This information is for clients of Funds in Court [FIC] . This page outlines the requirements for buying a house using your funds held in Court.

Summary

There are a number of steps involved in applying to use your funds in Court to buy a house.

Follow these links to get more information on each step:

Step 1: Talk to your Client Services Officer

Your Client Services Officer will help you work out:

  • if you can afford to buy a house
  • if you can afford ongoing costs like council rates and insurance

Your Client Services Officer can discuss with you:

  • what type of house you need
  • where you want to live
  • if there are other options available to you.

Remember that every case will be different. You should always talk to your Client Services Officer to check what is best for your situation.

Your Client Services Officer will prepare and submit an application to buy a property from your funds in Court. They will also send you a letter which outlines all of the important information.

Step 2: Take your time

Don’t rush into a decision. You should take your time to think about:

  • what sort of house will suit your needs
  • if you can afford it.

You must never sign a contract or place a deposit on a house without the Senior Master’s approval.

If you do, and the Senior Master does not think the purchase is appropriate, you may have to pay the rest yourself – not from your funds in Court.

Step 3: Provide a National Police Certificate

A National Police Certificate is an official document which comes from the police. When you submit an application form, it allows the police to check and release your criminal history information.

The Senior Master needs this information to make sure you are able to obtain building and contents insurance. All properties bought for clients must be insured.

Your Client Services Officer will send you a copy of the application form, or you can download one from the Victoria Police website.

Step 4: In principle approval

If the Senior Master agrees with your application, you will receive ‘in principle approval’ to purchase a property from your funds in Court.

‘In principle approval’ means that the Senior Master has approved the purchase of a suitable property.

If you have in-principle approval, you can start to look at properties in the price range you are given. It does not mean you can agree to buy anything at this stage.

Read Buying a house – In principle approval.

Step 5: Look for a suitable house

Read Looking for a house for some tips on what to look for. When you find a house you like, call your Client Services Officer. They will arrange for a valuation of the property and building and pest inspections.

If you are eligible for the First Home Owners Grant, your Client Services Officer will arrange to apply for a grant on your behalf. The First Home Owners Grant will be paid into Court.

Sometimes, an Occupational Therapist will visit the property and see if it is suitable for your disability, or if it can be modified.

Step 6: Approval to buy

Your Client Services Officer will send the property valuation and reports to the Senior Master. The Senior Master will give final approval to buy the property if:

  • the property is suitable
  • the conditions of your in principle approval are met.

Your Client Services Officer will make an offer on the property on your behalf.

Your Client Services Officer will make sure the paper work meets the Senior Master’s requirements. They coordinate the contracts between the selling agent and ‘solicitor trustees’.

Read Why you need a trustee.

Step 7: Contracts

Before any contract or contract note regarding the sale of a house can be signed, the Senior Master requires that the estate agent, or vendor, include the following conditional clause:

“This Contract is subject to, and conditional upon, the written approval of the Senior Master, or another Associate Judge, of the Supreme Court of Victoria of the purchase of the property by the Purchaser within 14 days of this date. In the event that the Senior Master, or another Associate Judge, does not provide such written approval, then all moneys paid under this Contract shall be refunded in full and this Contract shall be at an end.”

If you would like to make an initial application to access your funds to purchase a property, you can talk to your Client Services Officer.