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Tips For Buyers

  • Be specific with Special Conditions on the Offer and Acceptance, i.e. State what the condition is, who must pay for it, the latest date the condition must be fulfilled by and the action taken if this condition is not met.
  • Make sure you allow sufficient time for your finance to be approved, banks usually require approximately 21 days from the date you make application, to process and approve the Loan.
  • Most banks require approximately 28 days from the date of unconditional approval to be in a position to meet settlement.
  • Stamp Duty: To comply with the Joint Form of General Conditions for the Sale of Land, you must provide the seller with a stamped Transfer of Land for the seller to sign. If you don't have the money saved, when organising your finance advise them you need the stamp duty released before settlement as most banks will allow this now, to ensure you fulfill your obligations under the Joint Form of General Conditions.
  • It is important to attend to the signing and return of all documentation as quickly as possible to avoid delays in settlement.
  • Always notify your Settlement Agent if you are planning to be away during the settlement at any stage.

Tips For Sellers:

  • Ensure that you have read and understood the Offer and Acceptance and all the conditions on it. If a condition has not been satisfied settlement may be delayed.
  • It is always beneficial to alert your bank that you will be discharging your mortgage ahead of time. Once the contract becomes unconditional then a Discharge of Mortgage Authority form needs to be signed and handed to your bank or settlement agent. They will then need approximately 21 days to prepare the relevant documentation.
  • As the rates are adjusted at settlement, should you receive a rates notice during the settlement please ensure you forward it to your Settlement Agent to allow for these adjustments.
  • If a Bank or Lending Institution does not hold security against your property please ensure you locate the relevant title deed prior to settlement. If you cannot locate the Title, advise your Settlement Agent immediately as this will need to be followed up urgently so as to not delay the settlement.
  • It is important to attend to the signing and return of all documentation as quickly as possible to avoid delays in settlement.
  • Always notify your Settlement Agent if you are planning to be away during the settlement at any stage.

A range of fees and rates relevant to your settlement are included below:

Vendor's Settlement Fees

Up to $150,000 $566.00
$150,001 to $500,000 $1,066.50 + 0.110% of excess
$1,000,001 & above $1,616.50 + 0.077% of excess
Add $55 to fee if property is Strata Titled. Fees shown are GST inclusive. Please Note the above fees are the Regulated Scale of Fees, we are happy to negotiate these fees

Up to $150,000 $849.00
$150,001 to $500,000 $849.00 + 0.220% of excess
$150,001 to $500,000 $849.00 + 0.220% of excess
$150,001 to $500,000 $849.00 + 0.220% of excess
$500,001 to $1,000,000 $1,619.00 + 0.165% of excess
$1,000,0001 & above $2,444.00 + 0.110% of excess
Add $110 to fee if property is Strata Titled. Fees shown are GST inclusive. Please Note the above fees are the Regulated Scale of Fees, we are happy to negotiate these fees

Up to $500,000 nil
$500,001 to $600,000 $22.51 per $100

Up to $300,000 nil
$300,001 - $400,000 $13.01 per $100

Up to $100,000 1.50%
$100,001 - $200,000 $1,00.00 + 4.39%

Up to $85,000 $105.00
$85,001 - $120,000 $115.00
$120,001 - $200,000 $135.00
$200,001 upwards $135.00 + $20.00
  • To calculate Stamp Duty, round price up to the next $100.00
  • Concessional rates applies when the Buyer will reside (up to $200,000 but effectively to $116,000)
  • Settlement Fees effective from the 20th May 2008.
  • Stamp Duty rates effective from 1st July 2008. (GST included, where relevant)
  • Figures courtesy of M-Technology E&OE – (Ph: 0417-979-989, www.corr.net.au)

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