Law firms have announced an increase in workload since the Rudd Government decided to extend the First Home Owner Boost for another six months.
Julie Barkla, a partner with Wisewoulds Lawyers the Melbourne property and mortgage firm, says increased work load comes from the need to check more fraudulent mortgage agreements.
Barkla has also received a significant increase in work volume due to a surge in non-conforming low-documentation sector-related delinquencies. "Financial pressures caused by an ailing economy could contribute to people's willingness to use illegal means to raise funds. ," she said.
The extended grant allows first-home owners entering contracts between 1 July and 30 September to receive A$7,000 for existing homes and A$14,000 for new dwellings, but the boost will be halved for contracts signed between 1 October and 31 December.
Unsuitable loan agreements are the main source of this new influx of work for lawyers.
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