Property Go by Property Go

Vol 0103

Perth’s ultimate property resource

PROPERTY

FINANCE

Property

CONVEYANCING

MAGAZINE

BUILDING

RENOVATING

Traps To Wa t c h O ut For W h e n Se t t l i n g A Prope r t y.

Ra tes Up! Who’s To Bla me? A P RA Make The Ru les.

Healt h ie r H a p p i e r Mo re Pr od u ct ive Wo r ke r s, Soun d s L i ke A P l a n.

propertyGo.net

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PROPERTY GO KEEP WA GROWING .. is, the word out from the WA Property Council. In light of the downturn in the resorses sector a recent report released by the Property Council of Australia addressed the infrustructure planing and other proposals that would help keep Western Australia Growing, with some $4.5 billion of infrastructure investment and $2.4 billion of unlocked property development would enable a further $27 billion of economic activity for WA, creating over 30,000 new jobs” Some of the major propasals: MAX Light Rail investment – Estimated Capital cost – $1.2bn. Western Trade Coast – Estimated Capital cost – $2.3bn. Peel Economic and Environmental Initiative –

Estimated Capital cost – $112m. Not to mention the current Elizabeth Quay. Whilst the invesment amount is significant the projects are set to generate five to eight times there input in direct economic activity over the next decade and beyond. “The property industry is perfectly positioned to pick up the growth baton from the resources sector and these projects are urgently needed to ensure WA continues to deliver prosperity, jobs and strong communities”, said the Property Council WA Executive Director Joe Lenzo. See more at: http://wapropertynews.ventura-id.com.au/infrastructure-property-development-set-to-keep-wa-growing/-4553#sthash. HowaQJS5.dpuf

ADVERTISING SPACE If you are a Real Estate agent or a property related business seeking exposure in Property Go Magazine enquires can be made to emagazine@propertygo.net

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Just

out

The RDC CoreLogic RP Data Australian Residential Development Outlook Spring Edition, released recently, forecasts solid activity in 2016 as the industry comes off the back of building an unprecedented supply of new dwellings. The Australian Residential Development Outlook is a comprehensive report that provides the highlights of the fundamental indicators for the residential development market in macro, fiscal, housing investment and housing activity. “Although there are some indicators that have softened, the demand for new housing remains positive following rising household wealth, competitive financing costs and increasing population,” Property Council Residential Executive Director, Nick Proud, says. “The expectations for low interest rates, reasonable ongoing foreign investment and an increasing population will continue to drive a fundamental demand for new homes to be built through 2016. “In a vital sign for improving affordability, the indicators also show that residential supply nationally is finally meeting household formation requirements to create enough housing to satisfy growing demand. However, one good year doesn’t undo 10 years of underbuilding,” said Mr Proud. Tim Lawless, CoreLogic RP Data Head of Research says “Investor loans are winding back, as banks reduce their appetite for lending to this market. This will see new housing commencements, particularly in apartments start to recede. “In a welcome change for those looking to buy a home, the heat is expected to come out of housing price rises over the next year, as record supply begins to soak up the excess demand that has been there for some time. “Rental prices aren’t expected to see any massive spikes, and with good levels of new rentals coming on line there will be greater options for those looking to rent... To Read the full story: www.corelogic.com.au

PROPERTY GO

Hidden issues

that can affect your settlement

n the last issue of Property Go Magazine we looked at some of the things you need to do to ensure a smooth transaction at settlement. In this

edition we discuss some of the more technical details that can cause problems during or after settlement.

Unapproved structures

ver the years most properties have probably undergone some renovations and additions. In most cases these home improvements won’t cause problems, but if a structure on the property doesn’t have the relevant approvals, and does not meet the building requirements, it may have to be pulled down. This can be costly and reduce the value of the property. It is a good idea to ask the seller or agent to confirm in writing that any buildings, improvements or fences on the property were constructed with the relevant approvals.

f they weren’t, and this is disclosed before entering into a contract, the buyer and seller can arrange to get the relevant approvals, or remove the structure and negotiate a suitable price that reflects the situation. If it isn’t discovered until settlement is being arranged, it can cause costly delays and involve the seller lodging detailed documentation to get the relevant approval.

Regulatory requirements

egulations are always changing, in recent years we have seen it become mandatory to have mains-powered smoke alarms and RCDs installed. While investors have all had to comply with the legislation, home owners haven’t been 4

required to install mains-powered smoke alarms until they sell their property. As a result there are still many properties that don’t meet the legislation. Ensure you check that the property meets all relevant regulations. Similarly, the regulations that apply to properties with pools and spas vary depending on when they were built. Check that the property you are looking at meets the appropriate legislation. Settlement agents keep up to date with regulatory changes and can provide valuable assistance if changes occur during the settlement process.

Caveats

hile rare, it is possible that there may be a caveat on the property. A caveat registers another person’s interest in the property. For example, during a mortgagee sale, where the bank has taken possession of the property to sell it and recover their debt, there are likely to be other debtors who want to recover money from the property owner. They may lodge a caveat on the property, registering their interest. A caveat can be lodged at any time prior to settlement and it takes significant time to arrange its removal.

Encumbrances

n encumbrance is a registered interest in land by a person who is not the owner. If there is an encumbrance on the Certificate of Title you may find that you are not entitled to

Additional costs

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ake sure you look at all additional costs you may face, including rates and any proposed charges that may be raised. For example, a local council may propose to levy an underground power cost, but have not done so prior to settlement. If this is the case, the total cost will be payable by the buyer and may come as an expensive surprise. If you are buying a strata property look into any special levies that may apply.

