Your guide to buying an apartment

FUND BUILD MANAGE

Building on Partnerships since 1977

YOUR GUIDE TO BUYING AN APARTMENT A LIFESTYLE, NOT JUST A HOME

AT PINDAN, OUR REPUTATION FOR DEVELOPING AND BUILDING HIGH QUALITY NEW APARTMENT DEVELOPMENTS IS SECOND TO NONE

CONTENTS BUILDING ON PARTNERSHIPS – PARTNER

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WITH PINDAN WHAT TO EXPECT – MAKING THE MOVE

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TO APARTMENT LIVING EVERY DETAIL OF EVERY NEW

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APARTMENT – THE BENEFITS OF APARTMENT LIVING OFF THE PLAN VS ALREADY BUILT – THE

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ADVANTAGES OF BUYING OFF THE PLAN YOUR FIVE POINT CHECKLIST – WHAT TO

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ASK WHEN BUYING AN APARTMENT COSTS OF APARTMENT LIVING – AND

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POTENTIAL ONGOING EXPENSES Buying an apartment can be challenging, unless you have the right partner. For over 40 years, we have built foundations based on our ethos – Building on Partnerships.

Together we will help you navigate the transition from home ownership to apartment ownership.

From a first purchase, to downsizing or investing, we’ll explore the reasons, options and benefits of purchasing an apartment. This guide is intended to provide the knowledge you need to make a well informed decision and know the ins and outs of apartment buying before you embark on this exciting, new journey.

If you already know you want to purchase an apartment or are looking at options, this booklet will guide you through everything you need to know about why apartment ownership is a sound investment and positive lifestyle change.

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OWNERSHIP LEGALITIES – WHAT YOU

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NEED TO KNOW THE BUYING PROCESS

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THE SETTLEMENT PROCESS

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PURCHASING PROPERTY AS A FOREIGN

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INVESTOR YOUR APARTMENT BUYING CHECKLIST

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PINDAN AWARDS & ACHIEVEMENTS

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BUILDING ON PARTNERSHIPS OVER 40 YEARS OF EXCELLENCE At Pindan, we have been delivering excellence in construction for over 40 years. Today, our integrated property group’s expertise to FUND BUILD MANAGE property Australia-wide, has a deserved reputation for achieving solid results.

Operating since 1977, and still directed today by our founding partners, Pindan has withstood the test of time to emerge as a market leader. A top performer from inception, our focus on conservative growth and diversification translates into stability and security for all who rely on us.

Pindan offers a comprehensive range of services including funds management, development, design and construction, development management, asset management, project marketing and sales across multiple property sectors.

In order to best serve our clients, our operations span Australiawide, from our head office in Perth to our 7 regional offices throughout Western Australia and state offices in Sydney and Brisbane. Pindan employs around 350 people, matching local knowledge and expertise to create greater opportunities that ensure successful outcomes.

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Pindan has performed strongly throughout its history and with an annual turnover of AUD$500m has seen significant growth in its asset base, with Pindan’s brand well recognised and trusted as a symbol of quality and reliability.

The confidence our clients have in our capabilities is evident by our consistent pipeline of development, investment and construction projects.

Coupled with a reputation for proven delivery, our extensive portfolio speaks volumes about our expertise and can-do commitment.

Solutions-driven and approachable, our loyal staff foster warm relationships with our clients, resulting in a consistent team throughout every project.

Coupled with our flat, streamlined structure, our clients enjoy efficient decision making and timely resolutions along the way.

Building on Partnerships is an ethos that has seen Pindan grow with our personal and collective commitment to get the job done. It sets Pindan apart and empowers us to FUND BUILD MANAGE property seamlessly for our partners. It is the reason why our clients choose us time and again, safe in the knowledge that we truly embody Building on Partnerships.

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WHAT TO EXPECT MAKING THE MOVE TO APARTMENT LIVING AND OWNERSHIP

Location

Low ongoing costs

There is no question, the number one advantage of apartment living is location, location, location and the top consideration for all buyers, apartments or otherwise.

Apartments are often cheaper to maintain than a traditional detached home for two key reasons. Firstly, new apartments are low maintenance as everything is new, whereas older established homes require continual and often costly maintenance. Secondly, building insurance and all the general maintenance of common areas and property in an apartment development are undertaken by the body corporate, with multiple owners contributing financially to these costs. Plus you don’t have the hassle of gardening, reticulation and landscaping and your heating and cooling charges may be offset by energy saving features as part of the amenity.

