Real Estate THURSDAY, JULY 1, 2020 FROM COAST TO
COUNTRY
WWW.TWEEDVALLEYWEEKLY.NET.AU
Learn the tricks of the trade to enter the property market By Jo Kennett
WITH RENTAL properties
increasingly hard to come by, now is a surprisingly good time for first-home buyers to get into the property market. MyLoans Tweed Coast Mortgage Broker Greg Mason said there are a range of grants and opportunities available to help would-be home owners buy a property. In the past, the commonly held wisdom was that you could not get into the market without a 20 per cent deposit, but according to Greg that’s not true. “Normally you need a minimum deposit of five per cent,” Greg said. “The majority of lenders will lend up to 95 per cent of the value of the property as long as you meet the criteria. “I’m talking about the whole spectrum of lenders from first tier lenders, the big four banks, second tier lenders like Bank West, Suncorp, BOQ and Macquarie Bank and third tier specialty lenders like Liberty, Resi or Pepper Money that accommodate particular needs. “Certain lenders will go up to 99 per cent.” According to Greg, some lenders will also include mortgage insurance in the loan, which takes the lender above the 95 per cent threshold. “It needs to be saved over a minimum of a three month period
because you have to show a consistent saving pattern,” he said. “People are taking money out of super to buy property, but then they can’t use it because it hasn’t been genuinely saved. “There are specialty lenders that will allow you to use nongenuinely saved funds like lump sums from super, the sale of an asset or gifted funds but it’s a bit more expensive.” Greg said he doesn’t recommend people withdrawing super without getting financial advice first. “That’s just my personal opinion, but I would highly recommend you talk to an accountant or financial advisor so you are fully aware of the consequences and can make an informed choice,” he said. “Super is your future, you are affecting your potential lifestyle in retirement and people underestimate the impact that will have on their final balance.” Another area that can be problematic for lenders is monthly expenses. “Monthly expenses are scrutinised quite deeply at the moment,” Greg said. “Monthly expenses are set according to a Housing Expenses Matrix (HEM) which is the average household spend per person. “That’s an average for the income you earn, which can
Open homes
be substantially more than you actually spend, but you can’t do anything about it because it is a set rate.” If you want to know whether you qualify for a housing loan, a mortgage broker can do an assessment like a financial institution can. “Rather than go on a calculator from the internet, a broker uses the same calculator as a credit assessor who makes the decision on whether you get the loan or not, but you can’t go through a credit assessor,” Greg said. The NSW First Home Owners Grant of $10,000 is still available for anyone who has never had financial interest in a property before in Australia. “It has only ever been for brand new turnkey homes, home and land packages or off-the-plan purchases and the number of applicants is uncapped,” he said. “The NSW government also offers first-time buyers an exemption from stamp duty, though you do pay registration and transfer fees, but that can save you thousands.” On Sunday, November 29, the federal government also announced an extension of the HomeBuilder scheme. Set to end on December 31, it is now open until March 31, 2021, “The HomeBuilder was $25,000, but it’s been dropped to $15,000,” Greg said.
“That’s for a new turnkey home, a home and land package, or a substantial renovation with a minimum spend of $150,000 to a new increased maximum of $950,000. “Contracts must be signed by the end of March and construction must start within six months of signing the contract.” There is also the federal government’s First Home Loan Deposit Scheme (FHLDS). “That’s where the government becomes your guarantor and it saves the cost of mortgage insurance which can be expensive,” Greg said. “If I bought a house in NSW for say $650,000, I’d pay around $25,000 in fees for stamp duty and transfer fees for example, but if you’re a first-time buyer you would pay about $292 because of the stamp duty exemption. “That’s the mortgage registration and transfer fee, so you’ve saved about $24,700. “If you use the FHLDS on that $650,000 loan, you would also save $17,000 in mortgage insurance. “That’s based on a specific lender, but you can get an idea of the savings; you could save up to $40,000 on that mortgage.” Greg said despite the high prices of houses in the Tweed Shire, there is potential to qualify for multiple grants. “You could get the FHLDS, the Great Start grant, the
11/30 Lanham Street, Coolangatta, 12pm-12:30pm 1/42-44 Thomson Street, Tweed Heads, 12pm-12:30pm *All open homes are listed in NSW time Raine & Horne Ocean Shores/Brunswick Heads/ Murwillumbah: Saturday, December 12 37 Warwick Park Road, Sleepy Hollow, 9am-9.30am DJ Stringer: 2135 Tweed Ultima Stuart St, Tweed Heads, 10:30am-11am 47 Andrew Avenue, Pottsville, 9.30am-10am 2122 Tweed Ultima Stuart St, Tweed Heads, 12pm-12:30pm 37 Warwick Park Road, Sleepy Hollow, 10.30am-11.30am
MyLoan Tweed Coast Mortgage Broker Greg Mason
HomeBuilder for a new home or house and land package, pay no mortgage insurance and no stamp duty.” Greg said mortgage brokers match the lender to your needs. “Some lenders give benefits to first-home owners like discounted insurance or insurance you can add on top of your mortgage,” he said. “If you know a broker, give them a call; we all want to help you.”