Home Indemnity Insurance

ith many properties undergoing alterations and additions it is essential to check that Home Indemnity Insurance (HII) is in place. If you purchase a property without HII you could find yourself out of pocket if any of these works are faulty and the builder dies, disappears or becomes insolvent. HII is a key consumer protection measure for purchasers of residential property. It provides limited financial protection against faulty workmanship following the construction of a new home or additions/ renovations to an existing property.

use the land in the way you planned. There are several types of encumbrances. An easement gives a person or company the right to use part of the property, such as allowing gas, water or sewerage to flow through the property. Memorials place some form of notice or restriction on a property, for example a memorial may state that the land is reclaimed swamp, allowing buyers to take into account any issues associated with reclaimed swampland. A restrictive covenant places some type of restriction on the use of the land, such as the maximum height of the building, or the materials that can be used to construct the building.

t remains effective for six years following the practical completion of any work valued over $20,000 undertaken by a registered builder. If the work was arranged by an owner-builder, the cover must be in place if the building is sold within seven years of the date the building license was issued. If they cannot get HII, the property cannot be sold within that seven year period.

or more information about these issues, or about settlement in general, contact:

Stirling Conveyancing Services on 6160 6600.

estrictive covenants are common in new developments, with developers using them to ensure that properties maintain a level of uniformity. For example, they often impose restrictive covenants mandating the type of building materials; roof pitch and colour; the design of fencing and retaining walls; landscaping; and the positioning of ancillary elements such as satellite dishes and aerials, air-conditioning units and clothes lines. They also occur where a council seeks to preserve the character of a particular neighbourhood.

f you are buying a strata property you also need to check what restrictions may apply to your use of the property; many people have been caught out by restrictions regarding pets, parking and common property.

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What happens to assets when the owner dies ?

f you are a deceased person’s legal personal representative or a beneficiary of a deceased estate, special capital gains tax (CGT) rules apply to the transfer of any CGT assets.

W • •

hen a person dies, the assets that make up their estate can:

pass directly to a beneficiary (or beneficiaries), or pass directly to their legal personal representative (for example, their executor) who may dispose of the assets or pass them to the beneficiary (or beneficiaries).

beneficiary is a person entitled to assets of a deceased estate. They can be named as a beneficiary in a will or they can be entitled to the assets as a result of the laws of intestacy (when the person does not make A WILL). A legal personal representativecan be either- the executor of a deceased estate (thatis, a person appointed to wind up theestate in accordance with the will), or- an administrator appointed to windup the estate if the person does notleave a will. (Source ATO)

nheriting a Property where you inherit a deceased person’s property, you may be exempt or partially exempt from tax. The same exemptions apply if you sell it and you are the trustee/executor.

Deceased died before 20 September 1985

here you acquired the property before 20 September 1985, any capital gain you make is exempt from tax. However, major capital improvements (i.e. substantial renovations) you make to the property on or after 20 September1985 may be taxable.

Deceased died on or after 20 September 1985

he deceased acquired the propertybefore 20 September 1985 The property can be sold tax free.

REAL-LIFE SCENARIO

eter bought a property prior in 1983. When Peter died in February 1992 the property was passed to his beneficiary, Bob (son). Under Peter’s will, Patti had a right to occupy the home.

atti was prevented from moving into the property until probate and administration of the estate was granted. The property was vacant from Peter’s death until probate and the administration of the estate was granted. Patti moved into the property in September 1992 as soon as probate and administration of the estate was granted. Patti used the property as her main residence until Bob disposed of it in March 2011. Patti did not have an ownership interest in any other property from the date of Peter’s death.

s Patti moved into the property when it was first practicable to do so, the property will be treated

PROPERTY GO as Patti’s main residence from the time of Peter’s death until Bob sold the property. Bob will be entitled to a full main residence exemption.

T Y

he property need not have been the main residence (home) of the deceased person.

ou may have an ownership interest in a property that passed to you as a beneficiary in a deceased estate or you may have owned it as trustee of a deceased estate. In either case you disregard any capital gain or capital loss you make from selling the home if either of the following conditions applies: 1. You sell the home within 2 years of the deceased date of death; or 2. From the deceased’s death until the contract sale date, the property was not used to produce income and was the main residence of one or more of: • •

The deceased’s spouse; or an individual who had a right to occupy the property under the deceased’s will (like a life tenant); or you, as a beneficiary, if you disposed of the property as a beneficiary.

•

The deceased acquired the property on or after 20 September 1985.

ou disregard any capital gain or capital loss you make when you sell the property if:

•

James rented out the house and then disposed of it 15 months after his father died. James is entitled to a full exemption from CGT as he acquired the house after 20 August 1996 and disposed of it within two years of his father’s death.

Joint Tenancy

f a tenant in common dies, their interest in the property is an asset of their deceased estate. This means it can be transferred only to a beneficiary of the estate or be sold by the legal personal representative of the estate. If one of the joint tenants dies, their interest in the property passes to the surviving joint tenant or tenants. It is not an asset of the deceased estate.

or capital gains tax (CGT) purposes, if you are a joint tenant you are treated as if you are a tenant in common owning equal shares in the asset. However, if you are a joint tenant and another joint tenant dies, on that date their interest in the asset is taken to pass in equal shares to you and any other surviving joint tenants, as if their interest is an asset of their deceased estate and you are beneficiaries. This means if the property was the deceased’s main residence, you may be entitled to the main residence exemption for the interest you acquired from them.

REAL-LIFE SCENARIO SURVIVING JOINT TENANT

n 1999, Ming and Lee buy a residential property for $250,000 as joint tenants. Each one is taken to have a 50% interest in it. On 1 May 2001, Lee dies. On 1 May 2001, Ming is taken to have acquired Lee’s interest for an amount equal to Lee’s cost base on that day. If Ming uses the property as his main residence after Lee dies, he may be entitled to the main residence exemption for the interest he acquired from Lee as well as for his original interest.

condition 2 (see previous column) is met and the property passed to you as beneficiary or trustee on or before 20 August 1996. For this to apply, the deceased must have used the property as their main residence from the date they acquired it until their death and was not rented out; or • one of the conditions 1 or 2 (see previous column) is met, and the property passed to you as beneficiary or trustee after 20 August 1996, and just before the date the deceased died it was their main residence and was not rented out. A property can still be regarded as the deceased’s main residence, even though they ceased living in it, if they or their trustee/executor chose to treat the property as the deceased’s main residence (example, the person moved to a nursing home). If it was, the property can still be regarded as the deceased’s main residence:

•

Capital Gains Tax

•

for an indefinite period if the property was not rented out after the deceased stopped living in it, or for a maximum of six years after they stopped living in it if it was rented out after they stopped living in it.