As a culture we love to be a part of it. A part of a bustling metropolis - the coffee strip, shopping, entertainment, transport, with ease of access to natural wonders - a well-connected community. With Australia’s massive urban sprawl, quarter acre blocks and large, new family homes are now relegated to the outer regions of a CBD, whilst apartments tend to be built in enviable suburbs and well established areas close to the action.

Buying an apartment as a single, couple, family, downsizer or investor allows you to avoid the daily commute and ‘rush hour’ and enjoy more hours at home or exploring a leisurely lifestyle.

Sense of community The attraction of new apartments is that most new or planned developments are in well-connected locations.

There is usually already an established local community with a myriad of social opportunities that will make your new place soon become home. Most new apartment developments also offer some common facilities or commercial tenancies at ground level that facilitate the opportunity for casual interaction and a sense of community.

You’ll find our medium to high-density apartment projects across the country - with new apartments for sale in Perth, Sydney, the Gold Coast and Sunshine Coast in QLD - from studio apartments to luxury apartments, off the plan and already completed.

What’s more, as one of Australia’s largest multiunit residential builders, with integrated capitalto-construction-to-completion capabilities, the Pindan name is a guarantee of quality, both in terms of construction methods and the end product – new apartments that set the benchmark within the community.

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Having long been considered an attractive living option to those seeking diversity, convenience, low maintenance and increased security, apartments are becoming an appealing option for owner-occupiers and investors over larger, higher maintenance urban sprawled ‘Australian dream’ homes.

The affordability issue with housing that we see today has elevated the perception of the apartment in the Australian psyche from an investment vehicle to an aspirational home - the new wave of the “Aussie dream.”

For those living alone, apartments offer a social setting as well as simplicity and low maintenance living. From a lock and leave appeal to greater security to lower capital expenses, apartments offer a great deal of benefits no matter where you are in life.

It’s new Who doesn’t love new? Owning a new apartment means exactly that – it’s brand new. Think modern appliances, better energy efficiency and more environmentally friendly. Rental tenants also prefer new, and due to new apartment developments being located in wellconnected areas typically closer to work places, rental demand tends to be higher.

Amenity Apartment facilities can vary greatly but generally are part of the attraction to apartment living, allowing you to enjoy more of a resort lifestyle instead of suburban living. Knowing what is important to you is especially significant in choosing the right apartment development.

Many offer a range of facilities including pools, communal BBQ’s, gyms and saunas, lounges and private dining rooms, rooftop terraces, covered and secured parking, store rooms and high tech security systems.

Knowing what you consider important will significantly aid your buying decision. You may not need the luxury of an infinity pool, city views or a communal kitchen area worthy of a master chef, but do want secure parking, intercom, plunge pool and outdoor BBQ facilities. All of these additional amenities directly affect strata fees and body corporate responsibilities, so if you aren’t chasing all the luxuries you won’t need to pay for them if you find a development that suits your needs.

Safe and secure As ‘safe as houses’ should really change to AS SAFE AS APARTMENTS. With integrated intercoms, security systems and key card access, as well as secure parking with restricted access and residents looking out for each other, apartments are a safer place to call home.

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Approach

Bedrooms

The building

What are the important factors for you? Target developments that tick off key ‘must haves’. Your first step should be to look at areas/suburbs you are attracted to and get to know the neighbourhood and surrounding amenity – is it an area you are familiar with, or want to live in?

Now that you have shortlisted your apartment development, you’ll need to look at the specific apartments that best suits your needs. Are you looking at a studio apartment, one, two, three or four bedrooms? One or two bathrooms or larger entertaining areas?

Are you considering an apartment as an investment? If so, consider markets with the best possible potential for growth and also take into account that features tenants may want – on the flip side, as an owner occupier you’ll want to see what the suburb offers you.

The size and configuration of the apartment is a very personal choice and dependant on your circumstances and budget. No apartment configuration is better than another, however a two bedroom, two bathroom apartment is the most common configuration and a popular choice due to its flexibility.

