There are some big changes happening to the superannuation system effective from 1 July 2017 and the legislation has been passed to implement the 2016/17 Budget superannuation measures (commonly called the superannuation reform package). The following is a summary of most of the changes:
See the following links for more information:
A contract can become an instalment contract for many reasons including:
a) the deposit is more than 10%; or
b) the deposit is stated to be non-refundable in all circumstances; or
c) the buyer is given a rebate off the purchase price which makes the deposit more than 10% of the rebated purchase price; or
d) the Buyer is required to pay money to the Seller (in addition to the deposit if the deposit is equivalent to 10% of the purchase price) before receiving a transfer and the amount payable under the contract exceeds market value for what is provided in exchange. For example, a rent to buy contract may require the payment of instalments which exceed the market rent that would otherwise be payable.
The effect of the contract being an instalment contract is:
Therefore, we suggest the Buyer always instruct his/her solicitor to investigate the possibility that the Buyer’s contract is an instalment contract.
As you may knew that The Queensland First Home Owners’ Grant has been boosted to $20,000, but only until 30 June 2017. The Queensland First Home Owners’ Grant is a state government initiative to help first home owners to get their new first home sooner. Depending on the date of your contract, you’ll get $15,000 or $20,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). You can even buy off the plan or choose to build yourself. It’s a great opportunity to buy or build a new home in our great state.
Your Eligibility –
Source: Queensland Government First Home Owners’ Grant