REAL-LIFE SCENARIO FULL EXEMPTION

athan was the sole occupant of a property he bought in April 1990. He did not live in or own another property. He died in January 2010 and left the house to his son, James.

f the joint tenant who dies acquired their interest in the asset before 20 September 1985, the first element of the cost base of the interest you acquire from them is the market value of their interest on the day they died, divided by the number of joint tenants who acquire it. As a surviving joint tenant, for the purposes of this 12month test, you are taken to have acquired the deceased’s interest in the asset (or your share of it) at the time the deceased person acquired it.

Disregarding capital gain or loss on death. There is a special rule that allows any capital gain or capital loss made on post-CGT asset to be disregarded if, when a person dies, an asset they owned passes: • •

to their legal personal representative or to a beneficiary, or from their legal personal representative to a beneficiary. 7

PROPERTY GO

Exceptions to this rule

capital gain or capital loss is not disregarded if a postCGT asset owned at the time of death passes from the deceased to a tax advantaged entity or to a foreign resident. In these cases, a CGT event is taken to have happened in relation to the asset just before the person died. The CGT event will result in: â&#x20AC;˘ â&#x20AC;˘

STE The Five Things

Home

a capital gain if the market value of the asset on the day the person died is more than the cost base of the asset; or a capital loss if the market value is less than the assetâ&#x20AC;&#x2122;s educed cost base.

Unapplied net capital loss

f the deceased had any unapplied net capital losses when they died, these cannot be passed on to you, as the beneficiary or legal personal representative, for you to offset against any net capital gains.

estcourt is a mid-sized practice of accountants and business consultants, centrally located in East Perth. We specialise in providing financial and strategic advice to private business. At Westcourt, we take the time to get to know our clients so that we can recommend the best solutions for their business. Our team has an in-depth knowledge of the accounting regulations, financial strategies and tax laws relating to private business. This allows us to provide our clients with firstrate advice and superior solutions. Contact us today: Level 1 45 Royal Street East Perth WA 6004 T 08 9221 8811 F 08 9223 8805 westcourt.com.au Craig Seddon Director D 08 9223 8871 M 0414 424 969 craig.seddon@westcourt.com.au Ross Forrester Director D 08 9223 8831 M 0412 570 692 ross.forrester@westcourt.com.au

hether you are building your dream home, buying an investment property, or renovating

an existing home, it is often hard to make unbiased design decisions that combine the elements you love with elements you know will help sell your house down the track. Every family has different requirements and different preferences when it comes to their dream kitchen and we went searching for exactly what home buyers are looking for to help you narrow down your decisions.

ost people we spoke to agreed that a perfect kitchen can dramatically increase the property value, improve the work flow of the home, and is often the centre point for entertaining and gathering, which means their kitchen not only has to look the part but be extremely functional. So what elements of a kitchen do buyers attribute to their perfect kitchen? We found there were 5 factors most people consider when they walk into a kitchen: storage, quality, symmetry, colour, and layout.

Storage

ot surprisingly, storage is the first thing that buyers will make note of when looking for their dream kitchen. Not only the amount of storage, but also the functionality of it. The use of drawers for example, whether hidden or otherwise, is a more efficient way of storing food and other items compared

A D M A N HO By Lauren Steadman, design director for Lauren Steadman Homes PROPERTY GO

Buyers Want in Their Kitchen

distortion or damage. Cook books for example are often very heavy and as they are usually stored at eye level or higher, the quality of those shelf units is always considered.

Symmetry

erhaps this feature you havenâ&#x20AC;&#x2122;t considered before, but the eye is naturally drawn to appreciate things like symmetry and repetition. Many buyers want to add a personal touch to their kitchen decorations, and having a simple layout that encompasses symmetry in its design means styling choices are easy and flexible no matter who is living there. Having wall cabinets the same size and including large, expansive drawers is one way to ensure the kitchen space looks amazing.

Colour

to deep cupboards. Specific storage inclusions for appliances were also important to many people as was accessibility, especially for the kids and other vertically challenged kitchen users. If given a choice, almost every home buyer would choose to include a scullery off their kitchen, and almost all of those buyers believe there needs to be a second sink. The inclusion of a scullery off a kitchen and living space opens up so many options for storage that a kitchen alone can often not encompass.

Quality

nsuring there are quality hinges and runners, including soft closing drawers, was something buyers found very important when inspecting or choosing a new kitchen. Making sure all the kitchen fittings will last for decades means that you will never have problems, especially in an area with very high traffic on a daily basis. Similarly, good quality shelving and fittings means heavier items can be stored without the fear of

ot surprisingly, Australian kitchens are mostly open, light and airy, and this usually means a lot of white. A kitchen that is white makes a space feel bigger whilst also providing a blank canvas for styling and decorating. Many buyers love white cabinets and bench tops and have commented that for resale, white normally appeals to the most number of customers. That isnâ&#x20AC;&#x2122;t to say that darker or contrasting colours are not appealing for home buyers, often natural elements or brighter colours will add depth to a space that turns it into the homes focal point.

Layout

n open kitchen layout that is sensible and user friendly is pivotal to most buyers. Kitchen islands that you can navigate around are becoming increasingly popular due to the amount of entertaining done in the kitchen and the popularity of bench height seating. The kitchen is often the hub of the house so having an open area that accommodates a variety of activities including homework time, entertaining, and of course, cooking, is very important. Other important features that make up the the layout of a kitchen included the location of the cutlery drawer and its proximity to the dishwasher and the sink. Other buyers also preferred wall ovens at eye level, and noted the inclusions of PowerPoints on island benches.

