Australian homeowner is now suffering mortgage stress
GOOD morning Australia, you’re in mortgage stress.
Read the full article from Kirsten Craze news.com.au
With Christmas is just around the corner and it’s easy to overspend or rack up credit card debts if you don’t watch your budget. If you’re prone to overspending, here are is a few tips to help you trim your expenses and still enjoy the holidays!
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As of early November if you are buying a property in Victoria, the Land Registry will not register the change of ownership to your name unless you have first verified your identity.
The Land Registry expects you’ll do this through your conveyancer or lawyer. But, if you don’t use the services of one, the Land Registry will still require you to verify who you are.
This will add to the cost of your purchase. It may also cause delays to your settlement, if you leave things to the last minute.
If you have already bought and settlement of your purchase will take place on, or after, 9 November you should speak with your conveyancer or lawyer in the near future to find out what you need to do to verify your identify.
If you are selling a property the Land Registry likewise requires you to verify who you are, before it will register a change ownership to the name of your buyer.
Just like a buyer, the Land Registry expects you’ll verify your identity through your conveyancer or lawyer. And, if you don’t employ one, you’ll still need to verify who you are.
If your sale is currently in progress and settlement will take place on, or after, 9 November you, too, should speak with your conveyancer and lawyer soon to find out what needs to be done and the expense involved. If you leave it to the last minute, the settlement of your sale could be delayed.
The Land Registry requirements do not oblige you to identify yourself when putting your property on the market, or at the time you buy.
Victoria’s estate agents and buyer’s advocates are unable to verify your identity for the Land Registry.
Paul Glossop, 33, has a wife, a young son and $2.5 million in mortgage debt.
But the prospect of millions of dollars in mortgages owed to the bank doesn’t faze him. In fact, he is planning on adding to his 10 property portfolio in the near future.
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