Ellinghaus Weill Lawyers & Consultants is a boutique law firm with offices located in Melbourne and Bendigo. Our team of lawyers, conveyancers, paralegals and support staff have a strong focus on providing clients with the highest level of service in a friendly and approachable way. We are committed to working hard for you and will do so efficiently and in a timely manner.
If you would like us to assist you in any of your legal needs or if you are seeking a quote for our services, please do not hesitate to contact one of our friendly staff who will be happy to assist you.
News & Publications
WE'RE ON THE MOVE
Ellinghaus Weill Melbourne have moved offices.
Our new location from 13 January 2020 will be 247 Park Street, South Melbourne 3205.
Our telephone number and e-mail address will remain the same.
PEXA - Electronic Settlement System
PEXA (Property Exchange Australia) is an online property exchange network throughout Australia. With PEXA we are now able to lodge documents with the Land Titles Office and complete Property Settlements electronically.
From 1 October 2018 all simple transactions, including sales and purchases of real estate, will be completed via PEXA.
How it works:
Once a date of transfer is selected (Settlement date), the relevant parties, being the acting Solicitors/Conveyancers and any incoming or outgoing Banks will work together to assess the State Revenue Office stamp duty and Land Titles Office registration fees (known as government fees) prior to the Settlement date.
At the time of Settlement, PEXA electronically transfers monies due between parties, including the government fees, bank fees, municipality and water rates, and monies due to the Vendor. This process takes around 20-30 minutes to occur and once finalised the Certificate of Title will have been registered in the purchaser's name, with government fees, rates, bank fees paid and the Vendor's monies being available in their respective Accounts instantly.
This process is quicker than attending a physical Settlement with paper documents, where you would still have to wait 3 business days for Bank cheques to clear in your Bank account. The State Revenue Office stamp duty then needs to be assessed and paid, before the transfer documents are physically lodged at the Land Title Office for registering into the Purchaser's name. This can take weeks for some Banks to arrange.
Should you have any queries in relation to PEXA, please do not hesitate to contact our Office for more information.
Stamp Duty for First Home Buyers
NEW STAMP DUTY MEASURES FOR FIRST HOME BUYERS
The Victorian Government has announced that stamp duty (land transfer duty) will be abolished for first-home buyers purchasing a new home with a dutiable value of not more than $600,000.
This will make the existing first-home buyer 50 per cent duty reduction that applies to the purchase of a home with a dutiable value of not more than $600,000 a full exemption. Further, duty will be phased-in for eligible first-home buyers who purchase a home with a dutiable value between $600,001 and $750,000.
Subject to the passage of the State Taxation Acts Amendment Bill 2017, the new measures will apply for all new Contracts entered into from 1 July 2017.
FIRST HOME OWNER GRANT CHANGES FOR REGIONAL VICTORIA
The Victorian Government has announced that it intends to increase the First Home Owner Grant (FHOG) from $10,000 to $20,000 for new homes built in regional Victoria and valued up to $750,000. This will apply for to Contracts signed from 1 July 2017 to 30 June 2021.
Eligible first-home buyers of new homes in metropolitan Melbourne will continue to receive the $10,000 FHOG.
CHANGES TO THE OFF-THE-PLAN CONCESSION
The Victorian Government has announced that the off-the-plan concession is being re-targeted and will now only apply to buyers who occupy the property as their principal place of residence (PPR).
Essentially, the off-the-plan concession will only be relevant to determining "dutiable value" for the purpose of the PPR duty concession, the new first-home buyer duty exemption or the new first-home buyer duty phase-in concession.
Subject to the passage of the State Taxation Acts Amendment Bill 2017, the change will apply for contracts entered into from 1 July 2017.
CHANGES TO TRANSFERS BETWEEN MARRIED COUPLES & DOMESTIC SPOUSES
Previously any transfers of land between spouses or domestic partners were exempt from paying any stamp duty, but now the exemption will only apply to a transfer relating to a property which is the couple’s principle place of residence.
Therefore, if ownership of investment property is to be changed, for instance for asset protection reasons, duty will be payable on the dutiable value of the interest being transferred.
Transfers between spouses or domestic partners resulting from the break-down of their relationship continue to remain exempt from any stamp duty regardless of whether it is their principal of residence or an investment property.
The family farm exemptions, where there is no stamp duty paid on transfers of farm land between certain family relations, will continue to be available and will not be affected by this amendment.
Please call our friendly team if you wish to clarify how these changes may affect you.