the estate and how complex the estate administration has been. Informal yet sufficiently detailed accounts will frequently both satisfy beneficiaries and fulfil the executor's duty to account.

If you are unsure whether you are keeping appropriate records, or are concerned that a legal personal representative is not keeping you properly updated on status of an estate, please contact the team at KJB Law on 6281 0999 to discuss.

 

Andrew Freer           E:   andrew@kjblaw.com.au


By Andrew Freer 10 Nov, 2016

In times of bereavement it is often distressing for members of the deceased’s family to address the issues surrounding the wishes of the deceased. It can also be difficult to try and understand the specific language used in the administration of an estate even when you aren’t trying to cope with the loss of a loved one. To help you better understand this sometimes confusing process we have prepared a short series called ‘10 Things You May Not Know About Estate Administration’.

Andrew Freer             E:   andrew@kjblaw.com.au


Part 3 – Commission

What is it?

Section 70 of the   Administration and Probate Act 1929   (ACT) allows the court to award commission to a legal personal representative, or a trustee of a trust established under a will, out of the estate assets for their "pains and trouble" that is just. "Pains" is regarded as the responsibility, anxiety and worry; "trouble" is the work done.

How do I get it?

It is necessary for a legal personal representative to claim commission – it won’t just be given to them. The amount of commission is always at the discretion of the Court, and its usual practice is to award commission within commonly adopted parameters.

Conduct such as breaches of trust and failure to act promptly in the administration of the estate may limit, or even defeat, what would otherwise be an appropriate claim for commission.

On the other hand, unnecessary complaints or accusations by beneficiaries against a legal personal representative who is performing their duties in a proper way can be a factor operating in favour of the legal personal representative in the award of commission.

A legacy to the legal personal representative in lieu of commission, or in recognition of their services as executor (whether stated expressly or inferred from the will), if accepted, will normally result in no award of commission to the legal personal representative. However, a legacy to the legal personal representative without reference to them acting as legal personal representative will usually not be a bar to an award of commission. Depending on the amount of the legacy and the size of the estate, it may be a factor considered by the Court in reducing the ultimate award. Also, a gift of a share, or even the whole, of the residuary estate to the legal personal representative does not of itself prevent an award of commission.

A legal personal representative is entitled to reimbursement out of the estate for out of pocket expenses incurred in the performance of their duties, such as for postage and telephone expenses. These amounts are in addition to commission.

By Consent?

There is nothing to prevent a legal personal representative and affected beneficiaries (who are fully informed) from agreeing to payment of an amount for commission without any order or other sanction of the court. The affected beneficiaries are those who would bear any part of the burden of the commission payment. Ordinarily this would not include legatees. Commission is regarded as a testamentary expense and is ordinarily paid out of residue.

By Court Approval?

If such an agreement can’t be reached though, to claim commission the legal personal representative must file and pass accounts with the Court. Ordinarily the legal personal representative claims commission at the same time as they seek the passing of accounts.

How Much Commission?

In short, how much is in the discretion of the Court. In NSW the usual practice of the Court is to allow commission by applying different percentage rates to each component of the accounts - assets realised, assets transferred in specie and income collected. Another thing to consider is that the ATO considers commission paid to an executor to be assessable income of the executor personally.

If you think you may be entitled to commission, or want to ensure there is appropriate provision made for your legal personal representative in your will, the team at KJB Law can help. Please contact us on 6281 0999 to discuss.

 

Andrew Freer           E:   andrew@kjblaw.com.au


By Andrew Freer 10 Nov, 2016

In times of bereavement it is often distressing for members of the deceased’s family to address the issues surrounding the wishes of the deceased. It can also be difficult to try and understand the specific language used in the administration of an estate even when you aren’t trying to cope with the loss of a loved one. To help you better understand this sometimes confusing process we have prepared a short series called ‘10 Things You May Not Know About Estate Administration’.

Andrew Freer             E:   andrew@kjblaw.com.au


Part 2 – Ademption

What is ademption?

Ademption is a legal concept that applies to gifts of specific property made under a will. For example, leaving a gift of a specific identified painting to a friend in your will. If during your life you dispose of that specific property – either by sale or otherwise - so that at the date of your death it is no longer yours to dispose of, that specific gift is taken to have “adeemed”. Where this happens, the beneficiary gets nothing.

If the subject matter of the gift was intentionally sold by the will maker between the date of the will and the date of death, the beneficiary of the adeemed gift is usually not entitled to the proceeds of its sale.

The general rule of ademption though only applies to specific gifts – it does not apply to a gift of the whole estate or to a gift of residue.

Does intention matter?

The intention of the testator in making the disposal is generally not relevant. Thus an ademption will occur where there is a "forced" disposal such as by a transfer under a pre‑existing buy-sell provision in a shareholders or partnership agreement, a writ of execution, order of the Family Court or mortgagee sale.

