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Ask Deborah Awyzio Your Own Question
Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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My husband and I have been looking at purchasing an

Customer Question

My husband and I have been looking at purchasing an investment property. An investment company "Property Investments PTY" contacted us and after discussions selected a suitable property. During intial discussions on viability we were told that re-payments on loans for investment properties would be interest only with our total maximum out of pocket expenses (after tax refunds) would be $50 max. We were given documents to sign without time to read them or seek advice before signing. The other night the financial broker from Chatfield consultants came to see us about the loans to purchase the property, and we discovered that the loan would not be entirely interest only repayments. After 5 years we would need to start paying off the capitol as well. We were also told that the deposit was an extra $10,000 due to additional fees as we did not have enough collateral in our primary residence, and that we would need mortgage insurance. These fees and additional insurance would mean we would owe more on our primary property than it is worth. Given this I wrote to the property investment company and stated that: 1. due to the fact that the loan can longer be interest only, we would not be able to afford the re-payments; 2. Owing more on our principal residence than what it is worth puts us in a financial risky position, especially given the financial climate within my wiork industry at the moment. The response from the investment company was that we can not back out of the purchase of the property Where do I stand legally with this please?
JA: What state is this in? And just to clarify, when was the purchase made?
Customer: It is WA but the property is in Quensland and currently under construction - to be completed in November There has not been a purchase as yet, but the initial documents were signed about 3 weeks ago
JA: Has anything been filed or reported?
Customer: I am not sure I understand
JA: Anything else you want the lawyer to know before I connect you?
Customer: what is the cost for the legal advice please?
JA: You just pay a $5 deposit now and the rest only when you get a reply from the Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.
Customer: OK, my husband will want to know approx. the average cost for the consult if that's ok
Submitted: 7 days ago.
Category: Australia Law
Expert:  Leon replied 7 days ago.

Hi, I am Leon, a NSW Solicitor. I will be assisting you with your question. If you choose a telephone call, you will be charged an additional fee.

Expert:  Leon replied 7 days ago.

Good Evening.

Do you have any of the promises they made you in writing? If you do then you can sue them for misleading and deceptive conduct.

Has the bank approved the finance? and is to contract subject to finance?