Latest news with #deposit
News.com.au
6 days ago
- Business
- News.com.au
Vic homebuyer risks losing deposit after ‘stratum' mistake in VHF
A Victorian first-home buyer has revealed they might lose their $43,000 deposit after trying to use a recently extended state government support program. And it's not yet clear if the soon-to-be implemented federal program that mirrors it will contain the same trap. Earlier this month state Treasurer Jaclyn Symes announced access to the Victorian Homebuyer Fund would be extended beyond its June 30, 2025, deadline — until an $800m funding top up provided in the 2024 budget is exhausted. Melbourne first-home buyers share tips on how they're getting ahead Call to give Boomers $1m housing tax cut But a Reddit user over the weekend has revealed missing a fine print clause while trying to use the scheme could be set to cost them their home deposit. The VHF specifically prohibits purchases for homes that have a stratum title. This refers to a home where common areas are owned by a company, and buyers receive shares in that company. It is different from strata homes, which are typically accepted by the VHF, in which you share ownership of the land underpinning common areas. The Reddit user's post revealed they were now seeking ways to try and avoid forefitting their deposit, after committing to a purchase contract, but were becoming worried this might not be possible. The government was unable to confirm exact numbers of buyers who have had applications rejected by the scheme, but said it was rare as the bank lenders that back it typically spotted issues ahead of a contract being signed or a formal application being made. Prominent buyer's advocate Cate Bakos said even most banks would not lend more than 60 per cent of the cost of a stratum titled property — meaning first-home buyers rarely purchased them. 'And the VHF are very fussy and particular; if there are any quirks, you need to make sure they are comfortable before buying,' Ms Bakos said. While noting the government co-buying scheme would suit some buyers, she said issues with stratum purchases was just one of a number of reasons it was better for homebuyers to seek alternative support programs. 'You are in bed with the government, and if that can be avoided and you can buy something under tour own steam, that would be my preference for people,' Ms Bakos said. Her advice for first-home buyers considering it was to look at alternatives, such as the First Home Guarantee – which could help you buy a home with a more modest 5 per cent deposit. Ms Bakos said the Victorian government should be reconsidering its current stamp duty concession thresholds, noting that it was now lower than that offered in Tasmania, where first-home buyers pay no stamp duty for homes worth up to $750,000. 'We need to redefine our caps on stamp duty concessions, we have not kept up with the pace of growth,' she said. 'It is fantastic for first-home buyers, but not if it's out of date. Finding something suitable for under $600,000 is getting very challenging.' In this year's budget the state government did announce a $61m top up to the stamp duty concession program in order to continue funding it, but did not extend the caps on purchase prices — which remain the same as in 2017. While there are potential pitfalls to co-buying schemes with the government, Victorians might be among a limited few nationwide to potentially have their choice of purchasing alongside the state or federal government. The VHF had been slated to end on June 30, 2025, but with an extension the government expects to help another 2600 more Victorians — over the next few months. Treasurer Jaclyn Symes said the extension was a 'massive win for young families and young Victorians'. 'Extending the fund will make a real difference and help more Victorians get into a home sooner,' Ms Symes said. However, a similar federal scheme called Help To Buy is slated to commence in the second half of this year. Depending when that happens it is possible Victorians might be able to choose between the two programs for a short time. While they both offer a shared-equity arrangement with the government, there are significant differences. The Victorian scheme is available for those with an at least 5 per cent deposit and could have up to 25 per cent of the home paid for buy the government. The figures are a 3.5 per cent deposit for an up to 35 per cent buy-in from the government for those of Aboriginal and Torres Strait Island descent. Purchase prices are capped at $950,000 in Melbourne and Geelong, or $700,000 around the rest of the state — an increase from when the program was first implemented. It is not limited to first-home buyers and has supported a number of those who sold homes during divorces and were unable to repurchase a residence, but buyers cannot earn more than $140,230 a year income as singles, or $224,370 as a couple or single parent. There are also limits on the types of homes barred, such as those subject to stratum titles (not strata, a common title for apartments, units and townhouses). Since its launch, the typical purchase price has been $615,000, and it has assisted 15,400 Victorians to purchase a home — more than two thirds of them first-home buyers. The federal scheme is still listed to commence in the second half of 2025 and will offer an even more generous support, covering up to 40 per cent of the purchase price for a new build and 30 per cent for an established home. In the lead up to the May election had its price caps raised to $950,000 in metropolitan areas and $650,000 in regional ones. It is likely to be more competitive than the Victorian scheme has been, offering 40,000 places over four years nationwide. In order to get the same number of places as they have typically used a year since the VHF commenced, Victorians would need to claim about 40 per cent of the annual 10,000 total. Income caps are also lower than the Victorian scheme, topping out at $100,000 for singles and $200,000 for couples and single parents. However, the federal scheme only requires a 2 per cent deposit. It specifically prohibits applications for those using other shared equity schemes, but it is not yet known if it will bar the purchase of fine print terms such as stratum.