Can I get around it?

An exception to the general rule of ademption exists where it can be shown that the property ceased to be part of the testator's estate because of the unauthorised action of an agent or by an unlawful act unknown to the testator.

Disposal of an asset as a result of theft, fraud, breach of fiduciary duty or similar misconduct may be capable of being set aside under general equitable principles. Setting aside the transaction may result in the asset being restored to the estate. In such a case the question of ademption, as such, would not arise: having been restored to the estate, the property could then pass under the will as if it were owned by the deceased at the time of death, subject to the liability of the property for debts, funeral and testamentary expenses.

In NSW, section 22 of the   Powers of Attorney Act 2003   (NSW) sets out that beneficiaries of property disposed of before death by an attorney under a power of attorney retain certain rights and the general rule as to ademption can be displaced in certain circumstances. There is no equivalent provision in the ACT however. There is a therefore a fundamental difference between the position in NSW and the ACT.

Where this situation arises, a beneficiary may have several courses available to overcome an apparent ademption of a specific gift, including:

  • applying for construction or administration proceedings on the basis of misdescription of the item subject of the specific gift, or change in name or form of that property;
  • seeking to set aside the disposal on the basis that it was done so on a tortious or fraudulent basis; and
  • asserting that the disposal was made by an attorney or financial manager (in NSW but not in the ACT).

The action to be taken by the person seeking to overcome the apparent ademption in the above circumstances essentially entails proceedings for construction of the will. If you are unsure how this principle may apply to your will, or are a beneficiary who is concerned that a gift to you may have adeemed, please contact the team at KJB Law on 6281 0999 to discuss.

Andrew Freer           E:   andrew@kjblaw.com.au


By Andrew Freer 10 Nov, 2016

In times of bereavement it is often distressing for members of the deceased’s family to address the issues surrounding the wishes of the deceased. It can also be difficult to try and understand the specific language used in the administration of an estate even when you aren’t trying to cope with the loss of a loved one. To help you better understand this sometimes confusing process we have prepared a short series called ‘10 Things You May Not Know About Estate Administration’.

Andrew Freer             E:   andrew@kjblaw.com.au


Part 1 – What right do you have to inspect and copy a will of a deceased person?

It is not uncommon for family members, beneficiaries or eligible family provision applicants to be interested in obtaining a copy of the will of a deceased person. As an interested person you may wish to find out what entitlements you have under the will of the deceased. You may want information to enable them to decide whether to make a family provision claim. You may simply be trying to determine the identity of the executor and the beneficiaries. Alternatively, you may wish to find out when a will was made to assist in deciding whether to apply for a grant of another will, or challenge the validity of a will.

But what is the legal position?

In the first instance you should make a direct request to the person who actually has possession or control of the will.  Section 126 of the   Administration and Probate Act 1929   (ACT) sets out who is entitled to inspect will of deceased person. It provides that a person who has possession or control of a deceased person's will must, on request in writing by an interested person, allow the interested person to inspect, or be given copies of, the will or any copies of the will in the person's possession or control. The legislation contains a definition of who is an interested person.

The obligation to allow inspection and copying extends to both the actual custodian as well as any person whose instructions or permission would be required, such as the executor named in the will.

If a copy is not forthcoming following a direct request though, rule 3111 of the   Court Procedures Rules 2006 (ACT)   gives the ACT Supreme Court the power to issue a subpoena to a person to produce a will or document.  To obtain this though you need to make an application to the ACT Supreme Court.  Not just anyone can make the application - you must first have standing to apply. This stops just anyone applying to see a copy of a will, and restricts it to only those who actually have a legitimate interest. Interested persons who have standing to seek a copy of the will or document can include:

  • the spouse, parent or issue of the deceased;
  • anyone named as a beneficiary in the will, or an earlier will;
  • anyone who would be entitled to share in the estate if the deceased died intestate;
  • an attorney of the deceased under an enduring power of attorney; and
  • a creditor of the deceased.

Making an application to the ACT Supreme Court is a significant step though and should not be undertaken lightly. If you are having difficulty obtaining a copy of a will, or aren’t sure whether you should agree to a request for a copy, the team at KJB Law can help.

 

Andrew Freer           E:   andrew@kjblaw.com.au


By Jo Twible 10 Nov, 2016

Nearly 14% of all residential properties listed for sale on allhomes.com.au in the Canberra & Queanbeyan Region are listed as being for sale by auction. In Weston Creek and the Woden Valley just over 32% of homes listed are for sale by auction. [1]   Getting good legal advice on the marketing contract prior to the auction can be crucial and failing to do so could cost you thousands of dollars.