You’ll want to be on the lookout for buildings that offer something a little unique to their competitors, but keep in mind what is actually on your checklist. It’s great for a development to have more open space, common areas or additional pools, but if you know you won’t use them this will directly impact the cost of your investment. You might want to consider views, sunlight and exposure into the apartments, the orientation of the building for natural breezes, resident/visitor parking, storage and the general look and feel of the apartment building.

Select the best size and quality property for your budget, taste and the area to ensure you don’t over capitalise.

EVERY DETAIL OF EVERY NEW APARTMENT THE BENEFITS OF APARTMENT LIVING Apartments have become an increasingly popular housing choice in recent years, with developers taking every opportunity to provide exciting new residential living options that cater to different lifestyle needs.

And it’s not just about the location of the development, but also the location and orientation of your apartment within the building that also holds some advantages.

Each apartment development by Pindan has been carefully designed to take into account liveability, comfort and style, ease of furnishing and maintenance, as well as aspects that make a new apartment a high value asset that will sell or rent well.

You should start with 2-4 options across a range of offthe-plan or newly built apartments in areas that interest you. Get to know the developments, the local areas and the options available so you can compare and contrast the apartments available within your budget, with the options that ‘tick your boxes’ and eliminate those that have features you don’t need.

Looking at options that are not just ‘in your own backyard’ but further afield will make investing and owning an apartment one of the best decisions you make.

As a general rule, if you want a luxurious apartment with all the mod cons, high quality finishes and top of the range appliances, don’t consider developments that are targeting mainly investors and on the flip slide, if you don’t want to pay excessive strata fees for amenities you know you won’t use, don’t look for apartments with extravagant common areas and facilities.

Location Location plays a large role in home ownership. Obviously every suburb has its own perks and there is no hard and fast rule about an area being ‘right’ or ‘wrong’. Location can and does attract people due to the local amenity, atmosphere and general lifestyle choices available – each has their own advantages and disadvantages.

What to consider: • Do you want or need access to the CBD, entertainment hubs, universities, schools or hospitals?

• Is it within walking distance to train stations or other public transport?

• Close proximity to local cafes and restaurants?

• Walking distance to natural amenities like beaches, parks and public open spaces?

• Are views important to you? Do you want river, city, beach or park views?

A ‘2 x 2’ can be used for singles or couples wanting a bit of extra space (you can use the second bedroom as a spare, study, wardrobe or storage room), it accommodates a single/couple with a child, and suits those downsizing from a large house, or tenants who wish to share.

One bedroom apartments or ‘1 x 1’ are also popular with investors, first home buyers and singles wanting to move into their own, affordable space.

Three and four bedroom or 2 bedroom plus study apartments are usually purchased by owner occupiers and increasingly, are becoming the domain of downsizers looking to free up the capital from an older home to move into a low maintenance, lock and leave vertical community that offers the freedom to travel and really enjoy life.

Interior design It is important to confirm what works are completed by the developer as part of the apartment construction to understand the finishes and what is included as it can be difficult to visualise for off-the-plan purchases. Most developers engage an interior designer due to the nature of apartment living and wanting a cohesive, designed effect or flow, with a professional able to significantly impact the harmony of the space. If your apartment is newly built, you will of course have had the opportunity to walk through a display or the apartment itself to view the design and finishes.

Structure If you would like any changes to your apartment, consider these before purchase. Also on your checklist should be the number and location of power and data points within your apartment, because once the building is completed, it may be difficult to make changes.

Also consider the overall quality and workmanship and if purchasing off-the-plan, ask if there is another apartment project you can inspect to view quality and finishes from the same developer.

Car parking Car ownership in Australia is high and having the flexibility to get somewhere without public transport often makes car parking facilities a key decision factor. Is the development offering you a designated car bay/s? Is there sufficient visitor parking? Is the parking secure and protected? Street parking can be minimal, especially for high density apartment developments, so having a designated area is important.

Rubbish Something that is often missed in discussions is waste removal, however this is an important aspect when you purchase in a shared building. Ask what the waste disposal arrangements are. Do you need to walk down any stairs to access bins? Do you have your own bin or is it shared? Are the bins in a lockable or secure area and is the smell contained? Finding out the details on your waste disposal may be a smelly conversation but you’ll be glad you asked before moving in and finding out the arrangements are not what you hoped for.