The Guardian
20-07-2025
- Business
- The Guardian
Rental deposit scheme ‘puts millions in the pockets of landlords'
The official deposit scheme for renters is 'putting millions in unscrupulous landlords' pockets', campaigners have said. Almost half (46%) of renters said they did not know they could challenge deposit deductions they deemed to be unfair. Only 4% have used the formal dispute resolution process to try to reclaim the money. Dan Wilson Craw of Generation Rent, the campaign group which conducted the research, said the system was 'failing renters who are put off from challenging unfair deductions by unclear rules, and threats and delaying tactics from landlords'. He added: 'Ultimately, that puts millions more in unscrupulous landlords' pockets. The uncertain timescales and unclear rules of the deposit system, as well as obstructiveness and threats from some landlords, mean that accepting unfair deductions to get some cash back quickly can feel like the better option.' The research, based on a nationally representative survey of 2,000 private renters, found that a quarter of tenants who did not challenge unfair deductions said their landlord either threatened to make a larger claim if they raised a dispute, refused to take part in the adjudication process or had not protected the deposit in the first place. Data from one deposit protection scheme, TDS, showed that 77% of tenants got some of their disputed deposit back and 32% got all of it back. Generation Rent analysis found tenants who disputed deductions won 79% of the disputed money back on average. 'Because challenging deposit deductions is usually worth it, renters put off from doing so are losing hundreds of pounds of their own money,' said Wilson Craw. 'The government's review of deposit protection is an opportunity to build trust in the system so tenants have the confidence to challenge unfair landlord claims.' Landlords must legally put a tenant's deposit in a government-approved tenancy deposit scheme. There is a free dispute resolution service for tenants who disagree with their landlord on how much deposit should be returned. Ministers have said they were reviewing the system and 'identifying areas for improvement'. Generation Rent said it wanted to see a 14-day deadline for deposits to be returned at the end of a tenancy and landlords to be legally compelled to take part in a dispute resolution if a tenant pursued it, with disputes resolved within 10 days. It also said landlords and agents who broke the rules, or made repeated excessive deductions, should face 'meaningful penalties'. The Ministry of Housing, Communities and Local Government has been contacted for comment.