Jo Twible           E:  jo@kjblaw.com.au


The 5 Top Reasons why you should get Pre-Auction Advice


 1.  Want to make changes to the Contract? Don’t wait till auction day!

When you bid at auction, you are bidding to buy the property on the terms contained in the Contract  as it has been prepared on behalf   of  the  Seller . If you want changes made to those terms, these need to be negotiated and agreement obtained  before  you bid.

 2.  Problems with the Property? Don’t let them be your problems!
What you think may be just a cracked tile in the shower might actually mean gutting and replacing the bathroom. Your lawyer can bring to your attention matters you may wish to follow up with the Building Inspector before you bid so you have a better understanding of any potential problems.
 
 3.  No one worries about unapproved structures, do they?
Some unapproved structures can be fine, some can jeopardise your loan approval or invalidate a later insurance claim. During pre-auction advice, your lawyer should discuss any unapproved structures disclosed in the Contract and then assist you to negotiate appropriate special conditions to be inserted into the Contract to resolve these matters.  

 4.  Can you really rely upon the Building Report?
A Buyer can only rely upon a Building Report contained in a Contract if it is less than 180 days old from the date of inspection at the time you exchange. Your lawyer should check that the Building Report is in date so that if it is later discovered the Inspector missed something they should have seen, you can still make a claim on the Inspector’s professional indemnity insurance.

 5.  I’m the Buyer, aren’t I?
Couples buying a home might buy it in joint names as joint tenants, tenants in common in equal or unequal shares, through a family trust or a self-managed superannuation fund.   When obtaining pre-auction advice, your lawyer should discuss the applicable options with you and advise you the information to give the Agent if you are successful at auction so that the appropriate Buyer details are inserted into the Contract. Getting this wrong can cost you thousands of dollars in stamp duty.

If the home of your dreams is for sale by auction, the team at KJB Law can assist you to be auction ready. For further information on our pre-auction advice services, please contact KJB Law on 6281 0999.

 

[1]  Data obtained from allhomes.com.au as at 20 May 2015


By Raina Sinha 10 Nov, 2016

Loose Fill Asbestos Insulation Eradication Scheme

The ACT Government has implemented a buyback scheme to all eligible home owners.

The ACT Government will offer to purchase all affected houses in order to enable the demolition of houses and remediation of the sites. The Government has commenced this process by sending eligible homeowners an offer to accept the surrender of their crown lease.

The value of the affected properties will be determined through a valuation process established under the scheme. The Territory will pay for the costs associated with obtaining two valuations of the property by valuers appointed by the Australian Property Institute ACT Division (API). The value of the property will be assessed at market value as at 28 October 2014 and as though the house does not contain loose fill asbestos. The surrender sum offered by the Territory will be the average of the two valuations.

The scheme provides for a third valuation (known as the Presidential Determination) in specific circumstances. If requested by the homeowner, the third valuation will be at the expense of the homeowner. The decision of the third valuer will be final.

Following the valuation, eligible homeowners who choose to participate in the scheme will then enter into a deed of surrender (in regard to the Crown Lease) and, where applicable, statutory declarations.  Eligible homeowners will waive any right to pursue legal action against the Territory and the Commonwealth in relation to financial loss with respect to the property but will retain all their rights in respect of personal injury claims (if any).

Participants in the scheme will require independent legal advice as part of the documentation required to complete the application process.

Eligible homeowners will receive $1,000.00 (inc GST) to go towards the legal costs associated with the surrender of their lease. This will be paid on the settlement of the matter. In addition, eligible homeowners will receive a waiver of the stamp duty (to the value of the affected property) on a residential property purchased in the ACT. This may be applied to a new property being purchased or the subsequent re-purchase of the block.

Following remediation of the site, the Territory will offer the eligible homeowner a first right of refusal to repurchase the site. The repurchase price will be the market value determined independently at the time the block is offered for sale and on the basis of the best and highest use value of the block. The Government has indicated its desire to recoup some of the costs of the buyback program through this process.   There may be some issues with this for particular homeowners whose blocks are suitable for subdivision.


 

Important Dates

  • In order to participate in the buyback scheme, eligible homeowners must lodge an application with the Asbestos Response Taskforce by 30 June 2015. Applications received after 30 June 2015 will not be accepted.
  • With limited exceptions, the buyback scheme will not be available to people who purchase an affected property after 28 October 2014. This means that a person who exchanges contracts on an affected block after 28 October 2014 is not eligible to apply for financial assistance under the buyback scheme and will be responsible for all costs associated with the maintenance and/or remediation of the property.
  • Owners of affected properties that were purchased (contracts exchanged) within the period 18 February 2014 – 28 October 2014 who participate in the scheme will be paid the amount they paid for the affected block. The buyback scheme valuation process will not be used in these cases.