James Crabtree | Design and Sales Consultant Steadman Building Group 2 Banister Street Fremantle WA 6160 T +61 8 9335 7600 | M +61 24 288 803 E james.crabtree@steadmangroup.com.au

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new ELIZABETH QUAY

LY ove

our

Work

Streets at Elizabeth Quay have been named after boats that operated on the Swan River in the late 1800s and 1900s. They are Enchantress and Duchess Way, Zephyr and Valdura Place, and Ophir Walk. Planning Minister John Day said a nautical theme was chosen to acknowledge the history of the area. “The streets have been named after popular ferries, paddle steam boats and leisure boats that operated on the Swan River in the late 1800s and early 1900s,” “The river has a strong history of trade, transport and recreation and these boats all played an important role.” The Duchess was the most famous ferry to cross the Swan River transporting passengers from Barrack Street Jetty to South Perth from 1898 to 1927. It made its inaugural run to Mends Street Jetty on December 11, 1898, two months after the Perth Zoo was opened. “The street names are a way to recognise and acknowledge WA’s history”

Find out more about Elizabeth Quay. 10

t has been widely accepted for decades that the design of an office has a material impact on the health, wellbeing and productivity of its users.

appy, satisfied workers are productive and creative workers and obviously, they underpin the success of the most innovative, industry leading businesses.

he World Green Building Council report of September 2014 (“Health, Wellbeing and Productivity in Offices: The Next Chapter for Green Building”), found that factors such as air quality and lighting, views of nature and the interior layout reduced absenteeism and staff turnover and reaffirmed previous research that positive worker perception of workplaces improves general productivity.

LY ove

our

Workspace

COMMERCIAL PROPERTY SCENE of the physical workplace y linking worker wellbeing to greener, “brands” the corporation and will not only attract healthier work environments the WGBC report its preferred clients but encourages corporations also attract its preferred staff. wishing to be seen as both socially and environmentally responsible evelopers and corporate citizens to owners of CBD office select workplace envibuildings are applying the ronments that reflect same thinking in seeking these and other positive to attract the “Best of corporate cultural values. the Big End of Town” The choice of business corporations to their premises and the nature buildings and to ensure

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that positive long-term relationships are established and maintained. The retention of high quality tenants is their focus as it provides direct financial returns.

ommercial property asset values are underpinned by consolidating rental income streams over long periods with extended WALE’s (i.e. the “weighted average lease expiry”- the average time period in which all leases in a particular building are due to expire). National institutional and large private owners of iconic, landmark office towers in Sydney and Melbourne have recognised for some time the “value add” in creating vibrant and inspiring social and physical environments and precincts that extend beyond the boundaries of the individual “leased premises”. There is increasingly an acceptance by owners

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COMMERCIAL PROPERTY SCENE and managers of second tier, lower grade, buildings that the same principles should be applied.

target “service excellence”.

n the current Perth CBD office leasing market with historically high vacancy rates that will not abate any time soon, refocusing on tenant desires and not just tenant needs is critical in defining points of difference that provide the best opportunities for landlords to secure quality tenants when there is so much “sameness” currently on offer in the office leasing market.

oving your tenants and making sure they know you love them, is the key. Tenants are now becoming “customers” and “guests”. Building managers are being encouraged to

wners and their managing agents are “activating” building foyers by arranging art exhibitions, tenant functions. Christmas and Easter events, Melbourne Cup Day and Grand Final celebrations, community group meetings and charity launches are designed to foster more interaction between all building users and promote a sense of community and fun in the work environment.

uman concierges and virtual concierge services offer discounted concert and sporting tickets along with dry cleaning collection and gourmet food delivery services. Car cleaning and taxi bookings can also be organised for you.

uilding specific websites and tenant portals offer loyalty schemes and discounts for tenants supporting on-site retailers and businesses in the immediate vicinity. Social networking through the tenant portals encourage staff to seek out others in the “vertical work village” with similar interests. Satisfaction surveys are undertaken yearly by independent pollsters to extract accurate feedback and to identify positive and negative comments from all occupants (and not just the high level executives who are usually the key decision makers when office accommodation is selected).

ngage. Connect. Communicate. Building websites have become the primary conduit for building owners and managers in educating and informing their building users about energy efficiency, waste management and water usage reduction and recycling programs.

he websites not only provide resources and information for tenants in relation to sustainability initiatives but also provide a direct marketing platform for the owners and building managers to “spruke their successes” as the programs are rolled out and achieve the required outcomes.

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n recent years, the particular focus on End Of Trip facilities (EOT) offering secure bike storage, change rooms and showers, has seen landlords invest huge sums hoping to at least match, or better, what is on offer at other buildings. EOT facilities also make towel services, clothes drying and airing cabinets, bike repairs and secure lockers available to tenants. Obsessed bikers, before and after work runners and lunchtime sporting teams all extract value from high quality EOT amenities. The corporations extract value from high quality EOT facilities by having fitter, healthier and happier staff.

dding value for all office building “customers” has also seen the inclusion of on site childcare services, seminar facilities and health and fitness centres as an intrinsic in features and points of difference in new office developments. “I’ve learned that people will forget what you said. People will forget what you did, but people will never

forget how you made them feel”.(Maya Angelou*).

usinesses want their staff to feel good while they are at work (or at least feel good about coming to work).

andlords want their “customers” to “feel the love” (and also extend their leases). Workplaces That Work – sounds like a ”win, win” for landlords, businesses and their staff? • Maya Angelou, was an American author, poet, dancer, actress, and singer known for many gems of wisdom and memorable quotes. She published seven autobiographies, three books of essays, and several books of poetry, and was credited with a list of plays, movies, and television shows (4 April 1928 – 28 May 2014).

