Doing research is a must when buying off-the-plan. Here are 5 things to consider when you buy off the plan. Check the contract: It is imperative that you engage the services of a good conveyancer/ solicitor to review the contract prior to signing. There are a number of areas to review including the cooling off period, the inclusions and warranties. Look for any ‘sunset clause in the contract. A sunset clause varies from development to development but refers to the maximum time in which the developer has to finish the project. In the event that your home is not completed by this time, you can walk away from the contract and have your deposit returned. Builder: Go with a reputable developer. Do your research on your builder by performing a background check. Check they are licensed, check information about their recent developments and check online forums to see if there is any positive or negative experiences. Insurance: If the property is NOT part of a multi-unit/ multi storey development, check the property has home warranty insurance as this is the developer’s legal responsibility. Home warranty insurance will cover loss or damage If the work is not completed, breach of statutory… [Read More]
Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.
What does it mean to buy ‘off-the-plan’?
Have you been looking at the current property market and been left thinking, ‘they want what for that place? I would still need to paint the walls, do up the kitchen and build a deck for our summer parties’. Buying ‘off-the-plan’ is a way that you can have the custom home that you want with the latest design trends. Buying off-the-plan means that you are buying a property that has not been build yet, you are buying from a plan. Buying off-the-plan can be a great way of getting a brand-new home, just the way you want it, but there are some things that you should consider before signing on the dotted line. The Benefits: 1. Personalised home with a brand new feeling; this is where you make make your home your own. Most developers will offer the ability to pick your own colours and fittings 2. Stamp duty savings; Most states in Australia are encouraging new home building by providing stamp duty concessions. For more information on stamp duty concession provided by the Victoria Government see; https://www.sro.vic.gov.au/plan-sales-concession 3. Savings on price; If you get in early when buying off the plan, you may be able to save money on the… [Read More]
Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.
How to buy a home when you’re self-employed
Self-employed borrowers often come up against the challenge of not being able to present a raft of payslips and tax returns to back up their loan applications. But this need not stop you buying your dream home Many lenders offer low-doc loans for self-employed borrowers who can’t hand over payslips and employment records. This means that, rather than the usual documentation, you prove your ability to service a loan using bank statements, declarations from your accountant and financial records. Of course, as with any mortgage application, you must still prove that your income outstrips your spending and you can service the loan. Getting this right is more than presenting a lender with a few quick sums on the back of a napkin; it takes a solid six to 12 months of preparation. Here are some quick tips: Reduce debt: pay down credit cards and personal loans, and be sure to lower the credit limits as they are paid down, as lenders assess the total credit available to you as a potential debt level, not just the amount you owe. Speak to us about how the structure of your business and your taxable income will impact your ability to borrow. Do… [Read More]
Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.
5 Home Deposit Savings Strategies for the Self Employed
Saving for a home deposit can be difficult at the best of times, sometimes even harder for those who are self employed. Here are some tips to help you to save for your dream home: Save more in prosperous months: Keep sight of your bigger goal of buying a home. If you have months where you have earned extra money, consider opening up a savings account that gives bonus interest and setting aside the extra money. Every bit of savings can help! Set a goal for your home deposit: Work out how much your need including stamp duty and legal fees. Aim to save at least 20% of the property value to avoid paying lenders mortgage insurance (LMI). Be smart about your tax deductions: Self employed may be able to claim for tax deductions related to business. Speak to a qualified accountant for information about what you can claim. An accountant is a worthwhile investment to ensure you make the most of your tax deductions. Save a percentage of your pay each month: Consider using a budget tools such as the 50-30-20 budget, 50: the must haves, the necessities such as rent, groceries and utilities, 30: the wants, entertainment, clothes,… [Read More]
Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.
Rentvesting. Is this the solution for First Home Buyers
Are you are first home buyer and having trouble getting into the property market? Rentvesting may be solution the solution for you. As property prices continue to rise, purchasing in a centrally-located or sought-after area is out of reach for the average working millennial. Instead, many are opting to rent rather than buy as it means not having to compromise their inner city lifestyle. But for those who are still eager to enter the market, there may be a way to get the best of both worlds. Rentvesting Rentvesting is the term used for buying a property in a more affordable area as an investment, while continuing to rent the home where you currently live. It is an option for those who are keen to get onto the property ladder, but simply cannot afford to buy a home in the area which they desire to live in. The why? Do you need some convincing? Rental growth is on the increase across the country as the great Australian dream becomes further out of reach Vacancy rates are tight across the country, with the number of empty properties in Melbourne at record lows There has been continued capital growth, which means that… [Read More]
Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.