Apartment legalities Read and understand the title documents as soon as you are ready to purchase an apartment. The type of ownership over the property is very important when considering what apartment to purchase and in which building. Apartments usually fall under Strata Title Ownership, where you own the property like you would a house but there are certain general rules and regulations, known as by-laws, that need to be followed as an owner.

You’ll also want to become familiar with the impact and importance of a body corporate on your property.

The Body Corporate is a legal entity of owners and it is responsible for maintaining areas of the building including but not limited to common area maintenance, building insurance, capital improvements and public liability insurances. Your body corporate fees and sinking fund fees will be dependent on the particular development and the number of amenities it includes and are outside the costs of your purchase.

• Are employment prospects close by?

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FUND BUILD MANAGE | 9

Benefits of buying off-the-plan?

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If you get in early or in the ‘coming soon’ phase you are rewarded with the largest choice of floor plans, bedroom configurations and level of the building for optimal views, and often the lowest prices.

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You have the ability to customise your apartment.

Typically there are a range of colour schemes to choose from and upgrade packages available.

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Special requests may be taken into account with regards to accessibility, design, functionality and potential fittings and fixtures.

4. Your apartment is brand new, clean and modern.

OFF THE PLAN VS ALREADY BUILT THE ADVANTAGES OF BUYING OFF THE PLAN Buying an apartment can involve buying one that is complete and brand new or already lived in, or one that has not yet been built or is under construction, which is called an offthe-plan purchase and is common practice in apartment buying.

Most developers will not commence building an apartment project until a significant number of apartments have been presold. This is because these off the plan apartment sales are generally used to achieve construction funding from financial institutions.

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New buildings will have better technology systems and features than established apartment projects.

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You have the peace of mind of warranties being included for all fittings, appliances and workmanship.

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Maintenance and repair costs should be minimal given the age of the building – being brand new has its perks.

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Between sign up and settlement you only have to pay a deposit. The balance is not payable until the build is complete so you can lock in ‘yesterday’s pricing’ and not pay until ‘tomorrow.’

What is off-the-plan?

Essentially the property is not yet built, or is in the process of being built but is not yet complete. From purchasing off “artist impressions” (computer generated images) to nearing completion you can purchase off-theplan and there are plenty of benefits to purchasing at this stage.

Why buy off-the-plan?

Buying into a brand new building can be safer as you are guaranteed no wear and tear and no-one has previously lived in or owned your property. For investors, purchasing or investing outside of your local market and having the flexibility to purchase in another state without having to ‘inspect’ the property is not only time saving, but you can purchase knowing what to expect without physically being there. New properties offer the greatest amount of depreciation savings in year one, allowing you to reduce your taxable income. You can claim on the building depreciation as well as the internal fittings and fixtures, and over the life of your investment. This can give you a significant tax deduction.

When purchasing off-the-plan there is the added bonus of only needing to provide a small deposit, with the balance of payment due when the building is complete, rather than requiring a mortgage straight away to purchase your apartment.

Many developers have built apartments before. For peace of mind, you can request details on past projects and potentially look through one of their previous developments.

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Your deposit is placed in an interest bearing trust account and is credited to you at settlement.

10. For investors there is higher depreciation in the early years that will benefit your property portfolio value.

11. If you are looking at renting out your apartment there is greater appeal for new, modern buildings.

It’s also important to understand exactly what you are buying so you aren’t left disappointed. Always ask the sales representative or developer for more information should you need it.

YOUR 5 POINT CHECKLIST 1. What are the strata fees and what is included? (What do you consider important/necessary?)

2. What is the owner occupier to investor ratio?

3. How many apartments are in the development?

4. How exclusive is the development and how much competition is around?

5. What is the access and security of the development and access to the apartments?

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COSTS OF APARTMENT LIVING WHAT TO CONSIDER WHEN PURCHASING YOUR APARTMENT Your most significant cost is the purchase itself, however there are a number of costs outside of the purchase price that you will need to consider. Note that as the purchaser of an “off the plan” or newly built apartment from a developer you won’t need to pay a fee or commission to the listing/sales agent, unless you have appointed a Buyer’s Agent. You should take into account the following additional costs when purchasing an apartment.

Stamp duty This is paid by the purchaser to the State Government and is based on a sliding scale depending on the purchase price of the property.

