RCB Law

06/12/2022

‼️0.25 % hike in December 🔼🔼‼️ The Reserve Bank has increased the cash rate every month since May and again today by 0.25 of a percentage point.

That would take the cash rate to 3.1 per cent, and variable interest rates above 6 per cent.‼️

The last time Australia had an interest rate above 3 per cent was in October 2012, when the median Australian house price was just under $520,000.

Put another way, Aussies with a $500,000 mortgage will be paying almost $900 more per month compared to what they were paying in April.

Chat to your mortgage broker on how to save on your home loan repayments - a few tips include:

-Review your rate & chat to your lender about lowering your rate;
-Refinance to another lender;
-consider and offset account;
-cut back on unnecessary spending.

🏡🏡🏡

12/11/2022

Cooling Off Period Explained.

The REIQ contract allows for a cooling off period that can be effectively used by the buyer. The duration of the cooling off period in QLD is five business days commencing from the date when the buyer enters into a binding contract. The buyer becomes bound only after receiving the contract papers signed by both parties.

A contract is exempt from the cooling-off period for:

• A sale by auction;
• A follow-up sale after an unsuccessful auction (before 5pm on the second business day), in which the buyer was a registered bidder; and
• An option contract (or a sale contract formed as the result of an option contract).

The cooling-off period also doesn’t apply if the buyer is:

• A publicly listed corporation (or their subsidiary);
• The State or a statutory body; and
• Buying at least 3 lots at the same time (whether or not in the same contract).

The benefit of a cooling off period is that it gives the buyer the right to terminate the contract any time during these days. However, a termination penalty of 0.25% of the contract price may be deducted.

Consult RCB Law prior to signing the REIQ contract for a review of the contract and have one of our experienced conveyancers and lawyers explain your contractual rights and obligations.

27/10/2022

What is conveyancing?

Conveyancing is the process of transferring ownership of property from one person or entity to another. The conveyancing process is handled by a conveyancing solicitor or licensed conveyancer. If you’re looking to buy or sell property, you should not only know what conveyancing is, but understand its importance.

The contract includes the purchase price and date of actual transfer (as agreed upon by both parties) as well as their obligations and responsibilities which if either party cannot fulfil, gives the other the right to take the defaulting party to court so that they can ensure the contract is fulfilled or otherwise claim damages.

In Australia, a licensed conveyancer completes the process of conveyancing. Because of the conveyancing laws and processes, as well as the requirements, searches and costs that vary by state, we advise all buyers to use an expert. The process of conveyancing is by somebody licensed (a conveyancer or a solicitor) can take between 4 to 6 weeks.

What Happens at Settlement?

Settlement is when you take ownership of your new home, receive the keys, and begin the next chapter of your life. While it is the very last step, it’s an important one. Settlement is a legal process in which the ownership of the property transfers to you.

The key to a successful settlement day is to have your finances in order, and trust that the solicitors or conveyancers – both yours, the vendor’s and the banks – are ready!

Common problems that can delay settlement include missing documents, solicitors failing to attend the meeting and funds not being released on time.

In this period, you should go back to the house to ensure that everything you thought was included in the property remains on site – you want to be sure the property is in the same condition as you when you agreed to buy it.

Have a question about the process? Or want to speak to a member of our team? Contact us today on (07) 5375 5856 ☎️ 📞 📱

Residential Commercial and Business Law provides legal services and conveyancing throughout the Sunshine Coast and Brisbane.

26/10/2022

Buying or Selling a Commercial Property ?

We will review the Expression of Interest and guide you through the whole process from making or receiving the offer right through to Settlement and thereafter.

Do not take any chances or cut any corners – your Commercial Property might be your most important and valuable asset and there are lots of technical and legal jargon to be taken into consideration.

Your Local Expert in Commercial Law: Since Australian legislation differs from state to state, for commercial property contracts to be fair, valid, and accurate, a professional understanding of Queensland’s specific property law is essential.

Latest Tools & Technology: We use the latest tools and technology, including sophisticated legal software, to help complete the job with confidence and precision.

Accessibility: As a local company, we are easily accessible to our clients. Visit our office if you need guidance, a document review, signatures, and other services. You won’t need to travel outside of the Sunshine Coast to take advantage of all of our services.

Individually Tailored Solutions: We are committed to providing prompt and efficient services in a cost-effective manner. We work with you to develop a tailored solution that meets your individual requirements.

We will report to you throughout the entire process. Call us now on (07) 5375 5856 for a free quote, obligation free.

13/06/2022

Rising Interest Rates in Australia.

The Reserve Bank of Australia (RBA) increased the nation’s official cash rate to 0.85 per cent in June 2022. This in turn caused the big banks to raise rates for their customers.

While the rise in the cash rate is designed to control the inflating prices of goods and services, it puts stress elsewhere on the economy, particularly for those with a mortgage.

From a home buyer's perspective, as mortgage rates increase, affordability decreases. For example, Johnny Home Buyer wants to qualify for a $400,000 mortgage at 4% interest, but at 5% interest, lenders can only offer Johnny a $355,000 loan based on his qualifications. A 1% increase in mortgage interest decreases Johnny's purchasing power by $45,000.

As mortgage rates rise, the effect on real estate investing can be positive. The market for rental properties will increase because fewer people can qualify for mortgages.

That said, rising interest rates can reduce housing prices so it can be better to buy during a rising interest rate environment.

Call RCB Law today on (07) 5375 5856
🏠🏠🏠🏠🏠🏠🏠🏠

07/06/2022

When buying a property, one of the most important stages is carrying out conveyancing searches to ensure that any issues with the property are identified before it’s too late. With more than 50 searches available, it can be difficult for you to choose which searches are relevant (and worth the cost) and which searches can be left out.

RCB Law will run through the most common searches and provide you with an explanation of when and why you would do each search, along with the usual cost, to help you with your next property purchase.

Call RCB Law today on (07) 5375 5856
🏠🏠🏠🏠🏠🏠🏠🏠

26/05/2022

Before you start your property search, it is worth getting conditional approval for your home loan. It is a letter from your lender indicating your buying capacity. It is based on a few things, like a review of your financial details, goals and requirements.

On or before the finance condition date you are required to inform your solicitor as to whether or not you have received formal finance approval. If you have not received approval on the finance date we can assist with requesting an extension until your bank is able to approve your finance.

For the best results, appoint a reputable and experienced conveyancing solicitor to help you navigate the complex conveyancing process in Australia.

Call RCB Law today on (07) 5375 5856
🏠🏠🏠🏠🏠🏠🏠🏠

25/05/2022

It is client review time!

We are so thankful for the amazing feedback.

Well done, Team RCB Law.

🎉🏠🎉🏠🎉🏠🎉🏠🎉🏠🎉🏠

18/05/2022

The team at RCB Law have successfully settled over 1000 matters on the PEXA platform. Thank you to all our wonderful clients who have made this milestone possible!!🏠🏡🏣🎉

18/05/2022

You need to engage with one of the RCB Law team members before making an offer.

A property purchase can be overwhelming so it is always best to engage with RCB Law sooner rather than later.

At RCB Law we will provide a free 15 minute contract review. The contract of sale is the legal document outlining the terms and conditions that both parties will agree to in the transaction.

We will ensure the contract of sale contains all the certificates, disclosures detailing the property and any special conditions involved.

18/05/2022

Are you a first home buyer, home buyer or property investor?🏠🏡

Over the next 10 days we will post useful legal tips that will guide you for your purchase.

Give us a call today on 07 5375 5856 for a free 15 minute contract review !!📝