Buying and selling property involves strict deadlines that can carry even greater relevance at this time of year. Ballantyne Law Group’s expert Property Law team makes sure your contract is always on course and that you are aware of changes and challenges brought about by the holiday season.
In October 2019, the Federal Government announced that from 01 January 2020, they would be rolling out a new scheme that will help first home buyers purchase their first home with as little as a 5% deposit, without having to pay LMI (Lender Mortgage Insurance), to their lender.
29 March 2020
*Update* – While not announcing any substantive changes to commercial leases, the Prime Minister in his briefing this evening strongly encouraged landlords and tenants to engage in constructive discussions about the lease and arrangements during this period.
As the Queensland property market continues to boom, latest legislative reforms will affect buyers, sellers, property owners/managers and tenants. For best quality legal services across all areas of property law, contact the expert team at Ballantyne Law Group.
What is the new scheme? Queensland’s Property Agents and Motor Dealer’s Act 2000 (Qld) will be replaced by a new legislative regime.
There is increasing uncertainty about the treatment of the family home as part of Centrelink’s asset testing for pensions. Also, as people grow older the family home may longer be suitable accommodation. With appropriate financial and legal advice, the ‘granny flat interest’ rules can be useful in dealing with such assets, while at the same time ensuring that older Australians have proper accommodation and a reasonable alternative to commercial assisted living.