Information on your respective State Government fee scales can be found online or from the selling agent.

First home owners grant If you are a first home buyer you may be eligible for the First Home Owners Grant (FHOG). The stamp duty rate is concessional depending on the dutiable value of the property being below certain thresholds (these are different from state to state). Refer to State Government websites to get the current First Home Owner Rate of Duty.

Legal fees There may be legal fees associated with assisting you in the purchase and transfer/ settlement process. These typically sit between $1000-$2000.

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Settlement adjustments At settlement there will be some adjustments to be made. These can include rates, land tax liability and body corporate fees. The settlement statement will set out the adjustments that need to be paid at settlement. Your conveyancer or settlement agent will resolve this for you.

Body corporate expenses Under strata title there will be annual Body Corporate fees. If the building is complete you can request to see the financial budget/ statements and minutes of previous meetings to get a breakdowns of costs associated with your building.

As well as annual fees you should take an active interest in your body corporate activities and ask about upcoming capital works as you may be required to contribute to these.

Ongoing expenses Your most common ongoing expenses include: • Body corporate levies • Local government rates • Water usage, electricity and/or gas charges • Contents Insurance • Internal maintenance.

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OWNERSHIP LEGALITIES WHAT YOU NEED TO KNOW Apartments are typically owned within a strata title scheme that is governed under the Strata Titles Act in each state. The most important aspect to understand is that beyond your apartment, you are purchasing a share in all the communal spaces within the building i.e lift, pool, gardens, corridors and the grounds. This is known as the common property of which all owners are jointly responsible.

The Body Corporate

Purpose of an AGM:

Body Corporate levy and fees

Made up of the owners, the body corporate may decide to engage a Strata Management Company to look after and administer the running of the building and coordinate maintenance. The Body Corporate creates and enforces the body corporate rules (e.g. no smoking, pets permitted, etc.) You will automatically become a member of the Body Corporate when you purchase an apartment, and to ensure the Body Corporate is doing its job you need to understand the responsibly of the group.

Held annually, the Body Corporate should discuss:

Known as a strata fee, these annual contributions from each owner cover the costs of running the building and may include items like building insurance, maintenance, salary of the building manager and costs of running the Body Corporate administration – the Strata Manager.

This is coupled with/or includes a Sinking Fund contribution so the long term capital replacement of common areas (e.g. carpet in the lounge, new pool pump, etc.) can be paid for without incurring a special levy.

Unit entitlement is a number assigned to each strata lot. This determines the portion of the Body Corporate budget that your apartment is responsible for. The unit entitlement table is shown in the contract of sale or on your title documents.

Responsibilities of the Strata Manager: • Manage, maintain and repair common property • Create and implement a long term maintenance plan (so there are no big surprises where as an owner you will need to financially contribute) i.e. repainting of the building • Organise the Annual General Meeting (AGM) • Keep minutes and records of the AGM and all meetings for owners to read and analyse • Keep financial statements/records so all owners can see the financial position • Collect Body Corporate levies/fees to fund the operation and maintenance of the building • The administration of the Body Corporate

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• Financial statements for the year, and the budget for the next year • Planned or needed maintenance of common property/areas • Insurance and other expenses • Service contracts • Long term maintenance plan • Building manager review, voting of chairman and owner’s committee.

Minutes will be written as a record of the AGM. Potential purchasers should read the last two year’s meeting minutes if you are planning on purchasing an apartment already built. These will tell you if there are any issues or upcoming maintenance for the building.

Owner’s committee

Body Corporate fees may seem expensive if you’ve not lived in a shared building. Unlike houses where issues can go unnoticed for years and then are costly to rectify, apartments have a group of owners with a shared interest in the upkeep of the building. Maintenance is completed regularly to ensure a certain standard of living and appearance and to protect the long term value of your asset.

A secondary group of owners is elected at the AGM to represent all owners and make decisions for the group and the good of the building. Any owner can nominate to be on the committee, and the committee must elect a chairperson to be the first point of call to deal with issues on behalf of the committee and rest of the owners. The Chairperson can’t act upon or make decisions by themselves but can deal with minor issues outlined in the Strata Titles Act. Owner Committee meetings are typically held quarterly where issues are discussed and documented. As a potential purchaser, do your due diligence and also request minutes from these meetings.

