Home News Tasmania to introduce vendor disclosure legislation

Tasmania to introduce vendor disclosure legislation

Font size :

By Robert Carry

The Tasmanian House of Assembly has passed vendor disclosure legislation which will force sellers to inform potential buyers of any known defects in properties.

The move will mean greater protection for homebuyers and penalties of up to $6000 for sellers who fail to disclose faults in a timely manner.

Consumer Protection Minister Lisa Singh said that vendors need to be upfront in disclosing any issues they are aware of. She continued, "I don't want to see situations where families purchase their first home only to find out down the track that that deck out the back didn't get council approval and they then have to pull it down and go through the whole planning regime again, leaving them thousands of dollars out of pocket."

The laws, which still to pass through the state's Legislative Council, are set to come into force by mid-2010.

 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

House prices return to more affordable levels in mining towns House prices return to more affordable levels in mining towns

While the end of the mining boom has had a negative impact on property prices, homes in the region have become more affordable Read more

Borrowers should anticipate a possible rate hike Borrowers should anticipate a possible rate hike Some experts advise borrowers to look for a fixed loan that allows extra repayments so that they can whittle down the balance sooner ... Read more

Why choosing the right mortgage is hard for first-home buyers Why choosing the right mortgage is hard for first-home buyers Many feel overwhelmed by the sheer range of products and interest rates on offer, a new survey reveals ... Read more

Mortgage applications drop in second quarter Mortgage applications drop in second quarter This marks the “beginning” of a downward trend, says Equifax executive ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Jul 27, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords