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Legal aspects of Conveyancing – First home buyers grant

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The Rudd government introduced a federal economic stimilus package during the GFC to reduce the impact of the crsis on the domestic home buyers market in Australia.   In New South Wales the first home owners grant was reduced on the 1st of January 2010 to $7,000.00 becuase of the Commonwealth Stimulus being removed.   It has recently been anounced that the grant will continue beyond when it was orginally schduled to phase out on 1 July 2010 so that is good news for first home buyers and anyone selling a property which is related to this market such as investors or people who have bought their first home but are now starting a young family and are looking to move into a bigger place.

Information about Conveyancing and the First Home Owner Government Grant (FHOG)
Find out about Conveyancing and the First Home Owner Government Grant (FHOG)

In some ways, it doesn’t really matter that much either way if the grant is given or not because the first home buyers grant tends to inflate all of the properties in this section of the market by the amount of the grant.  So you will competing on price  with everyone else for the properties at the same level.  If the grant is removed, the properties will have this price pressure removed which will probably mean that they will drop by the amount of the grant if it is removed.    If you are thinking of buying a property, another consideration which is substantial is the exemption of stamp duty.  This applies to properties under $500,000.00 and there are dicounts on stamp duty up to $600,000.00 properties but none beyond this.  For this reason it is necessary to adjust your assumptions about what you can afford based on the grant.

If you need assistance with any of this information, please do nto hesistate to contact using the contact form of the chat bar or by posting your question below.  We would love to hear from you.

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Divorce lawyers – financial aspects of family law

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Divorce is at endemic levels in Australian Society and the Australian Bureau of Statistics that there are approximately 47,000 divorces granted each year in Australia, not including the break down of defacto relationships. The divorce process itself is actually very cheap and many people work with divorce mediation professionals to get this done. The unfortunate aspect of negotiating a property settlement is that if consent cannot be reached or achieved, sometimes the legal fees can run into the tens of thousands of dollars. Consenting can save this amount from the total pool of property in a divorce and mean that it is done much more quickly. Although the rate of divorce is beginning to fall in this year for the first time in years, with data showing that 47,209 divorces were granted in 2008, compared with 47,963 in 2007, there is still a trend that between 30 and 50% of all marriages end in divorce.

You will need a solicitor to arrange a property settlement
Divorce Lawyers can arrange a property settlement

There are also some interesting trends in relation to divorce ages. The average age of a divorce is getting higher, like the average age of marriage. It currently sits at about 41 for women and 44 for men. This means that most people are just at a key stage in the accumulation process of getting income and assets and even starting to think about their retirement. A nest egg is beginning to accumulate, and there may be substantial equity in a home and super accumulated. Under the family law rules, all of these things are included as property of the marriage and are fair game in any settlement. Also, because the rules are very discretionary, there is much uncertainty in the outcomes of divorce proceedings and a court may adjust a settlement in any way that it determines is just and equitable.

If you need advice or assistance on a divorce property settlement, do not hesitate to call an expert such as a divorce lawyer or a family law attorney to guide you.

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Criminal Defence, Corporate Law and doing business in China

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In Shanghai today, An Australian mining executive who had been charged with corporate espionage in China pleaded his honesty. His lawyer claimed that essential Stern Hu’s actions had been subject to misinterpretation and that he was essentially an honest man who had made some serious mistakes. The matter is sensitive because he was an Australian Citizen employed by one of the biggest mining companies operating in Australia with substantial Australian Ownership interests. According to a criminal defense lawyer, he has been accused of very serious crimes relating to the corruption and bribery.

Although in China corruption and bribery are not considered anything abnormal, getting caught is another issue. The case may also be interpreted as a turning point for the levels of hostility experienced by Western and in particular Australian companies when doing business in China. One of the prosecutors recommended a lenient sentence for Hu, but he is accused of taking over $900,000.00 in bribes. There was no pleading in relation to the stealing of trade secrets.

The Australian Prime Minister Kevin Rudd commented that the outcome would reflect the status of the rule of law in China. The business community internationally is no doubt watching the case to identify if it will indicate a greater set of challenges related to doing business in the world’s third-largest economy. Hu’s experience in the field of iron ore trading gained as the head of Rio Tinton’s China Office is reflected in some of his comments about the market:

“Chinese steel companies can be divided into three categories that make up the chaotic iron ore market,” he said. At the top are huge state firms such as Baosteel and Shougang, who buy massive volumes from Rio, and in the middle are smaller state steelmakers. Then come the miserable private ones, which have few opportunities. They wanted to build up relations with Rio,” the lawyer said.

When the crisis hit in September 2008, demand for iron ore plummeted, and “the smaller and medium-sized companies thought they finally had an opportunity to squeeze into the club and join the buyers,” Jin said.

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