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THE BUYING PROCESS 1.

2.

Visit the sales office

It’s a deal!

View the model of the proposed development, brochures and other material provided. Information to gather to get the most out of your research visit include:

You’ve completed your due diligence and want to purchase, what do you do now?

• Brochures • Maps and aerial photos with proximity pointers and nearby amenity • Imagery of the building and apartment internals (artist impressions) • Floor plans, inclusions and level of finishes.

Bear in mind the information you gather in this initial stage will not form part of your off-the-plan sales contract, so it is up to you to research all the finer details of the apartment so you can decide to make the next step.

• Sign the contract of sale • Pay the deposit (usually around 10%) • Ensure everything you want is included in writing in your contract (i.e. upgrades, changes, minor amendments etc.)

• Make note of the features and fittings so you can check them before settlement if you wish • Utilise a mortgage broker to secure finance • Make note of the expected completion date.

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3.

Off-the-plan contract of sale This contract will be detailed and extensive and comprises the following: • Contract of sale setting out the details of the apartment you intend to purchase, price & legal terms • Location plan of the lot you are purchasing • Proposed building by-laws • In Western Australia, Body Corporate budget and strata fees.

Read your contract carefully and ensure key details are included.

Variations to contracts can be difficult so sometimes a separate agreement is written rather than varying the contract of sale.

4.

5.

Cash deposit

Breach of contract

Usually a 10% deposit is required, which will be placed in an interest bearing trust account. On settlement the deposit forms part of the purchase price.

The remaining balance of your apartment is to be paid at settlement.

If you do not settle you will be in breach of contract and the deposit is forfeited plus you may be liable to pay the developer for any losses suffered by the failure to settle that exceeds the deposit.

If for any reason the development doesn’t go ahead you will receive your deposit back with interest – it’s important to read the contract regarding interest.

In some circumstances a bank guarantee or deposit bond may be accepted, but it is best confirming if this is the case before you sign the contract. You will need to talk to your banking institution regarding fees, settlements and reimbursements.

Should you be in a situation where you know you may not be able to settle on settlement date, you may request an extension of time and the developer may agree on a delayed settlement (note interest may be charged). It is in your best interest to notify the developer as early as possible to work together on finding a solution.

6.

Colour schemes and upgrades If you have the option of selecting colour schemes or purchasing certain upgrades, you need to understand what is included in the apartment price and what constitutes an optional upgrade. You might be required to select your colour scheme when you sign your contract otherwise a specific date will be provided to you at which time you will need to make your selection. It’s a good idea to ask the sales agent for advice on the popularity of colour schemes if you are looking at the apartment as an investment as this may affect your decision.

It’s important to understand that once your contract has been counter-signed by the developer and returned to you the contract is VALID & BINDING.

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THE SETTLEMENT PROCESS THE PROCESS OF TRANSFERRING PROPERTY FROM THE SELLER TO THE BUYER

1.

Nominate a Conveyancer or Settlement Agent (usually done at the time of signing your contract)

Your conveyancer or settlement agent will need to: • Ensure any existing mortgages are paid off • Ensure any caveats on properties are lifted • Ensure all clauses on the Offer and Acceptance (O & A) are fulfilled • Register the transaction with the relevant authorities • Make the transaction official.

2.

3.

4.

Buying an established apartment

Buying an off-the-plan apartment

Once you’ve signed your contract of sale it can take between 2-3 months before you (or a tenant) can move in so you should plan the following:

Once you’ve signed your contract of sale there isn’t much else you need to • An independent valuation of your do until settlement approaches. You apartment may be required – this will be kept up to date on the status will be arranged by your lending of your build. If you have purchased institution as an investment it’s a good idea to think of ways to attract potential • You may be offered a pretenants, and you may wish to engage a settlement inspection to identify Property Manager. defects – defects need to be put in writing and you will be • Mortgage payments will be kept informed of the process of calculated from the day of rectification. settlement

• Inspections • Budget – for decorating/ furnishing the apartment • Get ready to move in – start packing, take time off work if required.

Pre-settlement • Ensure your loan is approved and your banking institution is ready to proceed with settlement

• The developer may offer in-house Property Management services.

If offered, this may allow you to have prospective tenants view the property before settlement.