COMMERCIAL PROPERTY SCENE

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Where there’s a will there’s a way..... The Willcaft way

The value of getting advice, When was the last time you got some ‘expert’ advice?

t might have been when you were buying or selling a house or perhaps even a car. You might have needed some accounting or financial advice.

ou might have been trying to decide which school to send your children to you so you spoke to family, friends and possibly the school principals. The last time you went on your holiday you may have got some advice from a friend who gave you some travel tips or possibly told you about one of their holiday experiences. You may have needed to get some electrical, plumbing or other maintenance work done so you sought advice from various sources as to who to use. Let’s face it 14

we all need to get some advice at some stage of our lives. Friends, family and workplace colleagues are always happy to convey their knowledge and advice, all in good heart. Thankfully most of it is good advice depending on their source and their knowledge. The problem nowadays in the DIY, Online, Information Everywhere age we live in there’s lots of things you can now do yourself which 20 years ago you would have needed to get advice on.

ne good example is your annual tax return. If your tax affairs are relatively simple you can do your tax return online avoiding costs and delays and get your refund pretty quickly. What could be better? Our good ‘friend’ Google will find whatever you are looking for in a nano second and usually several hundred versions of the same thing!

he internet age has allowed us to conduct research on just about anything we need or wish

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about that one! Our assets and personal wealth have become ever greater and therefore more important to protect. We desire more control over what happens to our things in the event of a catastrophe. We want peace of mind for ourselves and family if the unexpected happens.

illcraft Estate Planning specialise in the area of helping property owners to ensure the right protection is in place for both their family and personal needs as well as those of their dependents and beneficiaries. If making a Will is something you have been ‘meaning to get round to’ take ACTION today!

Call Sharon on 0447 188 805 Call Colin on 0429 926 964 The Willcraft team at HQ on 9368 1337 Email: team@willcraft.com.au Website: www.willcraft.com.au

to buy and if it is available online you don’t even have to speak to anyone to purchase it.

ou Tube has given us literally millions of sometimes detailed videos of people putting things together, taking things apart, repairing things and even building their own house But are there some things that you should still get advice on before you purchase? What about your Wills and Enduring Powers of Attorney and Guardianship? These are very ‘personal’ documents and in most cases a ‘one size fits all’ approach will not work for everyone.

n some cases our lives have become much for complicated than generations ago when a blended family would have conjured up all sorts of visions of kitchen equipment and children …………………… well we will leave you to think 15

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Finding

the right loan for you.

Wading through all the different loans can be a minefield for home buyers. Industry jargon can be confusing and overwhelming. You really need to understand what’s out there to get the right loan for you. One of the biggest mistakes home-buyers make is not being aware of all the loan options available. So, it’s important to use a broker that can provide a range of options and features to choose from. Loancom brokers can introduce home loan applicants to a broad range of home loan lenders, including white label loan distributors. White label loans are made available by specialised home loan programs and promoted under the distributor’s name. White label home loans are a great way to access home loans with a wide range of features at a sharp rate. Loancom brokers can introduce applicants PLAN Lending, whose white label home loan range has quality features and flexibility allowing applicants to choose the features they need without having to pay for features they do not need. You can also feel secure knowing that PLAN Lending loans are funded by the Advantedge Financial Services residential loan program, a member of the National Australia Bank Limited (NAB) Group.

Loan Options

PLAN Lending are one of the market leaders and winners of Better Business Award 2015, and also have Plan’s Business Development Manager of the year winner Ryan Healy at the helm. With customer service a priority in all departments it is a pleasure to be able to work with the Plan Lending team.

The first step towards finding which PLAN Lending loan is right for you, is deciding whether you want a variable, fixed or combo rate. A variable rate loan offers greater flexibility than a fixed rate loan and will appeal to you if you don’t want to be locked in for a set term. With PLAN Lending’s variable rate loan, you can also redraw or make additional payments electronically at no cost, so you can pay off your home loan sooner and get ahead. A fixed rate loan is right for you if you need greater peace of mind, as you will have the certainty of knowing what your repayments will be during the fixed rate term. With PLAN Lending, you can choose a fixed rate term of 1to 5 years, depending on what suits you. Combo rate loans offer both the flexibility of a variable rate and the certainty of repayments offered by a fixed rate. With PLAN Lending, you have the ability to fix up to 50 per cent of your lending and have the flexibility to make additional repayments electronically at no cost to the variable rate portion.

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Loan Features Step two is choosing which features will benefit you. PLAN Lending offers a comprehensive range of options, sharp rates, consistent service, exclusive products and sophisticated, personable support. Some of the PLAN Lending loan features available are re-draw facility, debit card, Principal & Interest or Interest Only loans among other things. Your Loancom broker can help guide you in selecting the right home loan options to suit your needs. Dedicated customer support is always important, and with PLAN Lending, there is a dedicated Australian Customer Care team that provides exceptional customer service and will help make managing your loan easy.

Find Out More Whether you’re buying your first home, upgrading or renovating, PLAN Lending – available through Loancom Australia brokers – could help you achieve your goals with quality lending made simple. If you would like more information about PLAN Lending, contact Loancom Australia today on 08 9386 9211. www.loancom.com.au Disclaimer: *Loan terms provide for fees and charges to be introduced and varied from time to time. PLAN Lending Pty Ltd ACN 120 569 968 is a credit representative (No. 392524) of Advantedge Financial Services Pty Ltd (Advantedge) ACN 130 012 930 Australian Credit Licence 391202. PLAN Lending distributes loans funded by AFSH Nominees Pty Ltd ACN 143 937 437 Australian Credit Licence 391192 and managed by Advantedge under the Advantedge Residential Loan Program. Each entity is a member of the National Australia Bank (NAB) Group. NAB does not guarantee the obligations of its subsidiaries. When giving credit assistance relating to PLAN Lending loan products to customers, please ensure that the products are suitable for your customers’ requirements, objectives and financial situation.

PROPERTY GO

APPLECROSS

PropertyGo BUYERS OVER $2,250,000 4

$4,375,000 683 m2

1229 m2

6 Carron Road

12 Carron Road

OUTSTANDING VALUE - PRESITGIOUS LOCATION

FAMILY MASTERPIECE IN THE GOLDEN TRIANGLE

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37 Matheson Road

59B Dunkley Avenue

GRAND LIVING ON MATHESON

ARCHITECT DESIGNED HOME

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515 m2

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PROPERTY GO

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711 m2

1A Grosse Road

5 Tuart Lane

GOLDEN TRIANGLE LOCATION

RIVERSTONE DELIGHT

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FROM $995,000

FROM $599,000

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173 m2

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E304, The Raffles Waterfront Apartments

