What is a section 32?
A Section 32 is also known as a vendor’s statement. It is prepared by the vendor’s solicitor or conveyancer.
It is a disclosure document by the owner of the property and includes important information about the property including zoning, the title details and measurements, any permits that have been approved, rates and outgoings. When you are selling in Victoria, you must – at your own expense – provide a Section 32 to the purchase side.
When you are buying you must be provided with a copy of a Section 32 before the contract of sale can be completed – as the Section 32 forms part of this contract.
Should I buy now or save up more of a deposit?
It depends on a few variables. If interest rates are low and the market is rising, the growth in property prices will usually outstrip your ability to save. In other words, the money you are saving each year is less than what the properties values are increasing by.
That means it’s often better to purchase your home as soon as you can afford it.
What is stamp duty?
Stamp duty is a charge which is applied by state governments in Australia and is in relation to the transfer of land or property. The State Government charges may vary depending on the purpose of the property purchased.
What are the costs in buying a home?
Deposit – usually 10% of the home’s overall cost
- Stamp Duty – differs in each state
- Lenders mortgage insurance if you borrow more than 80% of the property purchase price
- Building insurance
- Legal help such as lawyers or conveyancers
- Building, pest and inspections if required
- Council rates and body corporate fees
- Moving costs
When is the best time to sell my property?
Most people might think that the warmer months are better selling times, but in fact historically Warrnambool’s peak selling period stretches evenly across the whole year.