Daily Mail
16-07-2025
- Business
- Daily Mail
Louis was about to buy his first home after working six-day weeks for years. But with just a click of a button, the young tradie lost everything
A young tradie who spent six years working to save for a house deposit lost $110,000 in the single click of a button after falling victim to an elaborate scam. Sydney electrician Louis May, 24, found the perfect apartment to buy as his first property in July last year. He said it needed a little work but he was overall 'very excited' about getting to own his first home, having worked six 10-hour days a week for years. As he moved forward with the property purchase, his lawyer contacted him from two different email addresses. When he received an invitation to sign a Property Exchange Australia (PEXA) form from a third email address, he thought nothing of it. Mr May even contacted his bank, Commonwealth Bank, to check everything was above board before following the instructions enclosed in the email which asked him to deposit a maximum of $100,000 at a time in the PEXA fund. However, come the day of his property settlement, Mr May's lawyer called him to say the $110,000 transfer was not in his account. 'I said, "I did what you had told me"... he said, "I'd never emailed you a PEXA form",' Mr May said on SBS Insight. 'My heart dropped. 'That was the moment that I realised I was scammed.' Mr May's mother Alex Brooks helped him to try trace the origins of the scam. 'Someone obviously had breached his confidential home-buying details,' she said. She talked with multiple cybersecurity experts and paid thousands for online forensics experts. Ms Brooks maintains her son was not responsible for the breach of his personal and purchasing details. CBA ultimately offered him $1,000 in compensation which he flatly denied. 'It beggars belief what goes on as people try to seek justice and restitution,' Ms Brooks said. Mr May was fortunately able to receive a loan from a family member, allowing him to settle on the apartment albeit with an extra $600 interest rate each month. 'It's pretty heartbreaking,' Mr May said. 'I'll just start again, I was supposed to renovate, I was supposed to do a lot. 'But, in that time, all I have done is just kind of put a bed in and just got straight to back to work... it's taken a toll on me.' Agent Cody Nagel, of the Joint Policing Cyber Crime centre at the Australian Federal Police (AFP), said a cybercrime is reported every six minutes in Australia. He said the AFP is trying to bring public and private sectors together to interrupt criminal scammers and prosecute those responsible. 'We acknowledge that we can't actually arrest our way out of this problem,' he told the program.
The Sun
15-07-2025
- Business
- The Sun
Mortgage guarantee scheme offering 95% loans confirmed in government plans
FIRST-TIME buyers with 5% deposits will continue to get help through a mortgage guarantee scheme, the government has confirmed today. The new scheme will be permanently launched from this month and means first-time buyers can borrow up to 95% of the home price. 1 It replaces the previous Mortgage Guarantee scheme which first launched in 2021 and ended last month. Plans to relaunch the scheme were initially laid out in the Chancellor's Spending Review earlier this month. The move, reiterated in government documents published today, allows buyers to purchase a home across the UK with just a 5% deposit. The government then provides a guarantee to the lender to cover some losses if the buyer cannot repay their mortgage and the property gets repossessed. It is significantly lower than the 10% or 20% deposit many lenders ask buyers to pay when securing a home. For example, if you bought a house for £350,000, you would only need to pay a deposit of £17,500. Someone required to pay a 20% deposit on a property of the same value would have to make a down payment of £70,000. Since the scheme began, over 53,000 mortgages have been completed using it, with a total value of £10.7billion as of December last year. The small deposit mortgage deals were previously popular leading up to the 2008 financial crash but were phased out afterwards. The scheme has been hailed as an accessible way for buyers to get on the ladder. But the larger loan-to-value ratio for the mortgage means buyers will pay higher interest rates when they make repayments. Rachel Reeves FINALLY addresses Commons tears after she and Keir Starmer put on awkward show of unity Peter Stimson, director of mortgages at lender MPowered Mortgages, said the move comes "a year too late". He said: "The mortgage market has changed a lot since Rachel Reeves swept into 11 Downing Street last July. 'The Base Rate has come down by a full percentage point and hundreds of 95% LTV mortgage products are now available. 