9/56 Matheson Road

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PROPERTY GO

MOUNT PLEASANT

PropertyGo $1,050,000 4

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473 m2

17 Shirley Avenue

6 David Street

WOW RENOVATION - RIVER AT THE END OF STREET

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53A Regent Avenue

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LIGHT, BRIGHT & MODERN

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40 Mount View Terrace

65 Ullapool Road

SUPERSIZED RESORT STYLE LIVING

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8A Park Road

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SPRING 2015

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Spring clean your budget to buy a home • Read. Watch. Listen • Seven tips to win at auctions • How to style your home for sale

Spring clean your budget to buy a home • Read. Watch. Listen. • Seven tips to win at auctions • How to style your home for sale

Welcome to the Welcometeam: Loancom

INVESTORS IN FOCUS

Brad Hetherington Managing Director Mob: 0413 741 044 brad@loancom.com.au Cred.Rep.No: 394939 Vicki Dick Senior Finance Consultant Mob: 0420 981 732 vicki@loancom.com.au Cred.Rep.No: 386904 Lesley Blackburn Senior Finance Consultant Mob: 0417 965 654 lesley@loancom.com.au Cred.Rep.No: 447369

What do the APRA announcements mean for your property portfolio? In December 2014, APRA, the prudential regulator of the Australian financial services industry, announced an increase in the level of supervisory focus on residential mortgage lending.1

that increases in this type of lending could trigger further supervisory action. Investor Impact: ADIs are likely to make it harder to get a loan without a decent deposit or with limited cash flow.

This announcement was directed at Authorised Deposit-taking Institutions (ADIs) – corporations authorised under the Banking Act 1959 including banks, building societies and credit unions – and was a response to a number of indicators: strong growth in investment property loans,2 high Australian household debt, accelerating credit growth and historically low interest rates.

Investor loan growth

APRA reiterated the seriousness of its intentions in May of this year,3 with chairman Wayne Byres saying that: “ADIs with more aggressive practices should fully expect to find APRA increasingly at their doorstep.”4 On the upside, APRA did not introduce across-the-board increases in capital requirements or caps on any particular types of loans, but focused its attention on a few key areas.5

Higher-risk mortgage lending Lending that is considered “higher risk” includes high loan-to-income loans, high loan-to-valuation loans, interest-only loans to owner-occupiers, and loans with very long terms. APRA warned ADIs

APRA set a benchmark of 10 per cent portfolio growth for lending by ADIs to property investors – ADIs exceeding this threshold may attract further scrutiny. Investor Impact: ADIs will probably try to slow their investor loan portfolio growth so that they don’t exceed APRA’s benchmark. This could include removing discounts on investor loans, so cheap credit may be harder to come by.

Serviceability assessments Serviceability means a borrower’s ability to make their loan repayments. APRA said that ADIs should include an interest rate buffer of at least 2% above the loan product rate and a “floor” lending rate of at least 7% when assessing serviceability, whichever is higher.5 Investor Impact: ADIs are likely to apply the suggested (or higher) interest rate buffer and floor when assessing serviceability. Borrowers will need to factor this in when working out how much they can afford to borrow.6 Continued next page.

Rob Waters Senior Finance Consultant Mob: 0410 034 090 rob@loancom.com.au Cred.Rep.No: 368352

BENCHMARK FOR PORTFOLIO GROWTH FOR LENDING BY AUTHORISED DEPOSIT-TAKING INSTITUTIONS TO PROPERTY INVESTORS

Greg Beck Senior Finance Consultant Mob: 0417 095 724 greg@loancom.com.au Cred.Rep.No: 399971 Steve Greenwood Senior Finance Consultant Asset and Commercial Mob: 0448 531 345 steve@loancom.com.au Cred.Rep.No:469255 Jamie Carrivick Senior Finance Consultant Mob: 0439 945 442 Jamie@loancom.com.au Cred.Rep.No: 462277

We can help you • • • • •

Get a home loan Reassess your current loan Refinance you existing loan Find a commercial or business loan Consolidate debt and free up equity

PROPERTY GO 2

SPRING 2015

Continued from page 1.

Increased capital requirements Additionally on 20 July, APRA announced an increase in the amount of capital that a number of ADIs will have to set aside for certain Australian residential mortgages exposures.7 The change comes into effect on 1 July 2016 and impacts those ADIs accredited to use the internal ratings based (IRB) approach to credit risk.8 Investor impact: Affected ADIs may look for ways to offset the increased capital requirement which may mean that discount rates may be harder to find. Different lenders are taking different approaches to meeting the APRA guidelines, increasing the complexity of investment home loan approvals.

If you would like help in navigating lender requirements or would like to know more about how these changes could affect your personal situation, get in touch with your broker today. “APRA announces further steps to reinforce sound residential mortgage lending practices”, 9 December 2014, www.apra.gov.au 2 www.abc.net.au/news/2015-05-12/investors-drive-homeloans-to-a-new-record/6463810 3 www.apra.gov.au/adi/Documents/Draft-PPG-APG223.pdf 4 www.abc.net.au/news/2015-05-18/investor-home-loanstighten-as-regulator-clamps-down/6477134 5 www.apra.gov.au/mediareleases/pages/14_30.aspx 6 www.afr.com/real-estate/residential/low-rates-lead-banksto-increase-home-loan-buffers-20130922-jh03l 7 www.apra.gov.au/MediaReleases/Pages/15_19.aspx 8 www.smh.com.au/business/banking-and-finance/apra-lifts -mortgage-capital-on-big-banks-by-billions-of-dollars20150720-gify5r.html

Read. Watch. Listen.