4 Namoi Glen, Ocean Shores, 10am-11am Schmith Estate Agents: 10 Yolanta Drive, Tugun, 10:30am-11am 6/13 Cabernet Court, Tweed Heads Sth, 12pm -12:30pm Ray White Rural Murwillumbah: 7 Tweed Valley Way, Condong 10am-10.30am 77 Back Creek Road, Tyalgum 11am-12pm
20 Lots Titles Registered Building Lots 4170 m2 to 8961 m2 Exclusive Use lots 1.4 HA to 2.7 HA
Register Your Interest Today
Raine Horne
(02) 6672 4477
FREECALL 1800 547 848 rh.com.au/murwillumbah
85131
Mebbin Drive, Kunghur NSW 2484
Call Jason Di mar Area Sales Specialist 0477 222 452
THE MARKET IS BOOMING! The Gold Coast and Northern NSW regions are in high demand and we need your help. Our team desperately require more properties to LEASE and SELL due to this unprecedented demand.
Looking to Sell? Looking to Lease? We do both.
PHONE: (07) 5607 4156
schmith.com.au
COOLANGATTA Shop 10/120 Marine Parade
85207
Contact us today.
7 Tweed Valley Way, Condong
5
Enjoy boating, rowing and fishing, spectacular sunsets and cooling summer breeze from this spacious Queenslander on 2612m2 with 12 foot ceilings, French doors, sash and sliding windows and exterior weatherboard cladding. 5 brms, 3 sunrooms, 2 modern bathrooms and a spectacular view.
1
$895,000 Open Sat 10-10.30am Belinda Franks 0409 152 200
Elevated, flood-free Art Deco period home with stunning uninterrupted views over farmland to the mountains. 3 bedrooms, all with ensuite bathrooms, open plan living and studio downstairs. Lovely rear yard with timber deck & firepit. Abundant storage and 3 car accom.
3
3 85148
3
$989,000 Inspect by Appointment Belinda Franks 0409 152 200
raywhiteruraltweedvalley.com.au
85254
7 Rose Lane, South Murwillumbah
2
St Martha’s Village Retirement Living at 81-83 Leisure Drive, Banora Point
Stylish retirement villa in a peaceful, yet vibrant community Enjoy a comfortable and fully independent lifestyle at St Martha’s Village. With maintenance and gardening taken care of, you have complete peace of mind and are free to meet new people and lead a perfect retirement lifestyle. The village is situated just a short bus ride from Tweed Heads, which houses the popular Tweed Heads Shopping Centre, while the Twin Town Club, Banora Gold Club and other amenities are on your doorstep. This comfortable, well appointed villa comes with ensuite bathroom, separate toilets and private garage. This light-filled 2-bedroom villa is generously sized and features: • • • •
2-bedrooms 1.5 bathrooms Lock-up garage 24-hour emergency call system
• • • •
Maintenance services included Gardening services included Optional home care services Aged care onsite
84850
To arrange a private viewing, call Jodie on 0490 127 900 or visit us at sccliving.org.au
0490 127 900 sccliving.org.au You may have to pay a departure fee when you leave this village.
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0448 191 351 0422 265 871 www.atrealty.com.au www.atrealty.com.au www.atrealty.com.au www.atrealty.com.au
85186
Text or call for a confidential appraisal
LAND COMING SOON ILUKA, NORTH COAST NSW
STA COM GE ING 2 SOO
Call Fiona Beamer 0419 497 447
birriganilukabeach.com.au
85252
N
St Joseph’s Village Retirement Living at 55 Blundell Boulevard, Tweed Heads South
Stylish retirement villa in a peaceful, yet vibrant community Imagine no longer having to devote time to maintaining a family home, mowing lawns or worrying about home practicalities. With all that taken care of, you have complete peace of mind and are free to focus on what really matters. St Jospeh’s offers a tranquil environment, yet has all that Tweed Heads has to offer on its doorstep. With close proximity to restaurants, cafés and shopping, along with convenient transport, life at St Jospeh’s is one of convenience and contentment. This light-filled 2-bedroom villa is generously sized and features: • • • •
2-bedrooms 1.5 bathrooms Lock-up garage 24-hour emergency call system
• • • •
Maintenance services included Gardening services included Optional home care services Aged care onsite
85001
To arrange a private viewing, call Jodie on 0490 127 900 or visit us at sccliving.org.au
0490 127 900 sccliving.org.au You may have to pay a departure fee when you leave this village.
2
I V O R Y
C R E S C E N T
Tweed Heads / Greenbank
REGIS TER YOUR INTERES T - NOW SELLING S TARTING FROM $595,000
Outstanding opportunity to immerse yourself into a convenient way of living from your choice of these brand new 2 bedroom coastal style apartments, opposite the tweed river and surrounded by a myriad of lifestyle options & amenities, that greenbank has to offer. •
Rainbow Bay / Coolangatta
Tweed Hospital
To register your interest, please contact Project Marketing Agents: Tweed Bowls Club
DAVID STRINGER 0418 150 731
david@djstringer.com.au
LEISA THORLEY 0448 296 403
leisa@djstringer.com.au
Architecture by multi Award winner Boris Design
PROJECT MARKETING
85144
Tweed Mall Shopping Centre
• • • • • • • • •
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www.djstringer.com.au
ONLY 2 COMMISSION %
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* conditions apply & is subject to the value of property being sold
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David Stringer 0418 150 731
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85144
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