'Every lender who wanted to offer a 95% loan is probably already doing so. "The Chancellor's announcement is unlikely to make dozens more suddenly follow suit - as the price of entry is unknown and will vary each year." Many lenders are offering their own take on the 95% mortgage. Nationwide just recently launched a 95% mortgage for buyers looking to purchase a new build home. The offer also allows customers to borrow six times their annual income through its Helping Hand scheme. Elsewhere, Skipton Building Society offers a 100% mortgage deal that allows you to buy a home without a deposit. A similar mortgage deal was recently launched by April Mortgages too. ALL CHANGE Mortgages will also be available at over 4.5 times a buyer's income, following recommendations from the Bank of England to loosen lending rules. This will create more than 36,000 additional mortgages for first-time buyers over the first year, the Government said. Britain's biggest building society Nationwide also announced plans last week to make its "Helping Hand" mortgage scheme for first-time buyers available to people on lower incomes. From Wednesday, eligible first-time buyers can apply for Nationwide's Helping Hand mortgage with a £30,000 salary, down from £35,000, and joint applicants with a £50,000 combined salary – down from £55,000. It has been estimated that this will support an additional 10,000 first-time buyers each year. Brian Byrnes, head of Personal Finance at Moneybox, said: "It is encouraging to see steps being taken to support first-time buyers. "Enabling people to borrow more is not a silver bullet. "What first-time buyers truly need is not just the ability to take on more debt, but meaningful, long-term support to help them start saving and investing earlier in life so they can build up that all-important deposit." Elsewhere, plans to cut the tax-free allowance for cash ISAs have been put on hold by the Chancellor, after speculation that reforms to the savings account would also be announced. What help is out there for first-time buyers? GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home. Help to Buy Isa - It's a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move. These accounts have now closed to new applicants but those who already hold one have until November 2029 to use it. Help to Buy equity loan - The Government will lend you up to 20% of the home's value - or 40% in London - after you've put down a 5% deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property. Lifetime Isa - This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25% on top. Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25% to 75% of the property but you're restricted to specific ones. Mortgage guarantee scheme - The scheme opens to new 95% mortgages from April 19 2021. Applicants can buy their first home with a 5% deposit, it's eligible for homes up to £600,000.
Geek Girl Authority
15-07-2025
- General
- Geek Girl Authority
Top Mistakes Beginners Make in Online Slots
Beginners often come to gambling with a simple desire to try something new and relax. Slots seem like an easy way to start: the interface is clear, there are few rules, you launch it and see if you get lucky. However, behind this apparent simplicity there are casino online nuances that inexperienced players either do not notice or ignore. As a result, not only money is lost, but also interest in the game. 1. Ignoring the rules of a particular game Each slot is not just spinning reels, but a separate system with its own rules and features. Beginners often skip the introductory information, considering it boring or unimportant. And then they wonder why the bonus did not work or the bet did not bring a win. Before starting, it is worth studying: How payouts are calculated and which symbols are considered winning. How many active lines are there and can they be changed. Under what conditions the bonus round is launched. Are there any special functions like respins, multipliers or a jackpot. This data will help to avoid chaotic bets and understand what to really expect during the game. 2. Lack of control over the deposit Many beginners play 'on emotions' – they increase the bet after a failure, do not set limits, and hope to win back. As a result, the bankroll burns out in one session, and everything ends in irritation. To prevent this from happening, you need at least some kind of plan, even the simplest one. Common mistakes when managing a budget: Playing without a time or amount limit. Replenishing an account during the game due to a loss. Bets exceeding 5-10% of the entire balance. If you distribute the deposit in advance and stop when you reach the set limit, the game will remain under control. 3. Belief in 'patterns' and myths Some are convinced that machines give out winnings in 'cycles': now the slot is 'on the return', and this one 'gives nothing'. In fact, all licensed slots use a random number generator. The result of each spin does not depend on the previous one. Such myths give rise to false hopes and draw you into the game further, when it would be worth stopping. The player begins to 'catch up' with the winnings, which may not be there in the next few hours. Therefore, it is important to understand: no slot is obliged to give anything. 4. Neglecting the free mode Newbies often think that the demo is a waste of time. In fact, it is a free opportunity to understand the mechanics of the game and study the behavior of the machine without the risk of losing money. This is especially useful when you first get to know a new slot. Training in the demo helps to identify how quickly the balance is spent, how often bonuses appear and how convenient it is to manage bets. The experience from the free mode will come in handy in the real game. 5. Playing when tired or irritated Few people pay attention to the mood in which they sit down to play. Meanwhile, fatigue or irritation sharply reduces concentration. This provokes rash bets, impulsive actions and, as a result, losses. It is best to play when you have time and peace. If gambling has become a way to distract yourself from problems, you should take a break and not open the slot game 'on the machine'. Control does not begin with the 'spin' button, but with the realization of why you opened this slot at all. THE LIBRARIANS: THE NEXT CHAPTER Recap: (S01E09) And the Feast of the Vampir RELATED: TV Review: The Librarians: The Next Chapter Season 1