Spring is the perfect time to spruce up the home. For a little inspiration here are three great home blogs that will certainly get the creative juices flowing: The Design Files: Heralded as Australia’s most popular design blog, The Design Files has been taking readers into the homes of creative and prominent Aussies since 2008. Jam-packed with beautiful images, interviews, art and gardens info; it’s a one-stop shop for everything stylish. www.thedesignfiles.net Homelife: Focusing on life closer to home, Homelife is a joint venture between the editorial teams of Inside Out and Country Life magazines. An easy to navigate blog that has a strong DIY focus, Homelife is a perfect resource for renovators on a budget or people after some simple tips and tricks for the home. www.homelife.com.au Of Iron and Oak: One for the guys, Of Iron and Oak is not just about interior style, but has advice on gardening, cooking, even sustainable living. This is a popular blog for the man whose home is definitely his castle. www.ofironandoak.com

HOW TO SPRING CLEAN YOUR BUDGET TO BUY A HOME Buying your dream home is one of the biggest and most exciting purchases you are ever likely to make. Saving the necessary deposit can be difficult without making a few adjustments to your finances. Spring cleaning your budget is an important step in helping make this dream a reality. The first port of call is to look at how much you want to spend, how much you already have saved and any additional fees and charges that you may incur when making your purchase. Budgeting helps manage your spending and regular outgoings and allows you to direct the surplus into savings. When preparing your budget, it is important to consider your current financial situation by working out your priorities – how much you need for basic living expenses and the little things that you can do without.

Budget basics • Begin your budget by listing all sources of regular income. There are plenty of online resources and templates that you can use to start. • Collect your bank statements, bills, accounts and other regular expense records to give you an indication of how much you spend each month. • List your outgoings (with large items first) by breaking them down into two sections: fixed and variable. Fixed expenses don’t change from month to month and include things like: car loans, rent, personal loans repayments etc. Variable expenses change regularly and include groceries, utility bills, eating out and entertainment. • If you categorise your expenses, you have the flexibility to start by making reductions to the non-essential items in the variable spending before addressing your fixed and more essential items.

Spring, in particular September, is the best time of year to see the Aurora Australis, otherwise called the Southern Lights. Similar to the Aurora Borealis of the Northern Hemisphere, the Aurora Australis is created when the sun releases massive bursts of solar wind and magnetic fields into space, creating a spectacular light show in the sky. With vantage points all over Australia, information can be found online. Arguably though, the best place to view the phenomenon is Tasmania. If you’re on the mainland, it may be a good time to book a holiday! If you enjoyed the Serial podcast, there is another podcast you will certainly enjoy called Stuff You Should Know. Updated every few days it will give you boundless conversation starters to use at your next party.

• Compare your expenses against your income to and work out where adjustments can be made. If you find that you are not left with as much as you wish, even the smallest changes can make a difference. • Give yourself a realistic timeline and encourage yourself to stick to your budget. If you have an exciting goal to achieve, the sacrifices are more than worth it.

PROPERTY GO

SPRING 2015

SEVEN TIPS TO WIN AT AUCTIONS

How to style your home for sale

Going to auction can be a gamble. But there are a few simple things you can do to help win your dream home.

There are many considerations when selling your home and one of the most important things is how it is presented. First impressions matter and, if you ensure that your home looks its best, your asking price will appear more acceptable to potential buyers.

1 2 3

Kick the tyres first Inspect the property multiple times with the right specialists. Consider any required inspections – including building and pest – before you go to auction. Engage a solicitor or conveyancer to review the sale contract. Once you exchange contracts, there’s no turning back!

If you decide to style your property yourself, here’s a list of things you may wish to consider to improve the look and feel of your home: Research other properties in your area and price bracket to see how they have been presented. Do they seem overpriced or desirable?

Check the rules The rules for participating in auctions may differ across the States and Territories. You should check with your solicitor, conveyancer or real estate agent, if you are unsure of the rules that apply. In some States or Territories, you may need to register to bid at auction. Find out whether you need to take formal ID to bid.

Clear any clutter, yet maintain a homely feel. You want your house to still feel like a home, however, removing unnecessary items can not only make rooms more appealing but can often help them appear larger.

Make sure your finances are in place Make sure that your loan pre-approval is good to go. Don’t forget that pre-approvals only last for a certain period, so if you’ve been looking around for a while, make sure it’s still current.

Touch up. Ensure that any marks or chips on walls are touched up before open day. A thorough clean is also needed to make your home feel more liveable. Wash soft furnishings or purchase some ‘on trend’ items to freshen living areas.

If you are the winning bidder, you may need to pay a deposit straight away. Find out whether this is the case and make sure that you have the funds available.

4 5

Do your homework Do in-depth research on the property’s market value and valuation expectations. Analyse the pros and cons of the property’s characteristics such as size, location, physical condition and proximity to amenities and compare to other similar properties that have recently sold. This important information can help you determine the price you’re willing to bid.

Set your limits Doing so ensures that you bid in a strategic manner and with more confidence. This may help to reduce doubt as you submit your bids and prevent you getting emotionally competitive or over-extending. Be prepared to go to a figure like A$793,000 rather than A$790,000. This is a relatively small difference in the context of the overall price, but it can be enough to dissuade other bidders and help you win at the auction.

6 7

Get familiar with the auction process Attend auctions where you are not planning to bid on the property, so that you can watch and learn how they work. Observe the processes and any strategies the winning bidder employs that seem effective. If you find the whole thing overwhelming, you may want to consider taking on a buyer’s agent or asking a family member to bid on your behalf.

Auction day tips Try to ensure you have direct line of sight to other bidders and the auctioneer. Get ready to pounce back with your bids quickly after a competing bid. Look the auctioneer in the eye, then announce your bid clearly and confidently. Try to stand by yourself and do not turn to your support crew for guidance. These actions may give other bidders the impression that you have a lot of cash in your pocket, and may discourage them from bidding against you. Consider making your first bid close to around the reserve price. This indicates that you are serious about buying the property and moves the auction into a more realistic phase.

POUNCE BACK QUICKLY AFTER A COMPETING BID, ANNOUNCING YOURS CLEARLY AND CONFIDENTLY

Brighten and lighten. If you have blank walls in your home, consider purchasing art or mirrors that will style up your home and liven up bare spaces. Adding additional soft lighting will also help rooms appear more open. Street appeal. Ensure that gardens and exteriors are tended to including the removal of any weeds and cobwebs. Adding outdoor furniture will inspire prospective purchasers on how outdoor space can be used. Sensory experience. Fresh flowers and candles add a nice touch and stimulate the senses. Potted plants can also be a nice touch to breathe life into interiors.

