Yesterday morning the Government announced a nearly $4 billion package that includes increased support for first-home buyers and aims to make buying your first home that little bit easier. Coincidentally, Agreeable is trying to do the same thing! In the coming months, we will be launching a Deed of Debt and a Deed of Gift that will help you make your home-buying experience simpler.
We talk to a lot of first home buyers who want to document how their new home will be split between them and their partner. We also hear from nervous parents who say “I’m lending my child money for a house deposit. How do I protect myself and make sure things don’t go topsy turvy if my child and their partner split up?”.
So far, the answer to this has included 1) ensure the lucky new home buyers get a relationship property agreement, and 2) think about documenting the loan! Until now, we’ve mainly helped with the first bit, but with our new Deeds of Debt and/or Gift, we’ll be helping you document a loan or a gift as well (and we can ensure that the agreement links up with the Deed – no loopholes!).
The Government is hoping that its new package will result in more houses being affordable. The key changes include increasing the bright line test to 10 years, staggered removal of interest deductions and lifting the First Home Grant caps.
But what if you’re still looking to get your deposit (or part of it) from somewhere else? We know that coming up with a house deposit can still be tricky. That’s why we commonly see people getting gifts or loans from family to help them make that big purchase. In the coming months, we will be launching our Deeds of Debt and Gift, to help make the loan/gift process more straightforward.
Getting a loan from the bank of mum and dad? Document it using our Deed of Debt! Receiving a gift from a kind friend who wants you to “settle down”? Document it with a Deed of Gift! Soon you will be able to access Agreeable’s user friendly document automation tools to create your own Deed, to suit your own circumstances. As always, our friendly team will be on hand to help, and our expert lawyers will be on standby in case you need legal advice. Watch this space!