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Hello I would like to know if anyone can advise or point me in the right direction.... We have been here nearly 4 months - on a permanant residents visa and would love to buy a home instead of the rental we are in. We have been told conflicting info.. 1) we can buy a home straight away with being in a job for 6 months at least. 2) no we cant buy a house til we have been here for 12 months!!!!!!!!! This really has put a little bit of a downer - as we live next to the m25 equivelant!!!!!!!!!!!! and we come froma 120 house village in the uk and now in the middle of the city!!!! Can anyone advise or now someone who can??? Many thanks in advance x
Under planned changes to the Sale of Land Act, the front page of every OTP contract of sale will be required to include a notice stating that: (1) The amount of a deposit is negotiable, although it cannot exceed 10 per cent of the purchase price; (2) A ''substantial period of time'' may pass between signing the contract of sale and when the buyer becomes the registered owner of the property; and Advertisement: Story continues below (3) The value of the property may change between the time the contract is signed and when the buyer takes ownership. These explicit and prominently placed warnings on the contract of sale highlight the growing complexity and common, but often difficult to gauge, risks associated with buying off-the-plan properties. Experience has shown consumers should be particularly concerned about the length of time developments can take to be delivered and the fact that the price paid for an OTP unit might not actually reflect its market value upon completion. Consumer Affairs Victoria says the new rule will probably come into force later this year or next year. I have to admit, I automatically presumed that you had to put down a 10% deposit, but this isn't the case you could get away with putting down a $100, we did this recently on our last purchase.