This information is for clients of Funds in Court [FIC] who are looking at buying a house using their funds in Court.

‘In principle approval’ means that the Senior Master has approved the purchase of a suitable property from your funds held in Court.

The Senior Master will make sure you can afford all of the costs associated with buying a house. This includes:

  • buying the house, apartment or unit
  • stamp duty
  • insurance
  • council rates
  • furniture and appliances
  • any disability modifications
  • renovations or extensions
  • maintenance, repairs and gardening costs
  • ongoing attendant care
  • legal costs and disbursements
  • pest, building or electrical inspections and valuations.

The Senior Master always considers your immediate and long-term needs before granting ‘in principle approval’ to buy a property.

It does not mean you can agree to buy anything at this stage. It means you can start to look at properties in the price range you are given.

Remember – do not sign any contracts or make an offer on a house at this stage. You should not tell a real estate agent the amount that the Senior Master has agreed to release from the funds. This is confidential information.

What if the Senior Master does not approve my application?

If you do not receive in principle approval, you should speak to your Client Services Officer.

The Senior Master will not approve an application to buy an investment property from funds in Court.

What happens if the client is a child?

If a property is bought from funds held in Court for a child, the Senior Master might ask the parents to contribute to the overall costs. This might be for:

  • upkeep and maintenance of the property
  • buying furniture or appliances
  • household bills.

The Senior Master expects that parents pay for these items just as they would if their child did not have funds held in Court.

If this applies to you, an agreement will need to be reached around who will pay these costs.

The Senior Master will not give ‘in principle’ approval until this has been agreed upon.

What happens next?

See Looking for a house