PROPERTY GO 4

SPRING 2015

2014/2015: THE YEAR THAT WAS From today’s vantage point, the 2014/2015 financial year was certainly an interesting one. We saw interest rates cut further to bring them to the lowest levels in a generation, helping to fuel higher capital city house prices. We also saw the ongoing effects of the end of the mining boom and a fall in the value of the Australian dollar – good news for exports, but less so for Australians travelling (or shopping) overseas. And although lower interest rates were a plus for those paying off mortgages, consumer sentiment was wary. Australians were working to pay off debt, and were most concerned about funding their retirement and the future of their families.1

House prices: Bubble or no bubble? The first RBA meeting for the 2015/2016 year saw no change to interest rates, as expected. February and May’s cuts – bringing the cash rate to an historic low of 2.0% — helped capital city housing values to climb almost 10% last financial year.2 Is it a bubble and will it burst this year? That depends on who you talk to, but a closer look at the capital cities data shows that while Sydney’s house price growth for the period was a whopping 16.2%, Darwin’s was negative, at -2.9%.

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Australian Credit Licence number 385526

Suite 2, 28 Ruse Street, Osborne Park, WA 6017

Office: (08) 9386 9211 Fax : (08) 9386 9622 admin@loancom.com.au www.loancom.com.au

So, if there is a bubble, it’s certainly not nationwide. And CoreLogic RP Data’s head of research, Tim Lawless, suggests that unless there’s a serious trigger event such as higher unemployment or higher interest rates: “… it is unlikely we will experience a significant correction in dwelling values.”3 But he does sound a note of caution: “However, the longer this run of growth continues across our largest capital cities, the more susceptible the housing market becomes to changes in the economy or broadly across household finance.”3

2015/2016: What to expect So what’s ahead? The International Monetary Fund (IMF) predicts for Australia that over the next couple of years: “… activity should gradually pick up … supported by strong resource exports, accommodative monetary policy, and rising confidence”.4 The RBA has kept rates low to support borrowing and spending, while keeping a close eye on the housing market, especially the Sydney and

Melbourne markets. Although an increase in the cash rate could potentially cap those house price rises, it could also put a dampener on business borrowing and consumer confidence, both vital for the economy. It’s a juggling act. Anyone planning to buy a home or investment property needs to look closely at the data for their area, and be aware that any future movement in rates is likely to be up. As for the Australian dollar, according to the RBA, further falls (mostly against the US dollar) are ‘both likely and necessary’.5 It might be a good idea to get that overseas holiday in now. If you would like to know more about our FY15 wrap up, and how it could affect your personal situation, get in touch today. We’re always happy to offer advice, research, and the latest data to assist. 1

NAB Quarterly Australian Consumer Anxiety Index – Q2 2015

www.corelogic.com.au/media-release/capital-city-dwellingvalues-9-8-higher-over-the-financial-year

CoreLogic RP Data Home Value Index Release, 1 July 2015

www.imf.org/external/np/ms/2015/062415a.htm

www.rba.gov.au/media-releases/2015/mr-15-11.html

Ready to buy, build or renovate? You probably know what you want in a home. We’ll help you find what you need in a home loan. Call today to talk about finding the right loan for you.

Disclaimer: This information in this magazine does not necessarily reflect the opinion of the publisher. It is intended to provide general news and information only. While every care has been taken to ensure the accuracy of the information it contains, neither the publishers, authors nor their employees, can be held liable for inaccuracies, errors or omisDisclaimer: This publication is prepared by Professional Lenders Association Network of Australia Pty. Ltd. (PL AN) ABN 99 086 490 833, as trustee for the PLAN Australia Unit Trust trading as PLAN Australia. PLAN is a Credit Representative (No. 392535) of BLSSA Pty Ltd sion. Copyright reserved Nopublication part ofdoes this be reproduced reprinted without theand express All information currentit as at ABN 69 117 651 760,isAustralian Credit throughout. Licence 391237. This notpublication necessarily reflectcan the opinion of the publisher. Itor is intended to provide general news informationpermission only. While everyofcarethe haspublisher. been taken to ensure the accuracy of theisinformation contains, publication release and no responsibility factors that may Readers areCopyright advised to contact adviser, neither the publishers, authors northe their publishers employees, can betake held liable for any loss, damage,for costany or expense incurred by you as achange result of anythereafter. inaccuracies, errors or omission. is reserved throughout.their No partfinancial of this publication can bebroker reproducedororaccountant reprinted without before making any investment decisions andasshould notrelease rely and on the this newsletter as a substitute forthat professional advice. Loancom Australian Credit Licence the express permission of the publisher. All information is current at publication publishers take no responsibility for any factors may change thereafter. This publication has Australia been prepared Pty withoutLtd taking into account your objectives, financialnumber situation or needs. Readers are advised to contact their financial adviser, broker or accountant before acting on any information in this publication. 385526.

PROPERTY GO

Experience. Integrity. Communication. Our staff at Stirling Conveyancing Services have over 60 yearsâ&#x20AC;&#x2122; combined experience in conveyancing and we have built our reputation on creating lasting professional relationships with clients and other key players in the industry. Our combined wealth of local knowledge and broad range of expertise enables us to serve existing clients and provide new customers with the finest advice and services available. Stirling Conveyancing Services oversees all related conveyancing matters for the sale, purchase and transfer of land and property ownership, whether it be a simple or complex transaction. Our integrity, level of communication and reassurance that you are dealing with professionals, sets Stirling Conveyancing Services apart from our competitors. Knowing that all the financial matters of property settlement are in safe and stable hands leaves clients with the free time and peace of mind to concentrate on the things that really matter when buying or selling property â&#x20AC;&#x201C; like making a house a home or spending more time with the people who matter most. Please make a note of our address and contact details below and be sure to nominate Stirling Conveyancing Services when undertaking your next property transaction. We look forward to serving you in the future.

Tony Reeves & Andrew Dodd

First Floor 141 Stirling Highway Nedlands WA 6009 PO Box 1015 Nedlands WA 6909 T (08) 6160 6600 F (08) 6160 6699 E reception@stirlingcs.com.au W stirlingcs.com.au