The Government has indicated that participation in the buyback scheme is voluntary. However, residents who elect to remain in their properties will be subject to increased restrictions in terms of a requirement for an asbestos management plan and other physical interventions. It is noted that such interventions are likely to have a significant impact on the amenity of the home.   In some cases it will prevent the use of heating and cooling services within the home. It is anticipated that such conditions (as yet not fully determined) will be made mandatory in 2015 under the Dangerous Substances Act 2004. Any costs associated with remedial works under these circumstances will be outside of the buyback program and so will be at the cost of the home owner.

In the longer term, the ACT Government has not ruled out implementing a compulsory acquisition of affected properties.

KJB will be assisting clients with advice in relation to the buyback scheme and the proposed surrender documents, when they issue. If you have a Mr Fluffy home and would like to discuss your options in relation to the buyback scheme, please contact to organise an appointment.


 

Loose Fill Asbestos Insulation Enquiries

Raina Sinha           E:   raina@kjblaw.com.au

 


By KJB Law 10 Nov, 2016
In a fitting extension of festive cheer, KJB Law congratulates Vicki Hogarth and Brendan Goodger  on their admission as solicitors to the Supreme Court of the Australian Capital Territory on 13 December 2013.
By Brendan Goodger 10 Nov, 2016

In its 2013-14 Budget Papers the ACT Government has outlined further changes to the stamp duty payable on the purchase of properties in the ACT, along with further changes to the First Home Owners Grant.

Stamp Duty
As of 5 June 2013 the rates of duty payable for established properties in the ACT has been reduced. In addition to this, an additional band has been included for properties with a value of $1,650,001 and over. For these properties, instead of duty being charged at the usual rates, a flat rate of $5.50 per $100 is applied to the total transaction value.


The result of this is, by way of example:
For a property valued at $400,000.00 the stamp duty payable would be:

  • Under the old rates, $13,300.00
  • Under the new rates, $12,600.00;

For a property valued at $600,000.00 the stamp duty payable would be:

  • Under the old rates, $23,550.00;
  • Under the new rates, $22,100.00;

For a property valued at $1,700,000.00;

  • Under the old rates, $98,800.00;
  • Under the new rates, $93,500.00

You can view the new and old rates of duty at the ACT Revenue website   here . Stamp duty calculators are also available on the ACT Revenue website here  (for the new reduced rates)


Home Buyer Concession Scheme
Changes have also been made to the Home Buyer Concession Scheme in the ACT. While this scheme continues to only be available to newly built or substantially renovated properties, the thresholds for the concession have been increased and the concessional duty payable has been decreased.

Previously, the minimum duty of $20.00 was only available for properties which were valued at less than $385,000.00, and no concession was available where the value of the property exceeded $450,000.00. Under these changes minimum duty of $20.00 is now payable on properties with a value of up to $425,000.00, and the maximum value of the property to still be eligible for concessional duty is now $525,000.00.

Further to this the concessional duty payable for properties valued between $450,000.00 and $252,000.00 has been decreased from $24.10 to $18.35 for each $100.00 or part thereof.

Changes have also been made to the concessional duty payable on eligible vacant blocks. Previously, the minimum duty of $20.00 was only available for land which was valued at less than $235,000.00, and no concession was available where the value of the property exceeded $263,000.00. Under these changes minimum duty of $20.00 is now payable on properties with a value of up to $250,000.00, and the maximum value of the property to still be eligible for concessional duty is now $290,000.00.

Further to this the concessional duty payable for land valued between $250,000.00 and $290,000.00 has been decreased from $25.55 to $19.35 for each $100.00 or part thereof.

In addition changes have also been made to the income thresholds. The combined income of all eligible applicants and their domestic partners for the preceding twelve months has now been increased from $150,000.00 to $160,000.00 (where the applicants have no children, with an extra $3,300.00 for each child up to 5 children).

More information is available on these changes is available from the ACT Revenue Office website here.


First Home Owner Grant
A further significant change, due to come into effect from 1 September 2013, is a restriction on the eligibility for the First Home Owners Grant.

Currently, the First Home Owner Grant of $7,000.00 is available on the purchase of all properties in the ACT. In a change similar to that made by the NSW Government last year, from 1 September 2013 buyers will only be eligible for this grant where they are purchasing new or substantially renovated properties. As a result first home buyers purchasing existing properties will no longer be eligible for this grant.

For those eligible buyers, however, who are purchasing new or substantially renovated properties, from 1 September 2013 the First Home Owners Grant will increase from $7,000.00 to $12,500.00.

If you would like more information on these changes and how they will affect you please do not hesitate to contact our friendly ACT Conveyancing staff.


Established ACT Properties

Karen Watt            E:  karen@kjblaw.com.au
Ellen Farrell     E:  ellen@kjblaw.com.au


 

Off the Plan ACT Properties / Vacant Land

Jo Twible             E: jo@kjblaw.com.au
Helen Taylor     E:  helen@kjblaw.com.au


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