• Once settlement has been effected you will receive your keys and gain access.

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PURCHASING PROPERTY AS A FOREIGNER Foreign Investment Review Board (FIRB) A Federal board that examines proposals from foreigners wanting to invest in Australia. There are FIRB rules that apply to residential real estate sales in Australia. The Australian Government’s policy is to ensure foreign investment in residential real estate increases supply and is not speculative. It aims to channel foreign investment into the housing sector to increase supply of new housing and benefits the local building industry and its suppliers.

Things to consider: • There are different rules that apply to new apartments and resale apartments • Foreign non-residents or short-term visa holders can invest if the investment adds to Housing stock (i.e. new dwellings, off-theplan or vacant land) • Non-residents cannot buy established dwellings as homes or investments • Companies that are non-residents need approval to purchase homes for their Australian based staff • Temporary Residents can purchase a dwelling after approval, but it must be used as their residence in Australia • Temporary residents are not permitted to purchase established housing as investments and need to apply to buy new apartments.

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General rules • All foreign non-residents are required to apply to FIRB for approval of any proposals to acquire residential real estate in Australia • All temporary residents are also required to apply to FIRB for approval of any purchases in real estate. A temporary resident is one that resides in Australia and: Holds a temporary residential visa Has submitted an application for Permanent Residency (PR) and holds a bridging visa • Fines apply if you need approval and do not apply for it • FIRB applications can be completed online and there is a fee.

YOUR APARTMENT BUYING CHECKLIST Look into the prior experience of your developer.

Is the developer also a builder or do they engage a construction company to complete the work? If so, what is the prior experience of the builder/construction company?

Visit other properties of the developer and/or builder to view quality.

Have everything that is important to you in writing. Have special conditions added to the contract, or a separate variation form.

Read the contract carefully and have a professional look over it if you are unsure of any details. Especially read and understand the disclosure statement.

Understand exactly what you are buying.

Confirm if you can sell your apartment before completion and what access you might have.

Confirm the deposit conditions and the interest received.

Consider the location and the current and future available stock as this can affect demand and rental levels at time of settlement.

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PINDAN AWARDS & ACHIEVEMENTS National Award for Best Multi-Units/ Apartments in Australia 2013, 2007

National award for Best Commercial Building in Australia

Best Multi-Units/ Apartments 2018, 2017, 2014, 2013, 2010, 2009, 2007, 2006, 2005, 2004, 2003

Best High/Medium Density Development

The Pindan Group is a leading Australian national property group that provides fully integrated property solutions Australia wide under its three core business streams FUND BUILD MANAGE.

2015, 2009, 2005

Best Commercial Building

Best Historic Restoration/Renovation

2018, 2016, 2015, 2014

2015, 2009

Best Commercial Alterations/Additions

Best Aged Care Facility

#1

#1

LARGEST MULTI-UNIT BUILDER IN WA & TOP TEN LARGEST IN AUSTRALIA

LARGEST SEMIDETACHED DWELLING BUILDER IN WA & TOP TEN LARGEST IN AUSTRALIA

TOP 10

TOP 40

2015

Best Office Building 2019, 2018

2019, 2011, 2008, 2007

2017, 2016, 2012, 2009

Best Regional Project

Best Education Building

2019, 2018

2018

Asset Management Information Management 2018

Ric New Rising Star 2018

Indigenous Apprentice of the Year

LARGEST HOME BUILDER IN WA & TOP 40 LARGEST IN AUSTRALIA

LARGEST NON-RESIDENTIAL CONSTRUCTION COMPANY IN AUSTRALIA

Best Industrial Building 2019

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Perth 191 Great Eastern Highway Belmont, WA 6104 T +61 (08) 9471 5300 pindan@pindan.com.au Sydney Level 13 1 Castlereagh Street Sydney, NSW 2000 T +61 (02) 9247 3222 info@pindancapital.com Brisbane 9 Cordelia Street South Brisbane, QLD 4101 T +61 (08) 9471 5300 pindan@pindan.com.au

Pindan does not give any warranty for any error or omission contained within this brochure, which is subject to change. The brochure is a general guide only. The information and images are intended as an introduction to apartment buying and is general in nature, not financial advice. You must rely on you own inquiries and seek professional advice from a qualified advisor, if required.

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